Document:

THIRD
AMENDMENT TO

    SECURITIES PURCHASE AND SALE
AGREEMENT

    

    This
THIRD AMENDMENT TO SECURITIES PURCHASE AND SALE AGREEMENT (this “Third
Amendment”) is entered into and effective as of this 21st day of
July, 2010 (the “Effective
Date”) by and among Central Energy, LLC (“Buyer”),
Rio Vista Energy Partners, L.P. (the “Company”)
and Penn Octane Corporation (“Seller”).  Buyer,
the Company and Seller each a “Party” and
collectively the “Parties”.

     

    WHEREAS,
the Parties have entered into that certain Securities Purchase and Sale
Agreement Dated May 25, 2010 (the “Agreement”)
which provided, inter
alia, for (i) an aggregate Purchase Price of $4,000,000, (ii) payment of
the Intercompany Note in an amount up to $1,600,000, and (iii) an Outside Date
of July 1, 2010 for the Closing of the transactions contemplated by the
SPA.

     

    WHEREAS,
the Parties entered into that certain Amendment to Securities Purchase and Sale
Agreement dated July 1, 2010, whereby the Parties extended the Outside Date, and
provided for Buyer to have the option to further extend the Outside
Date.

     

    WHEREAS,
the Parties entered into that certain Second Amendment to Securities Purchase
and Sale Agreement dated July 8, 2010, whereby the Parties, inter alia, (i) extended the
Outside Date, (ii) increased the Common Unit Purchase Price by $100,000, (iii)
increased the amount by which the Intercompany Note was potentially subject to
adjustment, and (iv) provided that Buyer had the option to further extend the
Outside Date by making the D&O Payment provided for therein.

     

    WHEREAS,
the Parties are entering into this Third Amendment to set out their agreement
that in consideration for Buyer making the D&O Payment to Company no later
than the close of business on August 10, 2010, the Outside Date shall be
extended to October 31, 2010.

     

    WHEREAS,
capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Agreement, as amended.

     

    NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Parties hereby agree as follows:

     

    1.           D&O
Payment.  Buyer agrees to pay $150,000 to Company on or before
the close of business on August 10, 2010, which Company agrees will be promptly
applied to fund the Purchase of D&O Insurance for the GP for an additional
year.  As further consideration for Buyer’s agreement to pay $150,000
to fund the Purchase of D&O Insurance, the Company shall deliver to Buyer
482,910 Common Units.

     

    2.           Sale of Newly Issued Common
Units.  The Parties hereby modify and amend Section 1(a) of the
Agreement to read as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Sale of Newly Issued Common
Units.  Subject
to the terms and conditions of this Agreement, the parties agree that on the
Closing Date (i) the Company will issue and sell to Buyer 12,241,109 Newly
Issued Common Units which when added to the 482,910 Common Units issued to Buyer
in connection with the D&O Payment will represent not less than Eighty
Percent (80%) of the Fully Diluted Common Units of the Company and (ii) Buyer
will purchase such Newly Issued Common Units for the Common Unit Purchase Price
(as defined below).

     

    3.           Purchase Price. The
Parties hereby modify and amend existing Section 1(c) of the Agreement to read
as follows:

     

    “Purchase
Price.   The purchase price for the Newly Issued Common
Units shall be Three Million Eight Hundred Sixty Four Thousand Seven Hundred
Ninety One Dollars and No/100 ($3,864,791) (the “Common Unit
Purchase Price”). The Common Unit Purchase Price to be paid by Buyer to
the Company and any additional amounts contributed to the Company at Closing
shall be held and utilized by the Company, to the extent necessary, to satisfy
Buyer’s conditions to closing set out in Section 5(a)(ii) through (xii) hereof.
The purchase price for the GP Interests shall be One Hundred Forty Seven
Thousand Seven Hundred and Nine Dollars and No/100 ($147,709) (the “GP Interest
Purchase Price”) which such amount shall be contributed by Seller to the
GP and then by the GP to the Company simultaneously with the Closing (the Common
Unit Purchase Price and the GP Interest Purchase Price, collectively, the “Purchase
Price”)”

     

    3.           The
Closing.  The Parties hereby modify and amend existing Section
8(a) of the Agreement to read as follows:

     

    “The
Closing.  The Closing shall take place at the earliest possible
date (the “Closing
Date”) under this Agreement, but in any event not later than October 31,
2010 (as the same may be extended, the “Outside
Date”) at the offices of counsel for Buyer, Sonnenschein Nath &
Rosenthal, LLP, 2000 McKinney Ave., Suite 1900, Dallas, Texas
75201.  The date on which the Closing actually occurs shall be the
Closing Date.”

     

    4.           Confirmation.  The
Parties hereby ratify, confirm, and adopt the Agreement, as amended
hereby.  Except as modified hereby, the Agreement shall remain in full
force and effect.

     

    5.           Headings.  The
headings in this Third Amendment are for reference purposes only and shall not
in any way affect the meaning or interpretation of this Third
Amendment.

     

    6.           Counterparts.  This
Third Amendment may be executed in any number of counterparts, each of which
when so executed, shall constitute an original copy hereof, but all of which
together shall be considered but one and the same document.

     

    

     

    

     

    [Signatures on the
following page]

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Parties hereto have executed and delivered this Third
Amendment as of the first date written above

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                	 	COMPANY:
	 	 
	 	Rio
      Vista Energy Partners, L.P.
	 	 
	 	
                                                                        By:

                                                                      	
                                                                        Rio
      Vista, GP LLC

                                                                      
	 	 
      	
                                                                        its
      General Partner

                                                                      
	 	 	 
	 	 	 
	 	
                                                                        By:

                                                                      	     
      
	 	 
      	
                                                                        Ian
      T. Bothwell,

                                                                      
	 	 
      	
                                                                        President
      and Chief Executive Officer

                                                                      
	 	 	 
	 	 	 
	 	SELLER:
	 	 
	 	Penn
      Octane Corporation
	 	 
	 	 
	 	      
                                                                        By:

                                                                      	
                                                                          
      

                                                                      
	 	Name:	
                                                                        Ian
      T. Bothwell

                                                                      
	 	Title:
      	
                                                                        Acting
      Chief Executive Officer and President

                                                                      
	 	 	 
	 	 	 
	 	BUYER:
	 	 
	 	Central
      Energy, LLC
	 	 
	 	 
	 	      
                                                                        By:

                                                                      	   
      
	 	Name:	
                                                                        Carter
      R. Montgomery

                                                                      
	 	Title:	
                                                                        Managing
      Member

                                                                      
	 	 	 
	 	 	 
	 	      
                                                                        By: 

                                                                      	   
      
	 	
                                                                        Name:

                                                                      	
                                                                        Imad
      Anbouba

                                                                      
	 	Title:	
                                                                        Managing
      Member

                                                                      

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

     

    

     

    
      
         

      

      
        -3-Exhibit 10.1 

CONTRACT FOR SALE AND PURCHASE

     THIS
CONTRACT FOR SALE AND PURCHASE is made and entered into as of June 30, 2010
(the “Effective Date”), by and between FIRST
TEAM CLERMONT OB, LLC, a Florida limited liability company
(“Seller”) and ORANGE BANK OF FLORIDA,
a Florida corporation (“Buyer”); 

W I T N
E S S E T H:

     WHEREAS,
Seller is the record owner of fee simple title to certain real property situate
in Lake County, Florida, more particularly described on Exhibit “A” attached
hereto, together with the improvements located thereon; and  

     WHEREAS,
the Buyer currently leases the Real Property (as defined below) from Seller
pursuant to that certain Net Lease Agreement, dated September 10, 2008, as
amended and assigned by that certain Assignment and First Amendment to Net
Lease Agreement dated February 5, 2009 (the “Lease”), with respect to certain
real property and improvements in Lake County, Florida, as further amended
pursuant to Section 34 of this Contract (the “Lease”); and 

     WHEREAS,
the Seller is desirous of selling and conveying said real property and
improvements to Buyer, and Buyer is desirous of purchasing the same from
Seller; 

     NOW
THEREFORE, for and in consideration of the premises hereof, the sums of money
to be paid hereunder, the mutual covenants herein contained, and for other good
and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do covenant, stipulate and agree as follows,
to wit: 

Description of Property. The property which is to be
sold and conveyed by Seller and purchased and accepted by Buyer pursuant to
this Contract shall consist of the following, to wit: 

	
  

 	
  

 
	
  

 	
           That certain real property described with
 particularity on Exhibit “A” attached hereto, together with all
 tenements, hereditaments, rights, privileges and easements thereunto
 belonging (the “Land”); 

 
	
  

 	
  

 
	
  

 	
           All buildings, structures and other
 improvements located, constructed and installed upon the Land, together with
 the appurtenances thereto including, without limitation, paved parking areas
 and various drainage and utility structures and improvements (collectively,
 the “Improvements”); 

 
	
  

 	
  

 
	
  

 	
           Any and all furniture, furnishings, fixtures,
 machinery, apparatus, equipment (including but not limited to, service,
 maintenance and landscaping equipment), window treatments, safety equipment,
 intercom equipment and systems, advertising booklets and materials,
 brochures, tools, signs and other tangible items of personalty located upon,
 associated with, or used in connection with the operation of the
 Improvements, subject to depletions, replacements and additions in the
 ordinary course of operating the Improvements (collectively, the “FFE”); 

 
	
  

 	
  

 
	
  

 	
           All licenses, permits, authorizations, consents,
 variances, waivers, approvals, occupancy certificates and the like, from any
 Federal, state, county, municipal or other governmental or quasi-governmental
 body, agency, department, board, commission, bureau or other entity or instrumentality
 affecting the operation of the Improvements (collectively, the “Licenses”);
 but only to the extent that Seller’s interest in the same are or may be
 freely transferable or assignable by Seller; 

 
	
  

 	
  

 
	
  

 	
           Any and all original and supplemental blueprints,
 plans, specifications, working drawings, site plans, elevations, surveys,
 advertising booklets or materials, brochures, indicia of title, operating
 manuals, warranties and guarantees, environmental reports, structural
 reports, and similar materials of any kind, character or description,
 prepared for use in connection with the Improvements and/or the 

 

43

	
  

 	
  

 
	
  

 	
  operation thereof or otherwise relating thereto, to
 the extent such items are in the possession or under the control of Seller or
 its agents and are transferable (collectively, the “Documents”). 

 

     The
Land and Improvements are sometimes referred to herein collectively as the
“Real Property.” The FFE, Licenses, and Documents are sometimes referred to
herein collectively as the “Personal Property.” The Real Property and the
Personal Property are referred to herein collectively as the “Subject
Property.” Buyer and Seller acknowledge that the Subject Property shall not
include Seller’s interest, as lienor, pursuant to the following two (2)
recorded liens: (i) Corrective Claim of Lien recorded in Official Records Book
3824, Page 2332, of the Public Records of Lake County, Florida; and (ii)
Corrective Claim of Lien recorded in Official Records Book 3820, Page 498, of
the Public Records of Lake County, Florida (“Retained Liens”). 

Agreement to Sell and Purchase. Seller hereby agrees to
sell and convey and Buyer hereby agrees to purchase and accept the Subject
Property upon the terms and subject to the conditions set forth in this
Contract. 

Purchase Price and Method of Payment. Subject to credits,
adjustments and prorations for which provisions are hereinafter made in this
Contract, the total purchase price for the Subject Property to be paid by Buyer
and received and accepted by Seller is TWO MILLION FOUR HUNDRED FIFTY THOUSAND
AND NO/100 DOLLARS ($2,450,000.00) (the “Purchase Price”), which Purchase Price
shall be paid by Buyer to Seller in the manner and at the times following, to
wit:

	
  

 	
  

 
	
  

 	
           The
 sum of ONE HUNDRED TWENTY THOUSAND AND NO/100 DOLLARS ($120,000.00) has,
 contemporaneously with Buyer’s execution of this Contract, delivered to
 Seller, as the earnest money deposit hereunder, which sum shall be
 nonrefundable to Buyer and shall be retained by Seller as additional
 consideration for executing this Contract (the “Earnest Money Deposit”). The
 Earnest Money Deposit shall not be credited to or considered as payment of
 part of the total Purchase Price for the Subject Property at the time of and
 upon consummation of the Closing hereunder. 

 
	
  

 	
  

 
	
  

 	
           The
 Purchase Price shall be paid at Closing by Buyer to Seller as follows: (i)
 the sum of SEVEN HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($750,000.00)
 shall be paid by Buyer to Seller by federal wire transfer; and (ii) the
 remaining ONE MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS
 ($1,700,000.00) balance of the Purchase Price shall be made payable to Seller
 by virtue of a Promissory Note in the form attached hereto as Exhibit “B”
 (the “Note”) to be delivered by Buyer to Seller at Closing. 

 

Title. On or before thirty (30) days following the Effective
Date of this Contract (as hereinafter defined), Seller shall deliver to Buyer a
commitment for title insurance issued by a nationally recognized title
insurance underwriter reasonably acceptable to Buyer (hereinafter referred to
as the “Title Company”), by and through Seller’s counsel, the law firm of
Lowndes, Drosdick, Doster, Kantor & Reed, P.A. (the “Title Agent”),
committing to insure Buyer as purchaser of the Subject Property in the amount
of the Purchase Price therefor (the “Commitment”), evidencing whether fee
simple title to the Land and Improvements is currently vested in Seller, free
and clear of all liens, encumbrances and exceptions or qualifications except
for: (i) those exceptions to title which are referenced on Exhibit “C”
attached hereto or are otherwise acceptable to Buyer (the “Permitted
Exceptions”), (ii) those exceptions to title which shall be discharged by
Seller (or caused to be discharged by Seller) at or before Closing hereunder.
In the event Buyer determines that any exceptions set forth in the Commitment
are unacceptable, Buyer shall notify the Seller of that fact in writing on or
before forty-five (45) days from the Effective Date of this Contract (the
“Title Objection Date”). Such written notice shall specify those liens,
encumbrances, exceptions or qualifications to title which are either (a) not
Permitted Exceptions or (b) not contemplated to be discharged by Seller at or
before Closing hereunder (collectively, the “Title Defects”). Any exceptions
set out in the Commitment and not objected to by Buyer in writing as provided
above shall be deemed to be Permitted Exceptions and shall be included in the
Special Warranty Deed to be delivered to Buyer at Closing and in the title
insurance policy to be delivered to Buyer and shall not be a basis for Buyer
failing to perform its obligations set out in this Contract. Following its
receipt of such written notice specifying the Title Defects, Seller shall have
the option to either: (a) refuse to cure such Title Defects, in which case 

44

Seller shall deliver written notice of such refusal to Buyer
within seven (7) days following Seller’s receipt of such written notice of
Title Defects, or (b) take up to thirty (30) days to cure the Title Defects to
the reasonable satisfaction of Buyer. In the event that Seller shall either
refuse to cure the Title Defects or be unable to cure or eliminate the Title
Defects within the time hereinabove allowed, Buyer may elect to terminate this
Contract within seven (7) days following the date of Buyer’s receipt of
Seller’s notice of refusal to cure the Title Defects, or within seven (7) days
following the expiration of the aforesaid thirty (30) day curative period,
whichever is applicable, by giving written notice of such termination to
Seller, or, alternatively, Buyer may elect to close its purchase of the Subject
Property and accept the contemplated conveyance of the Subject Property subject
to and notwithstanding the existence of such Title Defects, in which event the
Closing hereunder shall take place on the date and in the manner elsewhere
specified in this Contract. If Buyer does not terminate this Contract in
writing within seven (7) days following the date of Buyer’s receipt of Seller’s
notice of refusal to cure the Title Defects, or within seven (7) days following
expiration of the thirty (30) day period, whichever is applicable, Buyer shall
be deemed to have elected to close its purchase of the Subject Property and
accept the contemplated conveyance of the Subject Property subject to and
notwithstanding the existence of such Title Defects. On or before December 1,
2010, Seller shall deliver to Buyer an updated Commitment, and Buyer shall have
ten (10) days to object to any Title Defect which was not previously set forth
in the original Commitment. Any Title Defect set forth in such an updated
Commitment shall be treated as a Title Defect in accordance with the terms of
this Section 4. In the event that Buyer elects to terminate this Contract
because of the existence of Title Defects which are not cured or eliminated by
Seller within the time above allowed by giving written notice of that fact to
Seller, as aforesaid, Buyer shall be entitled to the return of the Earnest
Money Deposit, and upon the disbursement of the same to Buyer this Contract
shall be terminated and all rights and obligations of the parties under this
Contract shall cease, terminate and be null and void, except as otherwise
expressly provided herein. 

Survey. On or before thirty (30) days following the execution
of this Contract, Buyer shall obtain and deliver to Seller, Title Company and
Title Agent a current, accurate survey of the Subject Property (the “Survey”)
prepared by a duly licensed and registered Florida Land Surveyor and certified
by such surveyor to Buyer, Seller, Title Agent and Title Company, which Survey
shall meet or exceed the minimum technical standards for surveys as promulgated
by the State of Florida. If the Survey shows any encroachments or other matters
affecting title to the Subject Property which Buyer deems unacceptable, Buyer
shall notify Seller of that fact in writing on or before the Title Objection
Date, failing which Buyer shall be deemed to have approved the Survey. Such
written notice shall specify those matters to which Buyer objects and the same
shall thereupon be treated as Title Defects under and within the times and in
the manner specified in Section 4 of this Contract. 

Conveyance of Land and Improvements. At the time of Closing
hereunder, Seller agrees to convey title to the Real Property to Buyer by
Special Warranty Deed free and clear of all liens, encumbrances and exceptions
whatsoever, save and except only for the Permitted Exceptions, the form of
which is attached hereto as Exhibit “D” (the “Deed”). 

Conveyance of Personal Property. At the time of Closing
hereunder Seller agrees to convey title to all of the Personal Property (other
than the Licenses) to Buyer by Special Warranty Bill of Sale (the “Bill of
Sale”) free and clear of any and all liens, security interests, exceptions or
encumbrances whatsoever, save and except only for personal property taxes for
the year of Closing and subsequent years the form of which is attached hereto
as Exhibit “E” (the “Bill of Sale”). 

Conveyance of the Licenses. At the time of Closing
hereunder, Seller agrees to convey all of its right, title and interest in and
title to the Licenses to Buyer without any warranties whatsoever by absolute
and unconditional Assignment Agreement executed by Seller and Buyer, the form
of which is attached hereto as Exhibit “F”(the “Assignment”). 

Closing. 

45

	
  

 	
  

 	
  

 
	
  

 	
           Date
 and Place. The sale and purchase transaction contemplated in this
 Contract shall be closed the Purchase Price paid and the closing documents
 and other deliveries required by this Contract shall be executed and
 delivered (the “Closing”) on either December 30, 2010 or January 3, 2011 at
 the option of Seller (exercised by written notice delivered to Buyer not
 later than December 15, 2010) (the “Closing Date”). The Closing shall take
 place on the specified Closing Date at 10:00 o’clock A.M. in the offices of
 Seller’s attorneys, Lowndes, Drosdick, Doster, Kantor & Reed, P.A., at
 215 North Eola Drive, Orlando, Florida 32801 or at such other time and place
 as shall be mutually agreed upon between Buyer and Seller. 

 
	
  

 	
  

 
	
  

 	
           Tax-Free
 Exchange. Buyer and Seller agree that, at Seller’s option, Buyer shall
 cooperate with Seller in all respects in effecting a tax-free exchange of the
 Subject Property by Seller pursuant to and in accordance with the provisions
 of Section 1031 of the Internal Revenue Code of 1986, as amended, and the
 Treasury Regulations promulgated thereunder, which cooperation shall include,
 without limitation, Buyer’s consent and approval to Seller’s assignment of
 its interest in this Contract to a qualified intermediary or other third
 party and Buyer receiving or taking title to the Subject Property from a
 qualified intermediary or other third party utilized in the transaction in order
 to facilitate the tax-free exchange of the Subject Property on behalf of
 Seller; provided, however, that Buyer’s obligation to cooperate hereunder is
 expressly conditioned upon Seller’s agreement and obligation to reimburse,
 indemnify, defend and hold harmless Buyer for, from and against any
 liability, loss, cost, expense or damage to Buyer (including reasonable
 attorneys’ fees) which arises or may arise out of, or as a result of, Buyer’s
 cooperation in accordance with this Subsection. 

 
	
  

 	
  

 
	
  

 	
           Seller’s
 Deliveries at Closing. At the Closing, Seller will deliver or cause to be
 delivered to Buyer the following: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 Deed, the Bill of Sale, and the Assignment. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 collateral assignment, in favor of Buyer, of Seller’s interest in and to the
 Note and Mortgage (as defined below), in a form reasonably acceptable to
 Seller and Buyer (the “Collateral Assignment”). The Collateral Assignment
 shall include the express right of set-off and compromise, in the event of
 default. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Possession
 of the Subject Property. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Termination
 of the Lease and return of the Security Deposit. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 net amounts, if any, to which Buyer is entitled from any prorations and
 payments provided for in this Contract. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 certification executed by Seller, pursuant to and in full compliance with
 Section 1445 of the Internal Revenue Code and the regulations issued
 thereunder, declaring that Seller is not a foreign corporation, foreign
 partnership, foreign trust or foreign estate, as those terms are defined in
 the Internal Revenue Code and Income Tax Regulations. Seller understands that
 such certificate may be made available to the Internal Revenue Service. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           An
 Affidavit of Seller, certified to the Title Company, attesting to the absence
 of liens, lien rights, rights of parties in possession (other than rights of
 parties to the Contract) and other encumbrances arising under Seller (other
 than the Permitted Exceptions), so as to enable Title Company to delete the
 “standard” exceptions for such matters from Buyer’s owner’s policy of title
 insurance and otherwise insure any “gap” period occurring between the Closing
 and the recordation of the closing documents. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 Closing or Settlement Statement reflecting the financial aspects of the
 Closing as contemplated herein.

 

46

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A modification of the Promissory Note and Mortgage in
 accordance with the terms set forth in Sections D (5) and (6) below. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Such other documents and instruments as may be required
 hereunder or that are otherwise necessary for the Closing. 

 

     All
agreements and instruments to be delivered to Buyer will have been duly
executed and, where appropriate, acknowledged by the parties thereto. The
foregoing is intended as a summary of items to be delivered at the Closing and
will not be construed to limit or waive any obligations of Seller under this
Contract. 

	
  

 	
  

 	
  

 
	
  

 	
           Buyer’s Deliveries at Closing. At the
 Closing Buyer will deliver or cause to be delivered to Seller the following: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 Purchase Price. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 Assignment. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
Note and that certain mortgage and security agreement which will secure the
Note and will encumber the Subject Property in the form attached hereto as
Exhibit “H” (the “Mortgage”), along with a UCC-1 Financing Statement (the
“UCC”) perfecting a security interest in the personal property described in
the Mortgage.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Intentionally
Deleted.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 modification/extension of that certain Promissory Note dated February 10,
 2009 in a form reasonably acceptable to Buyer and Seller and as ultimately
 approved by Buyer’s Board of Directors (the “Note Modification”). It is the
 intention of the parties that the payments and maturity date under the Note
 correspond with the Seller’s obligations under the Note Modification as to
 payment dates and Maturity. The payment structure of the Notes shall be
 similar. By way of example, if Buyer pays one half of principal under the
 Note terms, Seller shall be required to make a similar percentage of
 principal reduction under the Note Modification. Seller shall pay the costs
 and fees associated with a Note Modification. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 modification of the mortgage securing the Promissory Note set forth in Item 5
 above, to eliminate the covenants, other than payment, which are no longer
 applicable due to the conveyance to Buyer, such as payment of taxes and
 insurance, in a form acceptable to Buyer and Seller and as ultimately
 approved by the Buyer’s Board of Directors. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Termination
 of the Lease. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 net amounts, if any, to which Seller is entitled from any other prorations
 and payments provided for in this Contract. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           A
 Closing or Settlement Statement reflecting the financial aspects of the
 Closing as contemplated herein. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Such
 other documents and instruments as may be required hereunder or that are
 otherwise necessary for the Closing. 

 

     All
agreements and instruments to be delivered to Seller will have been duly
executed and, where appropriate, acknowledged by the parties thereto. The
foregoing is intended as a summary of items to be delivered at the Closing and
will not be construed to limit or waive any obligations of Buyer under this
Contract. 

Closing Costs. The Buyer and Seller shall split the cost for state
documentary stamps required to be affixed to the Deed, the cost of the title
search and examination required for (and all other changes incident 

47

 to) the issuance of
the Commitment and the premium for the owner’s title insurance policy to be
issued pursuant to the Commitment. The Buyer shall pay for the cost of
recording of the Deed, the Mortgage and other instruments of conveyance, if
any, the cost of filing the UCC, all sales taxes associated with the sale of
the Personal Property, if any, the cost of the Survey and the Environmental
Reports (as hereinafter defined), the state documentary stamps and intangibles
taxes attributable to the Note and Mortgage, the premium for the loan policy
insuring the lien and priority of the Purchase Money Mortgage back in favor of
Seller (including endorsements thereto as required by Seller), and all expenses
incurred in performing its due diligence inspections and investigations of the
Subject Property. Each of the respective parties shall bear its own attorneys’
fees. 

Possession. Possession of the Subject
Property shall be delivered by Seller to Buyer on the Closing Date. Buyer shall
assume all management and operating responsibilities immediately upon delivery
of possession. Prior to Closing and the delivery of possession, as aforesaid,
Seller shall remain the owner and in possession of the Subject Property,
subject to the Lease. 

Prorations. 

	
  

 	
  

 
	
  

 	
           Taxes,
 etc. As Buyer is currently responsible for payment of real estate taxes,
 assessments, insurance, and other expenses relating to the Subject Property
 as the Tenant under the Lease, there shall be no prorations of any expenses
 at the Closing and Buyer will remain responsible for payment of same. 

 
	
  

 	
  

 
	
  

 	
           Rent.
 If any rent is payable for the month in which the closing occurs, such rent
 shall be prorated as of Closing. The parties agree that no Base Rent shall be
 due from the effective date hereof through December 31, 2010.

 

Conduct of Business Pending Closing. Seller agrees that from the
Effective Date of this Contract to the Closing Date hereunder it will maintain,
manage and operate the business conducted upon and within the Subject Property
in the ordinary and usual manner in accordance with generally accepted business
and management practices and procedures and deliver the Subject Property to
Buyer on the Closing Date in substantially the same condition as exists on the
Effective Date of this Contract. 

Representations and Warranties of Seller. Seller represents to the
Buyer and warrants (which warranties shall survive the Closing hereunder for a
period of one (1) year from the date of Closing) as follows: 

	
  

 	
  

 
	
  

 	
           That Seller is a limited liability company which is
 duly organized, validly existing and in good standing under the laws of the
 State of Florida. Seller has all requisite power and authority to own the
 Improvements, and to carry on its business as now being conducted. 

 
	
  

 	
  

 
	
  

 	
           That Seller has and at the time of Closing will have
 full power and legal right and authority to enter into and perform it
 obligations under this Contract, and the consummation of the sale and
 purchase transaction contemplated herein will not result in the breach of or
 constitute a default under any agreement or instrument to which Seller is
 bound in such manner as to affect Seller’s ability to sell and convey or
 Buyer’s ability to purchase the Subject Property as contemplated herein. 

 
	
  

 	
  

 
	
  

 	
           That to Seller’s best knowledge there is not: (i)
 any presence of any hazardous substance (as hereinafter defined) on the
 Subject Property, (ii) any generation, recycling, use, reuse, sale, storage,
 handling, transport and/or disposal of any hazardous substance on the Subject
 Property, or (iii) any failure to comply with any applicable local, state or
 federal laws, regulations, ordinances or administrative or judicial orders
 relating to the generation, recycling, use, reuse, sale, storage, handling,
 transport and/or disposal of any hazardous substances on the Subject
 Property. As used herein, the term “hazardous substance” means any substance
 or material defined or designated as hazardous or toxic waste material or
 substance or petroleum product or asbestos or PCBs or other similar term(s)
 by any federal, state or local law, statute, regulation, rule or ordinance.
 

 

48

	
  

 	
  

 
	
  

 	
           That
 to Seller’s knowledge, there is no pending or contemplated condemnation of
 the Real Property or any portion thereof. 

 
	
  

 	
  

 
	
  

 	
           No
 notice from a governmental body has been served upon Seller claiming any
 violation of any law, ordinance, code or regulations as to the Subject
 Property which has not been corrected, and Seller has no actual knowledge
 that any such violation exists with regard to the Subject Property; 

 
	
  

 	
  

 
	
  

 	
           There
 are no actions, suits or proceedings of any kind or nature whatsoever, legal
 or equitable, to which Seller is a party, affecting the Subject Property, or
 any portion thereof, or relating to or arising out of the ownership of the
 Subject Property, in any court or before or by any Federal, state, county or
 municipal department, commission, board, bureau, or agency or other
 governmental instrumentality; notwithstanding the foregoing, Buyer acknowledges
 that Seller has disclosed to Buyer the existence of the Retained Liens and
 fact that “Clermont Village” as defined in that certain Reciprocal Easement
 Agreement by and between Clermont Village, L.L.C., a Florida limited
 liability company, and First Team of Clermont OB, LLC, a Florida limited
 liability company, recorded February 13, 2009 in Official Records Book 3732,
 Page 254 of the Public Records of Lake County, Florida (the “REA”), has
 defaulted on its obligations thereunder and its interest in and to the
 “Central Parcel” (as defined in the REA) is subject to a foreclosure suit; 

 
	
  

 	
  

 
	
  

 	
           Except
 as may be set forth in a recorded instrument affecting the Subject Property,
 no commitments have been made, to the best of Seller’s actual knowledge, to
 any governmental authority, utility company, school board, church or other
 religious body, or any homeowners association relating to the Subject
 Property which would impose an obligation upon Buyer, or its successors or
 assigns, to make any contribution or dedications of money or land, or to
 construct, install, or maintain any improvements of a public or private
 nature on or off the Subject Property. 

 
	
  

 	
  

 
	
  

 	
           Seller
 has no actual knowledge of any unsatisfied obligations (except those ongoing
 maintenance obligations set forth in the REA) of Seller for payment or the
 construction or installation of improvements located on the Subject Property
 or the Central Parcel (as defined in the REA). 

 

IT IS
UNDERSTOOD AND AGREED THAT, EXCEPT AS SPECIFICALLY OTHERWISE PROVIDED IN THIS
CONTRACT, SELLER HAS MADE NO, IS NOT MAKING ANY, AND DISCLAIMS ANY AND ALL,
WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED,
WITH RESPECT TO THE SUBJECT PROPERTY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES
RELATED TO SUITABILITY FOR HABITATION OR INTENDED USE, MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR WARRANTIES OR REPRESENTATIONS AS TO THE
CONDITION OF THE PROPERTY, MATTERS OF TITLE, USE OR INCOME POTENTIAL,
AVAILABILITY OF ACCESS, INGRESS OR EGRESS, EXPENSES, OPERATING HISTORY OR
PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, COMPLIANCE WITH GOVERNMENTAL
REGULATIONS OR ANY OTHER MATTER OR THING RELATING TO OR AFFECTING THE SUBJECT
PROPERTY. BUYER AGREES THAT BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON,
EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF SELLER NOT
MADE BY THIS CONTRACT. BUYER REPRESENTS THAT IT IS A KNOWLEDGEABLE BUYER OF
REAL ESTATE AND THAT IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF
BUYER’S CONSULTANTS AND THAT BUYER WILL CONDUCT SUCH INSPECTIONS AND
INVESTIGATIONS OF THE SUBJECT PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE
PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER DEEMS NECESSARY OR
APPROPRIATE. WITH THE EXCEPTION OF THE REPRESENTATIONS AND 

49

WARRANTIES MADE BY SELLER IN THIS CONTRACT, BUYER SHALL RELY UPON
BUYER’S INSPECTIONS AND, UPON CLOSING, EXCEPT AS TO THOSE MATTERS EXPRESSLY
REPRESENTED AND WARRANTED BY SELLER IN THIS CONTRACT, SHALL ASSUME THE RISK
THAT ADVERSE MATTERS INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL AND
ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER’S INSPECTIONS AND
INVESTIGATIONS. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL
SELL AND CONVEY TO BUYER AND BUYER SHALL, EXCEPT AS TO THOSE MATTERS EXPRESSLY
REPRESENTED AND WARRANTED BY SELLER IN THIS CONTRACT, ACCEPT THE SUBJECT
PROPERTY “AS IS, WHERE IS,” WITH ALL FAULTS, AND THERE ARE NO ORAL AGREEMENTS,
WARRANTIES OR REPRESENTATIONS, COLLATERAL TO OR AFFECTING THE SUBJECT PROPERTY
BY SELLER, SELLER’S AGENTS OR REPRESENTATIVES OR ANY THIRD PARTY, EXCEPT FOR
THOSE MATTERS EXPRESSLY REPRESENTED AND WARRANTED BY SELLER IN THIS AGREEMENT.
BUYER ACKNOWLEDGES THAT ANY CONDITION AT THE SUBJECT PROPERTY THAT BUYER
DISCOVERS OR DESIRES TO REPAIR, CORRECT OR IMPROVE SHALL BE AT BUYER’S SOLE
EXPENSE. THE TERMS AND CONDITIONS OF THIS SECTION SHALL EXPRESSLY SURVIVE THE
CLOSING AND NOT MERGE THEREIN. 

Conditions Precedent to Closing. 

	
  

 	
  

 	
  

 
	
  

 	
           Buyer’s
 obligation to close the sale and purchase transaction contemplated in this
 Contract shall be and is expressly conditioned upon the occurrence or
 satisfaction of the following events, conditions and requirements, to wit: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Seller
 will have performed, satisfied and complied with all covenants, agreements
 and conditions to be performed or complied with by Seller at or before the
 Closing and will deliver all agreements and other instruments required or
 contemplated by this Contract; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 representations and warranties of Seller in this Contract will be true and
 correct as of the Closing as if made at the Closing. 

 
	
  

 	
  

 	
  

 
	
  

 	
           Seller’s
 obligation to close the sale and purchase transaction contemplated in this
 Contract shall be and is expressly conditioned upon the occurrence or
 satisfaction of the following events, conditions and requirements, to wit: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Buyer
 will have performed, satisfied and complied with all covenants, agreements
 and conditions to be performed or complied with by Buyer at or before the
 Closing and will deliver all agreements and other instruments required or
 contemplated by this Contract; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           The
 representations and warranties of Buyer in this Contract will be true and
 correct as of the Closing as if made at the Closing. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           Buyer
 is not in monetary default under the terms and conditions of the Lease. 

 
	
  

 	
  

 	
  

 
	
 Radon.

 	
  The following notice is incorporated into this Agreement
 pursuant to the requirements of Florida Statutes: 

 

	
  

 	
  

 	
  

 
	
  

 	
 “Radon Gas: Radon is a naturally occurring radioactive gas that, when
 it has accumulated in a building in sufficient quantities, may

 	
  

 
	
  

 	
  

 	
  

 

50

	
  

 	
  

 	
  

 
	
  

 	
 present health risks to persons who are exposed to it over time.
 Levels of radon that exceed Federal and State guidelines have been found in
 buildings in Florida. Additional information regarding radon and radon
 testing may be obtained from your County Public Health Unit.”

 	
  

 

Default. 

	
  

 	
  

 
	
  

 	
           By
 Buyer. In the event Buyer fails to perform any of the covenants of this
 Contract on its part to be performed within the time or times specified
 herein, the Earnest Money Deposit, together with all interest earned thereon,
 shall be retained by Seller as consideration for its execution of this
 Contract and in full settlement of any and all claims for damages, and upon
 such payment all parties hereto shall be relieved of all further obligations
 and liabilities hereunder, except with respect to those obligations or
 liabilities hereunder which are expressly intended to survive the termination
 of this Contract. Seller and Buyer agree that this provision for payment of
 damages is a bona fide provision and is not a penalty or forfeiture. The
 parties further understand that the binding of Seller to convey the Property
 to Buyer under the terms set forth herein, the withdrawal thereof from the
 market and the consequent knowledge within the marketplace of the fact that
 Seller has agreed to sell the Property for a particular price will, if Buyer
 defaults in performing this Contract, cause Seller substantial damages which
 will be impossible to calculate with mathematical certainty, so the parties,
 desiring to obviate the difficulty and expense of litigation and to limit
 other claims, have agreed in good faith upon this provision for liquidated
 damages. 

 
	
  

 	
  

 
	
  

 	
           By
 Seller. In the event Seller fails to perform any of the covenants of this
 Contract on its part to be performed, Buyer may elect to terminate this
 Contract by written notice to the Seller and all parties shall be relieved of
 all further obligations and liabilities under this Contract if such demand is
 made, except with respect to those obligations or liabilities hereunder which
 are expressly intended to survive the termination of this Contract. The
 Buyer, however, at its option, and in lieu of terminating this Contract in
 accordance with the foregoing, may proceed in equity to enforce its rights
 under this Contract against Seller, including, but not limited to, the right
 of specific performance, but Buyer expressly waives any right to recover
 damages from Seller. 

 

Condemnation and Casualty. 

	
  

 	
  

 
	
  

 	
           Condemnation. Seller will promptly
 notify Buyer of any condemnation or threatened condemnation of the Real
 Property between the date hereof and the Closing (the “Condemnation Notice”).
 If, pursuant to the Lease, the condemnation or threatened condemnation would
 allow for Buyer’s termination of the Lease, then Buyer will have the right to
 terminate this Contract by written notice to Seller within fifteen (15) days
 following receipt of the Condemnation Notice. In no other event shall this
 Contract be terminable by Buyer in the event of a condemnation or threatened
 condemnation. If Buyer so terminates this Contract, the parties will have no
 further obligations or liabilities hereunder, except as otherwise expressly
 provided herein. If Buyer elects not to terminate this Contract, the purchase
 contemplated herein will be consummated without reduction of the Purchase
 Price within the later of ten (10) days after the expiration of such fifteen
 (15) day period or on the Closing Date specified herein, in which event Buyer
 will be entitled to any condemnation award. Seller will assign, transfer and
 set over to Buyer all of Seller’s right, title and interest in and to such
 condemnation proceeds necessary to give full effect to this Section. 

 
	
  

 	
  

 
	
  

 	
           Casualty.
 Seller will promptly notify Buyer of any fire or other casualty affecting the
 Subject Property between the date hereof and the Closing. As soon as
 reasonably possible thereafter, Seller will commence any necessary repairs as
 a result of such fire or other casualty, and will provide Buyer with written
 notice of the nature, extent and cost of such repairs, together with all
 other information relating thereto, including all information concerning
 insurance coverage therefor (the “Casualty Notice”). If pursuant to the Lease
 Buyer has the right to terminate this Contract because of such a casualty,
 Buyer may elect to terminate this Contract by written notice to Seller within
 fifteen (15) days following receipt of the Casualty Notice. If Buyer so
 terminates this Contract the parties will have no further obligations 

 

51

	
  

 	
  

 
	
  

 	
 or liabilities hereunder, except as
 otherwise expressly provided herein. If Buyer elects not to terminate this
 Contract, the purchase contemplated herein will be consummated without
 reduction of the Purchase Price within the later of ten (10) days after the
 expiration of such fifteen (15) day period or on the Closing Date specified
 herein, in which event the insurance proceeds will be used for such repairs
 and, to the extent necessary, Seller will assign transfer and set over to
 Buyer all of Seller’s right, title and interest in and to such proceeds. The
 amount of any deductible under Sellers’ insurance policies will either be
 paid by Seller to perform such repairs or credited against the Purchase
 Price. Seller shall not be required to commence any repairs until Buyer has
 notified Seller that Buyer will not terminate this Contract by reason of such
 casualty. 

 

Indemnification. Seller agrees to indemnify
and hold harmless Buyer, its agents, employees, representatives and assigns,
from and against any and all claims, losses, damages and liabilities, including
reasonable attorneys’ fees, arising out of the operation of the Subject
Property prior to the Closing or arising out of or related to the Retained
Liens. Buyer agrees to indemnify and hold harmless Seller, its agents,
employees, representatives and assigns, from and against any and all claims,
losses, damages and liabilities, including reasonable attorneys’ fees, arising
out of the operation of the Subject Property from and after the Closing. 

Assignability. Seller agrees that this
Contract shall not be assignable by Buyer without the prior written consent of
Seller, which may be denied in the sole and absolute discretion of Seller. 

Litigation and Attorneys’ Fees. In the event it shall be
necessary for either party to this Contract to bring suit to enforce any
provision hereof or for damages on account of any breach of this Contract or of
any warranty, covenant, condition, requirement or obligation contained herein,
the prevailing party in any such litigation, including appeals, shall be
entitled to recover from the other party, in addition to any damages or other
relief granted as a result of such litigation, all costs and expenses of such
litigation and a reasonable attorneys’ fee as fixed by the Court.
Notwithstanding anything in this Contract to the contrary, the venue for any
action hereunder shall be in the appropriate court in Orange County, Florida. 

Survival of Provisions. The provisions of this
Contract shall survive the Closing hereunder except as expressly provided
elsewhere in this Contract. 

Time of Essence. It is expressly agreed by
both the Seller and Buyer that time is of the essence of this Contract and in
the performance of all conditions, covenants, requirements, obligations and
warranties to be performed or satisfied by the parties hereto. Waiver of
performance or satisfaction of timely performance or satisfaction of any
condition, covenant, requirement, obligation or warranty by one party shall not
be deemed to be a waiver of the performance or satisfaction of any other
condition, covenant, requirement, obligation or warranty unless specifically
consented to in writing. 

Notices. All notices, elections, requests and other
communications hereunder shall be in writing and shall be deemed given (i) when
personally delivered, or (ii) two (2) business days after being deposited in
the United States mail, postage prepaid, certified or registered, or (iii) the
next business day after being deposited with a recognized overnight mail or
courier delivery service, or (iv) when transmitted by facsimile or telecopy
transmission, with receipt acknowledged upon transmission; addressed as follows
(or to such other person or at such other address, of which any party hereto
shall have given written notice as provided herein): 

	
  

 	
  

 	
  

 
	
  

 	
 TO SELLER:

 	
 First Team
 Properties Clermont OB, LLC

 
	
  

 	
  

 	
 1089 Morse
 Blvd – Suite D

 
	
  

 	
  

 	
 Winter Park,
 Florida 32789

 
	
  

 	
  

 	
 Attention:
 Warner Peacock

 
	
  

 	
  

 	
 Telephone:    407-647-7060

 
	
  

 	
  

 	
 Facsimile:     407-647-3040

 

52

	
  

 	
  

 	
  

 
	
  

 	
 WITH COPY TO:

 	
 LOWNDES,
 DROSDICK, DOSTER,

 
	
  

 	
  

 	
 KANTOR &
 REED, P.A.

 
	
  

 	
  

 	
 215 North
 Eola Drive

 
	
  

 	
  

 	
 Orlando,
 Florida 32801

 
	
  

 	
  

 	
 Attention:
 Jon C. Yergler, Esquire

 
	
  

 	
  

 	
 Phone: (407)
 843-4600

 
	
  

 	
  

 	
 Fax: (407)
 843-4444

 
	
  

 	
  

 	
  

 
	
  

 	
 TO BUYER

 	
 Orange Bank
 of Florida

 
	
  

 	
  

 	
 519 N.
 Magnolia Avenue

 
	
  

 	
  

 	
 Orlando, FL
 32801

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Attention:
 Mike Sheffey

 
	
  

 	
  

 	
 Phone: (407)
 244-5999

 
	
  

 	
  

 	
 Fax:(407)
 849-0460

 
	
  

 	
  

 	
  

 
	
  

 	
 WITH COPY TO:

 	
 Fassett,
 Anthony & Taylor, P.A.

 
	
  

 	
  

 	
 1325 W.
 Colonial Drive

 
	
  

 	
  

 	
 Orlando, FL
 32804

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Attention:
 John A. Taylor, Esquire

 
	
  

 	
  

 	
 Phone: (407)
 872-0200

 
	
  

 	
  

 	
 Fax: (407)
 422-8170

 

Any notice to any party hereunder shall not be effective unless and
until a copy thereof has also been delivered or mailed, in accordance with the
foregoing requirements, to such party’s counsel, if indicated above, at the
address set forth above. 

Governing Law and Binding Effect. This Contract and the
interpretation and enforcement of the same shall be governed by and construed
in accordance with the laws of the State of Florida and shall be binding upon,
inure to the benefit of, and be enforceable by the parties hereto as well as
their respective heirs, personal representatives, successors and assigns. 

Integrated Contract, Waiver and Modification. This Contract represents
the complete and entire understanding and agreement between the parties hereto
with regard to all matters involved in this transaction and supersedes any and
all prior or contemporaneous agreements, whether written or oral. No agreements
or provisions, unless incorporated herein, shall be binding on either party
hereto. This Contract may not be modified or amended nor may any covenant,
agreement, condition, requirement, provision, warranty or obligation contained
herein be waived, except in writing signed by both parties or, in the event
that such modification, amendment or waiver is for the benefit of one of the
parties hereto and to the detriment of the other, then the same must be in
writing signed by the party to whose detriment the modification, amendment or
waiver inures. 

Interpretation. This Contract will be
construed according to its fair meaning and neither for nor against any party
hereto irrespective of which party caused the same to be drafted. Each of the
parties acknowledges that it has been or has had the opportunity to be
represented by an attorney in connection with the preparation and execution of
this Contract. Where appropriate, references to 

53

one gender will be deemed to include any other gender and
references to the singular or the plural will be deemed to include either the
singular or the plural. 

Severability. Unenforceability for any
reason of any provision of this Contract will not limit or impair the operation
or validity of any other provision of this Contract. 

Additional Instruments. The parties will cooperate
with each other to execute and deliver such instruments and documents and take
such actions as may be required, or as a party may reasonably deem desirable,
to effectuate the provisions of this Contract. 

Captions. The captions of the
Sections of this Contract are inserted for convenience only and will not
control or affect the meaning or construction of any provisions hereof. 

Counterparts. This Contract may be
executed in several counterparts, each of which will be deemed an original but
all of which will constitute only one agreement. 

Authority. Each person signing below
represents and warrants that he or she is fully authorized to execute and
deliver this Contract in the capacity set forth beneath his or her signature. 

Brokerage. Seller hereby acknowledges
that no broker or finder has been employed by Seller. Buyer hereby acknowledges
that no broker or finder has been employed by Buyer. Each of Seller and Buyer
warrants to the other that no other commissions are payable or due to any other
broker or finder in connection with this Contract or the transaction
contemplated herein and each of Seller and Buyer agrees to indemnify, defend
and hold the other harmless from and against any commissions or fees or claims
for commissions or fees arising under the indemnifying party, which
indemnification shall expressly survive the termination of this Contract and
the Closing of the sale and purchase of the Subject Property contemplated by
this Contract. 

Lease Amendment. Contemporaneously with the
execution and delivery of this Contract, the Buyer and Seller shall execute and
deliver to each other an amendment to the Lease in the form attached hereto as Exhibit
“H.” 

54

          IN
WITNESS WHEREOF, the parties have caused these presents to be executed as of
the Effective date.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Signed,
 sealed and delivered in the

 	
  

 	
  “SELLER”

 
	
 presence of
 the following witnesses:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 FIRST TEAM CLERMONT OB, LLC,

 
	
  

 	
  

 	
 a Florida
 limited liability company

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	
 By:

 	
  

 
	
 Signature of Witness

 	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
 W. Warner
 Peacock, President

 
	

 

 	
  

 	
  

 	
  

 	
  

 
	
 Printed Name of Witness

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dated:

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	
  

 	
  

 
	
 Signature of Witness

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	
  

 	
  

 
	
 Printed Name of Witness

 	
  

 	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Signed,
 sealed and delivered in the

 	
  

 	
 ORANGE BANK OF FLORIDA, a Florida
 corporation

 
	
 presence of
 the following witnesses:

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	

 

 
	
 Signature of Witness

 	
  

 	
 Name:

 	

  

 
	
  

 	
  

 	
  

 	

 

 
	

 

 	
  

 	
 Its:

 	

 

 
	

Printed Name of Witness

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 	
  

 	
 Dated:

 	

 

 
	

Signature of Witness

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 Printed Name of Witness

 	
  

 	
  

 	
  

 	
  

 	
  

 

EXHIBIT “A”

Legal Description of Land

LOT
1, UNIVERSITY VILLAGE, according to the Plat thereof, as recorded in Plat Book
63, page 74, of the Public Records of Lake County, Florida.

55

EXHIBIT “B”

Form of the Note

PROMISSORY NOTE

	
  

 	
  

 	
  

 
	
 $1,700,000.00

 	
 December 30, 2010

 	
  

 

BEING INDEBTED, for
value received, ORANGE BANK OF FLORIDA,
a Florida corporation, jointly and severally if more than one (sometimes
hereinafter referred to as the “undersigned”
or the “Borrower”), promises to
pay to the order of FIRST TEAM CLERMONT OB,
LLC, a Florida limited liability company, or any subsequent holder
of this note (“Holder”) at its
principal offices located at 1089 Morse Boulevard, Suite D, Winter Park, Florida
32789 (or at such other place or places as Holder may designate) the principal
sum of ONE MILLION SEVEN HUNDRED THOUSAND AND
N0/100 DOLLARS ($1,700,000.00) or so much thereof as may be from
time to time outstanding, plus interest thereon at the rate hereinafter
defined, all in accordance with the terms and conditions of this Promissory
Note (the “Note”). This Note is
secured by a Mortgage and Security Agreement of even date herewith filed or to
be filed for record in the Public Records of LAKE
County, Florida (the “Mortgage”),
UCC Financing Statements filed or to be filed for record in the Public Records
of LAKE County, Florida and in the
Office of the Secretary of State of the State of Florida (the “Financing Statements”), and other
agreements by and between Borrower and Holder. The Mortgage, Financing
Statements, and such other agreements are hereinafter referred to collectively
as the “Security Documents” and
the loan evidenced thereby is hereinafter referred to as the “Loan.” Terms used herein but not otherwise
defined hereunder are defined as set forth in the Security Documents. All of
the terms, definitions, conditions and covenants of the Security Documents are
expressly made a part of this Note by reference in the same manner and with the
same effect as if set forth herein at length, and any holder of this Note is
entitled to the benefits of and remedies provided in the Security Documents.

	
  

 	
  

 
	
  

 	
 Payment.

 
	
  

 	
  

 
	
  

 	
           Commencing
 on January 31, 2011 and on the last business day of each month thereafter up
 to and including December 31, 2012, Borrower shall make monthly payments of
 interest only to the Holder at the rate of six and one-half percent
 (6.50%) per annum accruing upon the outstanding principal balance of this
 Note.

 
	
  

 	
  

 
	
  

 	
           Interest
 shall be computed on the basis of a daily amount of interest accruing on the
 daily outstanding principal balance during a 360-day year multiplied by the
 actual number of days the principal is outstanding during such applicable
 interest period.

 
	
  

 	
  

 
	
  

 	
           On
 December 31, 2011 and December 31, 2012, Borrower shall make payments of
 principal reduction to the Holder each in the amount of Eight Hundred Fifty
 Thousand and No/100 Dollars ($850,000.00). 

 
	
  

 	
  

 
	
  

 	
           All
 remaining sums of principal and accrued interest shall become immediately due
 and payable in full on December 31, 2012 (hereinafter and heretofore referred
 to as the “Maturity Date”). 

 

Prepayment. This Note shall not be prepaid in whole or in part at
any time without the express prior written consent of the Holder. Any partial
prepayment shall be applied in accordance with Section 7 below

56

and shall not postpone the due date of any
subsequent periodic installments or the Maturity Date, or change the amount of
such installments due, unless Holder shall otherwise agree in writing.

Late Charges. Should Borrower fail to pay the installments of
interest or principal (if applicable) on any due date provided for herein or
within ten (10) days thereafter, then Borrower further promises to pay a late payment
charge equal to five percent (5.00%) of the amount of the unpaid installment as
liquidated compensation to Holder for the extra expense to Holder to process
and administer the late payment, Borrower agreeing, by execution hereof, that
any other measure of compensation for a late payment is speculative and
impossible to compute. This provision for late charges shall not be deemed to
extend the time for payment or be a “grace period” or “cure period” that gives
Borrower a right to cure an event of default pursuant to the Security
Documents. Imposition of late charges is not contingent upon the giving of any
notice or lapse or any cure period provided for in the Mortgage and shall not
be deemed a waiver of any right or remedy of Holder, including without
limitation, acceleration of this Note.

Purchase Money Wrap-Around Promissory Note.
This is a Purchase Money Wrap-Around
Promissory Note by which the Holder agrees to pay during the term of this Note
that certain Promissory Note made by Holder in favor of Orange Bank of Florida
dated February 10, 2009, in the original principal sum of ONE MILLION SEVEN
HUNDRED TWENTY-EIGHT THOUSAND AND NO/100 DOLLARS ($1,728,000.00), as the same
may be amended or modified from time to time, hereinafter referred to as the “First
Note”. The Holder shall pay the First Note in accordance with its terms and
prior to the expiration of any applicable grace period. Notwithstanding
Borrower, at its discretion, may pay the amount due hereunder in separate
payments. Borrower may issue the installment payments directly to itself under
the First Note. The remaining amount of any installment payment may issue to
the Holder hereof.

Default. Any failure of Borrower to comply with any term,
covenant, or condition of this Note, including without limitation, Borrower’s
failure to pay principal, interest, or expenses when same shall become due or
the existence of any event of default pursuant to the Security Documents shall
be deemed, at the option of Holder, a “Default” under this Note.

Acceleration. Upon the occurrence of a Default hereunder or under
the terms of any one or more of the Security Documents, Holder may declare the
then outstanding principal and all accrued but unpaid interest immediately due
and payable and upon acceleration and thereafter this Note shall bear interest
at the Default Rate, hereinafter defined, until all indebtedness evidenced
hereby and secured by the Security Documents has been paid in full. Further, in
the event of such acceleration, the Loan, and all other indebtedness of
Borrower to Holder arising out of or in connection with the Loan shall become
immediately due and payable, without presentation, demand, protest or notice of
any kind, all of which are hereby waived by Borrower.

Default Rate. After the occurrence of a Default, or maturity or upon
acceleration, and thereafter, the unpaid indebtedness then evidenced by this
Note and due under and secured by the Security Documents shall bear interest at
a fixed rate equal to the highest rate permitted by law (“Default Rate”).

Application of Payments.
All sums received by Holder for application
to the Loan may be applied by Holder to late charges, expenses, costs,
interest, principal, and other amounts owing to Holder in connection with the
Loan in the order selected by Holder in its sole discretion.

Expenses. In the event this Note is not paid when due on any
stated or accelerated maturity date, or should it be necessary for Holder to
enforce any other of its rights under this Note or the Security Documents,
Borrower will pay to Holder, in addition to principal, interest and other
charges due hereunder or under the Security Documents, all costs of collection
or enforcement, including reasonable attorneys’ fees, paralegals’ fees, legal
assistants’ fees, costs and expenses, whether incurred with respect to
collection, litigation, including appellate proceedings, bankruptcy
proceedings, interpretation, dispute, negotiation, trial, appeal, defense of
actions instituted by a third party against Holder arising out of or related to
the Loan, enforcement of any judgment based on this Note, or otherwise, whether

57

or not a suit to collect such amounts or to
enforce such rights is brought or, if brought, is prosecuted to judgment.

Waiver. All persons now or at any time liable for payment of
this Note, whether directly or indirectly, hereby waive presentment, protest,
notice of protest and dishonor. The undersigned expressly consents to any
extensions and renewals, in whole or in part, to the release of any or all
guarantors or comakers and any collateral security or portions thereof, given
to secure this Note, and all delays in time of payment or other performance
which Holder may grant, in its sole discretion, at any time and from time to
time without limitation all without any notice or further consent of Borrower,
and any such grant by Holder shall not be deemed a waiver of any subsequent
delay or any of Holder’s rights hereunder or under the Security Documents.

Usury. In no event shall this or any other provision herein
or in the Security Documents, permit the collection of any interest which would
be usurious under the laws of the State of Florida. If any such interest in
excess of the maximum rate allowable under applicable law has been collected,
Borrower agrees that the amount of interest collected above the maximum rate
permitted by applicable law, together with interest thereon at the rate
required by applicable law, shall be refunded to Borrower, and Borrower agrees
to accept such refund, or, at Borrower’s option, such refund shall be applied
as a principal payment hereunder.

Modification. This Note may not be changed orally, but only by an agreement in writing
signed by the Holder and Borrower.

Applicable law. This Note shall be governed by and construed in accordance with the laws
of the State of Florida.

Notices. All notices or other communications required or
permitted to be given pursuant to the provisions of this Note shall be given in
accordance with the notice provisions of the Loan Agreements.

Successors and Assigns.
As used herein, the terms “Borrower” and
“Holder” shall be deemed to include their respective heirs, personal
representatives, successors and assigns.

Severability. In the event any one or more of the provisions of this
Note shall for any reason be held to be invalid, illegal, or unenforceable, in
whole or in part or in any respect, or in the event that any one or more of the
provisions of this Note operates or would prospectively operate to invalidate
this Note, then and in any of those events, only such provision or provisions
shall be deemed null and void and shall not affect any other provision of this
Note. The remaining provisions of this Note shall remain operative and in full
force and effect and shall in no way be affected, prejudiced, or disturbed
thereby. In the event any provisions of this Note are inconsistent with the
provisions of the Security Documents, or any other agreements or documents
executed in connection with this Note, this Note shall control.

Captions; Pronouns. Captions are for reference only and in no way limit
the terms of this Note. The pronouns used in this instrument shall be construed
as masculine, feminine, or neuter as the occasion may require. Use of the
singular includes the plural, and vice versa.

Business Day. Any reference herein or in the Security Documents to a
day or business day shall be deemed to refer to a banking day which shall be a
day on which Holder is open for the transaction of business, excluding any
national holidays, and any performance which would otherwise be required on a
day other than a banking day shall be timely performed in such instance, if
performed on the next succeeding banking day. Notwithstanding such timely
performance, interest shall continue to accrue hereunder until such payment or
performance has been made.

Definitions. Any
capitalized terms not otherwise defined in this Note shall have the meanings
set forth in the Loan Agreements.

58

Patriot Act Compliance.
Neither Borrower, any affiliate of the
Borrower, nor any person owning an interest in either of the foregoing is a
“Specially Designated national” or a “Blocked person” as those terms are
defined in the Office of Foreign Asset Control Regulations (31 CFR Section 500
et seq.) and/or any other list of terrorists or terrorist organizations
maintained pursuant to any of the rules and regulations of Office of Foreign
Asset Control, Department of the Treasury or pursuant to any other applicable
Executive Orders (such lists are collectively referred to as the “OFAC Lists”).

Waiver of Trial by Jury.
THE PARTIES HEREBY MUTUALLY AGREE THAT
NEITHER PARTY, NOR ANY ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF
THE PARTIES (ALL OF WHOM ARE HEREINAFTER REFERRED TO AS THE “PARTIES”) SHALL
SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER
LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF THIS PROMISSORY NOTE OR THE
SECURITY DOCUMENTS, OR ANY INSTRUMENT EVIDENCING, SECURING, OR RELATING TO THE
INDEBTEDNESS AND ANY OTHER OBLIGATIONS EVIDENCED HEREBY, ANY RELATED AGREEMENT
OR INSTRUMENT, ANY OTHER COLLATERAL FOR THE INDEBTEDNESS EVIDENCED HEREBY OR
THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG THE PARTIES, OR ANY OF THEM.
NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY
TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN
WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE
PARTIES. THE WAIVER CONTAINED HEREIN IS IRREVOCABLE, CONSTITUTES A KNOWING AND
VOLUNTARY WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS. HOLDER HAS IN NO WAY
AGREED WITH OR REPRESENTED TO BORROWER OR ANY OTHER PARTY THAT THE PROVISIONS
OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

          IN
WITNESS WHEREOF, Borrower has executed and delivered
this instrument this day and year first above written (“Effective Date”).

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “BORROWER”

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Signed,
 sealed and delivered in the presence of:

 	
  

 	
 ORANGE BANK OF FLORIDA, a Florida corporation

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	

 

 
	
 Print Name:

 	
  

 	
  

 	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
 Its:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	
  

 	
  

 
	
 Print Name:

 	
  

 	
  

 	
 Address:

 	
 519 North
 Magnolia Avenue
 

 
	
  

 	

 

 	
  

 	
  

 	
 Orlando, Florida 32801

 

STATE OF
FLORIDA

COUNTY OF ORANGE

          BEFORE ME,
this ______ day of _________, 20___, personally appeared _________________ as
_____________ of ORANGE BANK OF FLORIDA, a Florida corporation, who
acknowledged before me that he executed this document and who produced his
driver’s license as identification and who did take an oath. 

	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Notary
 Public

 
	
  

 	
 My
 Commission Expires:

 

59

EXHIBIT “C”

Permitted Exceptions

          Taxes
and assessments for the year of closing and subsequent years, which are not yet
due and payable.

          Reciprocal
Easement Agreement by and between Clermont Village, L.L.C., a Florida limited
liability company, and First Team of Clermont OB, LLC, a Florida limited
liability company, recorded February 13, 2009 in Official Records Book 3732,
Page 254 of the Public Records of Lake County, Florida.

          Utility
Easements recorded in Official Records Book 3599, Page 1096, Public Records of
Lake County, Florida.

          Matters
as shown on the Plat of UNIVERSITY VILLAGE, recorded in Plat Book 63, Page 74,
Public Records of Lake County, Florida.

          At
the election of the Buyer only, that certain Mortgage executed by Seller on
February 10, 2009 and recorded in Official Records Book 3732, Page 315, Public
Records of Lake County, Florida.

60

EXHIBIT “D”

Form of the Deed

	
  

 
	
 This instrument was
 prepared 

 
	
 by and should be returned
 to: 

 
	
  

 
	
 Jon C. Yergler, Esq. 

 
	
 Lowndes, Drosdick, Doster, 

 
	
 Kantor & Reed, P.A. 

 
	
 215 North Eola Drive 

 
	
 Orlando, Florida 32801 

 

SPECIAL WARRANTY DEED

     THIS
SPECIAL WARRANTY DEED, executed the ____ day of _____________, 20__, by FIRST
TEAM CLERMONT OB, LLC, a Florida limited liability company, whose address is
_____________________________________, hereinafter called the “Grantor”, to
___________________________, whose address is
_____________________________________, hereinafter called the “Grantee”; 

W I T N E S S E T H:

     THAT the Grantor, for and in consideration of
the sum of TEN DOLLARS ($10.00) and other valuable considerations, receipt
whereof is hereby acknowledged, by these presents does grant, bargain, sell,
alien, remise, release, convey and confirm unto the Grantee, all that certain
land situate in Lake County, Florida, viz: 

     SEE ATTACHED
EXHIBIT “A” INCORPORATED HEREIN BY THIS REFERENCE 

     TOGETHER
with all the tenements, hereditaments and appurtenances thereto belonging or in
anywise appertaining. 

     TO
HAVE AND TO HOLD, the same in fee simple forever. 

          This
conveyance reflects an arm’s length transaction between the parties and is not
a deed in lieu of foreclosure. The conveyance is subject to that certain
Mortgage by Orange Bank of Florida to First Team Clermont OB, LLC dated
February 10, 2009 recorded in Official Records Book 3732, Page 315, Public
Records of Lake County, Florida. It is the intention of the Grantor and Grantee
that the Mortgage not merge with the Grantee’s estate, but shall remain a
separate and distinct encumbrance against the Property, until satisfied. 

     AND
the Grantor hereby covenants with said Grantee that it is lawfully seized of
said land in fee simple; that it has good right and lawful authority to sell
and convey said land; that it hereby fully warrants the title to said land and
will defend the same against the lawful claims of all persons claiming by,
through, or under Seller, but against none other; and that said land is free of
all encumbrances except ad valorem real property taxes and assessments for the
year 20__, and those matters referenced on Exhibit “B” attached hereto[THE
PERMITTED EXCEPTIONS]. 

     IN
WITNESS WHEREOF, the Grantor executed these presents as of the day and year
first above written. 

61

	
  

 	
  

 	
  

 	
  

 
	
 Signed, sealed and
 delivered

 	
  

 	
  

 
	
 in the presence of:

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	

 

 
	
 Name:__________________________________________

 	
  

 	
 Name:_______________________________________________

 
	
  

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	

 

 
	
 Name:___________________________________________

 	
  

 	
 Name:________________________________________________

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 

STATE OF FLORIDA

COUNTY OF _____________

     The
foregoing instrument was acknowledged before me this ___ day of
________________, 20__ by _______________________ and _____________________,
his wife. He and she are personally known to me or have produced
___________________________ as identification. 

	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 (NOTARY SEAL)

 	
      Notary
 Public Signature

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Typed or
 Printed Notary Name

 
	
  

 	
  

 	
 Notary
 Public-State of _____________________

 
	
  

 	
  

 	
 Commission
 No.:
 __________________________

 
	
  

 	
  

 	
 My
 Commission Expires:
 ____________________

 
	
  

 	
  

 	
  

 

62

EXHIBIT “E”

Form of the Bill of Sale

BILL OF SALE

     THIS BILL OF SALE is made and executed as
of this ___________ day of ________, 20__, by FIRST TEAM CLERMONT OB, LLC, a
Florida limited liability company (the “Seller”), to
__________________________________ (the “Buyer”). 

     WITNESSETH, that the Seller, for and in
consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and
valuable consideration, receipt of which is hereby acknowledged, does hereby
sell, grant, convey and transfer to Purchaser all of Seller’s right, title and
interest, if any, in and to all the fixtures, machinery, equipment, supplies
and other articles of personal property, if any (collectively, the “Personal
Property”), which are attached or appurtenant to, or used in connection with,
the real property more particularly described in Exhibit A attached hereto and
made a part hereof (the “Property”).  

     TO HAVE AND TO HOLD the same unto the
Buyer, its successors and assigns forever. The Seller hereby warrants and
represents that it is the lawful owner of the Personal Property, that the
Personal Property is free and clear of all liens and encumbrances; that Seller
has all lawful right and authority to sell the same. 

     FURTHER, THE SELLER MAKES NO EXPRESS OR
IMPLIED WARRANTIES OF ANY KIND, INCLUDING THOSE OF MERCHANTABILITY, DURABILITY
AND FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE PERSONAL
PROPERTY AND EXPRESSLY DISCLAIMS THE SAME. THE PERSONAL PROPERTY IS SOLD TO THE
BUYER IN ITS EXISTING CONDITION, “AS-IS,” “WHERE-IS” ON AND AS OF THE DATE HEREOF.

     IN WITNESS WHEREOF, the Seller has signed and sealed these
presents as of the day and year first above written. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 FIRST TEAM CLERMONT OB,
 LLC,

 
	
  

 	
 a Florida limited liability
 company

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:__________________________________________________

 
	
  

 	
  

 	
  

 	
              W.
 Warner Peacock, President

 

63

STATE
OF FLORIDA 

COUNTY
OF _____________________

     The
foregoing instrument was acknowledged before me this ____ day of ____, 2009, by
W. Warner Peacock, as President of First Team Clermont OB, LLC, a Florida
limited liability company, on behalf of the company, who is personally known to
me or who has produced ________________________ as identification. 

	
  

 	
  

 	
  

 
	
           (NOTARY SEAL)

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Notary Public Signature

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Typed or Printed Notary
 Name

 	
  

 
	
  

 	
 Notary Public-State
 of______________

 	
  

 
	
  

 	
 Commission
 No.:__________________

 	
  

 
	
  

 	
 My Commission
 Expires:____________

 	
  

 
	
  

 	
  

 	
  

 

64

EXHIBIT “F”

Form of the Assignment

ASSIGNMENT AND ASSUMPTION OF

LICENSES, PERMITS AND APPROVALS

          THIS ASSIGNMENT AND ASSUMPTION OF LICENSES, PERMITS AND
APPROVALS (this
“Assignment”) is made and entered into as of this ______ day of ______, 20____,
by FIRST TEAM CLERMONT OB, LLC, a Florida limited liability company, having a
mailing address at ______________________________ (hereinafter referred to as
the “Assignor”), to and in favor of _______________________________, a
________________, whose address is ______________________ (“Assignee”). 

W I T N E S S E T H: 

      WHEREAS, Assignor has this day conveyed fee
simple title to Assignee of certain real property and improvements situate in
Lake County, Florida, more particularly described on Exhibit A attached hereto
and made a part hereof, which is improved with an approximately __________
square foot industrial building and related facilities and amenities (the
“Improvements”); and 

     WHEREAS, in conjunction with the conveyance
of the Improvements, Assignor has agreed to assign all of its right, title and
interest in and to certain licenses, permits and approvals relating to the
design, development, construction, ownership, operation, management and use of
the Improvements. 

     NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound, the parties agree as follows: 

          Assignment. To the extent assignment by
Assignor, Assignor does hereby transfer, assign and set over to Assignee all of
Assignor’s right, title and interest in and to (i) all general intangibles
relating to the design, development, construction, ownership, operation,
management and use of the Improvements, (ii) all entitlements, vested trips,
certificates of occupancy, impact fee credits, variances, licenses, building,
use or other permits, certificates, approvals, authorizations, consents and the
like from any Federal, state, county, municipal or other governmental or
quasi-governmental body, agency, department, board, commission, bureau or other
entity or instrumentality or obtained from such parties and all materials
prepared for filing or filed with any such party in connection with the design,
development, construction, ownership, operation, management and use of the
Improvements, (the items described in this Section 1 being hereinafter referred
to as the “Licenses, Permits and Approvals”). Assignor shall indemnify and hold
Assignee harmless from any and against all liability, loss, and costs
(including reasonable attorney’s fees) arising with respect to the Licenses,
Permits and Approvals prior to the date of this Assignment. 

Assumption. Assignee hereby assumes all
liabilities and obligations of Assignor under the Licenses, Permits and
Approvals which arise on or after the date hereof and agrees to perform all
obligations of Assignor under the Licenses, Permits and Approvals which are to
be performed or which become due on or after the date hereof. Assignee shall
indemnify and hold Assignor harmless from any and against all liability, loss,
and costs (including reasonable attorney’s fees) arising with respect to the
Licenses, Permits and Approvals after the date of this Assignment. 

As-Is. Except as expressly provided in Section 4 below, the
Assignor makes no express or implied warranties of any kind, with respect to
the Licenses, Permits and Approvals and such Licenses, Permits and Approvals
are assigned to Assignee in their existing condition, “as-is”, “where-is” on
and of the date hereof. 

65

Representations. Assignor represents and warrants to
the Assignee (which warranties shall survive for a period of one (1) year from
the date of Closing) as follows: 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A.          Assignor
 reasserts and incorporates each representation set forth in Section 14 of the
 Contract between the parties of even date herewith. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 B.          Assignor
 has no actual knowledge and no notice has been received from any governmental
 body claiming any violation, noncompliance, unsatisfied obligation, or
 failure to fully perform any obligation under any permit, license or approval
 assigned hereunder. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 C.          Other
 than continued compliance with the Licenses, Permits or Approvals assigned
 hereunder, Assignor has no actual knowledge of any obligations of payment or
 performance which are due or to become due on or after the date hereof. 

 

Binding Effect. This Assignment shall be
binding upon and inure to the benefit of Assignor, Assignee and their
respective successors and assigns. 

Entire Agreement. This Assignment constitutes
the complete and entire understanding and agreement between Assignor and
Assignee concerning the Assignment of Licenses, Permits and Approvals made
pursuant to this Assignment, and supersedes any and all prior or
contemporaneous covenants, agreements, understandings, statements,
representations or warranties, whether written or oral, of any party hereto concerning
or with respect thereto. 

Captions and Paragraph Headings. Captions and paragraph
headings contained in this Assignment are for convenience of reference only and
are in no way intended, and shall in no way be deemed, to define, describe,
extend or limit the scope, content or intent of this Assignment or any
particular term, provision or paragraph herein. 

Modification, Amendment or Termination. This Assignment may not be
changed, modified, amended or terminated except as expressly set forth in a separate
writing signed by both of the parties to this Assignment or their respective
successors in interest or title. 

Governing Law, Binding Effect. This Assignment and the
construction, interpretation and enforcement thereof shall be construed in
accordance with and governed by the laws of the State of Florida, and shall be
binding upon, inure to the benefit of and be enforceable by the parties hereto
and their respective successors in interest or title. The parties agree that
Pinellas County, Florida shall be the proper venue for any proceedings brought
with respect to this Assignment. 

Severability. If any of the terms,
provisions, covenants or conditions set forth in this Assignment or the
application thereof to any particular circumstance shall be held by any court
having jurisdiction to be illegal, invalid or unenforceable under applicable
law, the remainder of this Assignment shall not be affected thereby and each
provision of this Assignment shall be valid and enforceable to the fullest
extent otherwise permitted by law. 

Attorney Fees. If either party hereto
brings an action or proceeding, including any counterclaim, cross-claim, or
third party claim, against the other party by reason of default, or otherwise
arising out of this Agreement, the prevailing party in such action or
proceeding, including any appeals therefrom, shall be entitled to its costs and
expenses of suit including reasonable attorney and paralegal fees. 

Counterparts. This Assignment may be
executed in any number of counterparts each of which when executed and
delivered, shall be an original, but all counterparts shall together constitute
one and the same instrument. 

66

          IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the date set
forth above. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Signed, sealed and
 delivered

 in the presence of:

	
  “ASSIGNOR”

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 FIRST TEAM CLERMONT OB, LLC,

 
	
  

 	
  

 	
 a Florida
 limited liability company

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:__________________________________________

 
	
  

 	
  

 	
  

 	
 Printed
 Name:_________________________________

 
	
  

 	
  

 	
  

 	
 Its:__________________________________________

 

	
  

 	
  

 
	

 

 	
  

 
	
 Name:      ____________________________________

 
	
  

 	
  

 

	
  

 	
  

 
	

 

 	
  

 
	
 Name:_______________________________________

 

STATE OF FLORIDA 

COUNTY OF ________________ 

          The
foregoing instrument was acknowledged before me this _____ day of
_______________, 2010, by ____________________________________, as
_____________________________ of First Team Clermont OB, LLC, a Florida limited
liability company, on behalf of the company. 

 

	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Notary Public - State of
 Florida

 
	
  

 	
  

 
	
  

 	
 Print Name:_____________________________________

 
	
  

 	
 Commission
 Number:____________________________

 
	
  

 	
 Commission
 Expires:____________________________

 

67

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (Assignee’s Signature Page
 to Assignment and

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Assumption of Licenses,
 Permits and Approvals)

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  “ASSIGNEE”

 
	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By____________________________

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:          _________________________________

 	
  

 	
 Name:________________________

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Its:____________________________

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:____________________________

 	
  

 	
  

 	
  

 	
  

 	
  

 

STATE OF FLORIDA 

COUNTY OF ________________ 

          The
foregoing instrument was acknowledged before me this _____ day of
_______________, 2010, by ____________________________________, as
_____________________________ of __________________, a ____________, on behalf
of the corporation. 

 

	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Notary Public - State of
 Florida

 
	
  

 	
  

 
	
  

 	
 Print
 Name:___________________________________________

 
	
  

 	
 Commission
 Number:___________________________________

 
	
  

 	
  

 
	
  

 	
 Commission Expires:____________________________________

 

68

EXHIBIT “G”

Form of the Mortgage

This
instrument prepared by

and return to:

Jon C. Yergler, Esquire

Lowndes, Drosdick, Doster, Kantor

   & Reed, P.A.

Post Office Box 2809

Orlando, Florida 32802-2809

	
 

	

	
The space above is reserved for recording.

Mortgage and Security Agreement

     THIS MORTGAGE
AND SECURITY AGREEMENT (the “Mortgage”), dated this ______ day of __________, 20__, is executed and delivered
by ORANGE BANK OF FLORIDA (the “Mortgagor”), having its principal place of
business at 519 N. Magnolia Avenue, Orlando, Florida 32801, to FIRST TEAM CLERMONT OB, LLC, a Florida limited
liability company, whose address is 1089 W. Morse Blvd., Suite D,
Winter Park, Florida 32789 (the “Mortgagee”),
under the circumstances summarized in the following recitals:

          A.          
Mortgagor has executed and delivered to Mortgagee a
certain Promissory Note (with revolving credit feature and index-based variable
rate) of even date herewith in the principal amount of ONE MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS
($1,700,000.00), which Promissory Note, together with any and all
renewals, replacements, extensions, modifications, substitutions, future
advances, and any and all other certificates or evidence of indebtedness
evidenced by said Promissory Note are herein called the “Note,” evidencing a loan from Mortgagee to
Mortgagor (the “Loan”).

          B.          
This Mortgage is intended to secure the payment of the
unpaid principal balance of the Note, including future advances (as hereinafter
defined), together with interest as therein provided and any other obligations
of the Mortgagor pursuant to the Note or this Mortgage or any other documents
executed contemporaneously herewith to secure and/or evidence the Loan.

     NOW, THEREFORE,
in consideration of the Loan made by Mortgagee to Mortgagor, as evidenced by
the Note and other Loan Documents, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Mortgagor agrees as
follows:

          Mortgage. Mortgagor
hereby grants, bargains, sells, assigns, transfers, conveys and mortgages to
Mortgagee, its successors and assigns, to its own proper use and benefit
forever, subject to the terms and conditions of this Mortgage:

	
 

	
 

	
 

	
The real estate
(the “Land”) described as follows:

	
 

	
 

	
 

	
LOT 1, UNIVERSITY VILLAGE, ACCORDING TO THE
PLAT THEREOF AS RECORDED IN PLAT BOOK 63, 

69

	
 

	
 

	
 

	
PAGE 74, PUBLIC RECORDS OF LAKE COUNTY,
FLORIDA.

                    Appurtenances. The benefit of all tenements, hereditaments, easements and other rights
of any nature whatsoever, if any, appurtenant to the Land or the Improvements,
or both, the benefit of all rights-of-way, strips and gores of land, streets,
alleys, passages, drainage rights, sanitary sewer and potable water rights,
stormwater drainage rights, rights of ingress and egress to the Land and all
adjoining property, and any improvements of Mortgagor now or hereafter located
on any of such real property interests, water rights and powers, oil, gas,
mineral and riparian and littoral rights; whether now existing or hereafter
arising, together with the reversion or reversions, remainder or remainders,
rents, issues, incomes and profits of any of the foregoing (the “Appurtenances”).

                    Improvements. All buildings, structures, betterments and other improvements of any
nature now or hereafter situated in whole or in part upon the Land or on the
Appurtenances, regardless of whether physically affixed thereto or severed or
capable of severance therefrom (the “Improvements”).

                    Tangible Property. All of Mortgagor’s right, title and interest, if
any, in and to all fixtures, equipment and tangible personal property of any
nature whatsoever that is now or hereafter (i) attached or affixed to the Land,
the Appurtenances, or the Improvements, or (ii) situated upon or about the
Land, the Appurtenances and/or the Improvements, regardless of whether
physically affixed thereto or severed or capable of severance therefrom, or
(iii) used, regardless of where situated, if used, usable or intended to be
used, in connection with any present or future use or operation of or upon the
Land. The foregoing includes: all goods and inventory, all heating, air
conditioning, lighting, incinerating and power equipment; all engines,
compressors, pipes, pumps, tanks, motors, conduits, wiring, and switchboards;
all plumbing, lifting, cleaning, fire prevention, fire extinguishing,
refrigerating, ventilating, and communications and public address apparatus;
all stoves, ovens, ranges, disposal units, dishwashers, water heaters, exhaust
systems, refrigerators, cabinets, and partitions; all rugs, draperies and
carpets; all laundry equipment; all building materials; all furniture
(including, without limitation, any outdoor furniture), furnishings, office
equipment and office supplies (but not including furniture, furnishings or
office equipment in units used as models or sales offices); and all additions,
accessions, renewals, replacements and substitutions of any or all of the
foregoing. The properly interests encumbered and described by this paragraph
are called the “Tangible Property”
in this Mortgage.

                    Rents.
All rents, issues, incomes and profits in any manner arising from the Land,
Improvements, Appurtenances or Tangible Property, or any combination thereof,
including Mortgagor’s interest in and to all leases of whatsoever kind or
nature, licenses, franchises and concessions of or relating to all or any
portion of the Land, Appurtenances, Improvements or Tangible Property, or the
operation thereof, whether now existing or hereafter made, including all
amendments, modifications, replacements, substitutions, extensions, renewals or
consolidations thereof. The property interests encumbered and described in this
subparagraph are called the “Rents”
in this Mortgage.

	
 

	
 

	
 

	
          Secondary Financing. All of Mortgagor’s right, power or privilege to
further encumber any of the Collateral described in this Mortgage, it being
intended by this provision to divest Mortgagor of the power to encumber or to
grant a security interest in any of the Collateral as security for the
performance of an obligation, except for “Permitted Encumbrances,” as defined herein.

                    Proceeds.
All proceeds of the conversion, voluntary or involuntary, of any of the
property encumbered by this Mortgage into cash or other liquidated claims, or
that are otherwise payable for injury to or the taking or requisitioning of any
such property, including all judgments, settlements and insurance and
condemnation proceeds as provided in this Mortgage.

                    Contract Rights. All of Mortgagor’s right, title and interest in and to any and all
contracts or leases, written or oral, express or implied, now existing or
hereafter entered into or arising, in any matter related to the improvement,
use, operation, sale, conversion or other disposition of any interest in the
Land, Appurtenances, Improvements, Tangible Property or the Rents, or any
combination thereof, including all tenant leases, sales contracts, reservation deposit
agreements, any and all deposits, prepaid items, and payments due and to become
due thereunder; and including, without limitation, contracts pertaining to
maintenance, on-site 

70

security service,
elevator maintenance, landscaping services, building or project management,
marketing, leasing, sales and janitorial services; Mortgagor’s interests as
lessee in equipment leases, including telecommunications, computers, vending
machines, model furniture, televisions, laundry equipment; and Mortgagor’s interests
in construction contracts or documents (including architectural drawings and
plans and specifications relating to the Improvements), service contracts, use
and access agreements, advertising contracts and purchase orders. The property
interests encumbered and described in this paragraph are called the “Contract Rights” in
this Mortgage. Notwithstanding the foregoing, Mortgagee will not be bound by
any of Mortgagor’s obligations under any of the foregoing contracts unless and
until Mortgagee elects to assume any of such contracts or leases in writing.

                    Name.
All right, title and interest of Mortgagor in and to all trade names, project
names, logos, service marks, trademarks, goodwill, and slogans now or hereafter
used in connection with the operation of the Mortgaged Property.

                    Intentionally Deleted.

                    Definitions. The Land, Appurtenances, Improvements and Tangible Property are
collectively referred to as the “Mortgaged Property” in this Mortgage. The portion of the property
encumbered by this Mortgage that from time to time consists of intangible
personal property, except for the Rents, is called the “Intangible
Property” in this Mortgage. The Mortgaged
Property, Rents, Intangible Property and any other property interests
encumbered hereby are hereinafter referred to collectively as the “Collateral.” Wherever used in this Mortgage, the use of the
terms, “Mortgaged Property,” “Rents,” “Intangible Property,” and “Collateral” means and includes all or any, portion thereof
applicable to the context.

                    License.
Notwithstanding the grant of Mortgagor’s interest in the Rents and Contract
Rights above, so long as no Default or Default Condition shall exist hereunder
or under any of the other Loan Documents, Mortgagor shall have license to
collect and receive all incomes arising from the operation, ownership, and
maintenance of the Mortgaged Property, Rents and Contract Rights, but not more
than two (2) months prior to accrual.

Security Agreement.

                    To the extent any of the Collateral
encumbered by this Mortgage from time to time constitutes personal property
subject to the provisions of the Uniform Commercial Code as adopted by the
State of Florida (the “Uniform Commercial Code”), this Mortgage constitutes a “Security Agreement”
for all purposes under the Uniform Commercial Code.

                    Without limitation, Mortgagee, at
its election, upon the occurrence of a Default or Default Condition under this
Mortgage, will have all rights, powers, privileges and remedies from time to
time available to a secured party under the provisions of the Uniform
Commercial Code with respect to the Collateral. The names and addresses of
debtor and secured party are as shown for Mortgagor and Mortgagee,
respectively, on the signature pages hereof.

                    The remedies for any violation of
the covenants, terms, and conditions of the security agreement herein contained
shall be (i) as prescribed herein, or (ii) as prescribed by general law, or
(iii) as prescribed by the specific statutory provisions now or hereafter
enacted and specified in the Uniform Commercial Code, all at Mortgagee’s sole
election.

                    Mortgagor and Mortgagee agree that
the filing of financing statement(s) in the records normally having to do with
personal property shall never be construed as in anywise derogating from or
impairing this declaration and hereby stated intention of Mortgagor and
Mortgagee that everything used in connection with the production of income from
the Collateral or adapted for use therein or which is described or reflected in
this Mortgage, is, and at all times and for all purposes and in all proceedings
both legal or equitable shall be, regarded as part of the real estate
irrespective of whether (a) any such item is physically attached to the
Improvements, (b) serial numbers are used for the better identification of
certain items capable of being thus identified in a recital contained herein,
or (c) any such item is referred to or reflected in any financing 

71

statement(s) so
filed at any time. Similarly, the mention in any financing statement of the
rights in, or the proceeds of, any fire, hazard or liability insurance policy,
or any award in eminent domain proceedings for a taking or for loss of value,
or Mortgagor’s interest as lessor in any present or future lease, or rights to
income growing out of the use of the Mortgaged Property, whether pursuant to a
lease or otherwise, shall not be construed as altering any of Mortgagee’s
rights as determined by this Mortgage, or otherwise available at law or in
equity, or impugning the priority of this Mortgage or the Loan Documents, or
both, but such mention in any financing statement is declared to be for
Mortgagee’s protection if, as, and when any court holds that notice of
Mortgagee’s priority of interest, to be effective against a particular class of
persons, including the federal government and any subdivisions or entities of
the federal government, must be perfected in the manner required by the Uniform
Commercial Code.

                    Mortgagor covenants and agrees that
Mortgagor will furnish Mortgagee with notice of any change in name, identity,
organizational structure (excluding a change in ownership which is prohibited
without Mortgagee’s prior written consent), mailing address, residence, or
principal place of business thirty (30) days prior to the effective date of any
such change. Mortgagor will promptly execute any financing statements or other
instruments deemed necessary by Mortgagee to prevent any filed financing
statement from becoming misleading or losing its perfected status or to
reinstate any lapsed financing statement.

Wrap Around Mortgage. This is a Purchase Money Wrap Around Mortgage
subject to a Mortgage in favor of Orange Bank of Florida recorded in Official
Records Book 3732, Page 315, of the Public Records of Lake County, Florida,
hereinafter called the “First Mortgage”.

The
Mortgagee agrees to pay to the Holder of the first Mortgage the unpaid principal
balance of the First Mortgage, together with all interest accruing under it as
and when required by the terms of the First Mortgage. All payments shall be
made by the Mortgagee before the expiration of the applicable grace period
provided for such payments as contained in the First Mortgage.

If the
Mortgagee shall default in making any required payments of principal or
interest due under the First Mortgage, then the Borrower shall have the right
to advance the funds necessary to cure that default, and all funds so advanced
by the Borrower, together with interest at the highest rate permitted by
Florida Law, shall be credited against the next installment of interest and
principal due under the Note secured by this Mortgage. Borrower shall further
have an express right of set-off to the extent Mortgagee fails to pay the First
Mortgage and in the Event of Default under the First Mortgage or hereunder. In
addition, Borrower, at its election, shall have authority to pay the First
Mortgage directly in accordance with the terms of the First Mortgage and deduct
such amount from the payment due Mortgagee hereunder.

After-acquired Property. Without the necessity of any further act of
Mortgagor or Mortgagee, the lien of and security interest created by this
Mortgage automatically will extend to and include (i) any and all renewals,
replacements, substitutions, accessions, proceeds, products, additions or
after-acquired property for or to the Collateral, and (ii) any and all monies,
proceeds and other property that from time to time, either by delivery to
Mortgagor or by any instrument (including this Mortgage) may be subjected to
such lien and security interest by Mortgagor or by anyone on behalf of
Mortgagor, or with the consent of Mortgagor, or which otherwise may come into
the possession or otherwise be subjected to the control of Mortgagee or
Mortgagor pursuant to this Mortgage or the other Loan Documents.

Debt.

                    Mortgagor is justly indebted to
Mortgagee in the principal amount indicated in Recital A above (or so much as
may be advanced to Mortgagor by Mortgagee from time to time), as evidenced by
the Note of even date herewith made by Mortgagor, payable to the order of
Mortgagee and maturing as stated in said Note, unless such maturity is accelerated
or extended (as provided in said Note).

                    Mortgagor’s obligations described
below are secured, among other things, by the collateral described in this
Mortgage, which term includes any and all amendments, extensions, renewals,
replacements,

72

substitutions,
modifications and consolidations of this Mortgage, and may also from time to
time be secured by other collateral described in written documents.

                    The Mortgage and such other
documents as may exist on the date hereof or may exist hereafter are referred
to as the “Security Documents,” which term, as defined in the Note, includes any
and all financing statements, letters of credit, assignments, agreements,
supplements, and riders made and delivered in connection with the Note and this
Mortgage, and any and all amendments, modifications, extensions, renewals,
replacements, substitutions and consolidations thereof or thereto. The Security
Documents, the Note, and other documents between Mortgagor and Mortgagee executed
with respect to the Loan are referred to collectively as the “Loan
Documents.” The Loan Documents shall always
be taken and read together as constituting part of one transaction. All sums
disbursed pursuant to the terms of the Loan Agreements shall be secured by this
Mortgage with the same priority as if advanced on the date hereof.

                    The obligations of Mortgagor secured
by the Security Documents arising pursuant to the Loan Documents are as follows
and are called the “Debt” in this Mortgage and the other Loan Documents:

                         Note. Mortgagor’s payment of all sums due from time to
time as evidenced by the Note.

                         Loan
Documents. Mortgagor’s payment or
performance of all obligations imposed upon Mortgagor by the Loan Documents.

                         Advances. All sums advanced by Mortgagee to or for the benefit
of Mortgagor in the manner provided in the Loan Documents, or for the
protection of the security of the Collateral, including, without limitation,
all sums advanced pursuant to this Mortgage, including advances for repairs,
maintenance, insurance, taxes, or assessments.

                         Costs. All costs, expenses, losses, damages and other
charges sustained or incurred by Mortgagee because of: (1) Mortgagor’s default
in payment or performance, as the case may be, of any provision contained in
the Loan Documents; (2) defense of actions instituted by Mortgagor or a third
party against Mortgagor arising out of or related to the Loan, or in the
realizing upon, protecting, perfecting, defending, or (3) actions brought or
defended by Mortgagee enforcing Mortgagee’s security interest in the
Collateral. All of these costs and expenses include reasonable attorneys’ fees,
paralegals’ fees, or legal assistants’ fees, whether incurred with respect to
collection, litigation, bankruptcy proceedings, interpretation, dispute,
negotiation, trial, appeal, defense of actions instituted by a third party
against Mortgagee, or enforcement of any judgment based on the Loan Documents,
whether or not suit is brought to collect such amounts or to enforce such
rights or, if brought, is prosecuted to judgment.

                         Intentionally
Deleted. 

                         Miscellaneous
Expenses. All costs and expenses incurred
by Mortgagee in connection with the Loan, whether prior to or at closing or
during the term thereof, including, without limitation, loan origination fees,
commitment fees, extension fees, title insurance search fees, premiums and
endorsement fees, hazard and other insurance required by the Loan Documents,
pre-closing and post-closing appraisals, appraisal reports or opinions of
value, surveys, brokerage commissions and claims of brokerage, ad valorem and
personal property taxes, documentary stamp taxes and intangible taxes,
attorneys’ fees, consultant fees, architect’s fees, construction consultant’s
fees, environmental surveys or assessments, and recording charges.

                         Indemnities. All costs, expenses, and amounts arising under or
pursuant to any indemnity contained within the Loan Documents or in any
separate agreement executed by Mortgagor in favor of Mortgagee including,
without limitation, the Hazardous Substance Certificate and Indemnification
Agreement (the “Indemnity”).

Title Warranties. Subject to the Permitted Encumbrances (as
hereinafter defined), Mortgagor covenants with Mortgagee that: (i) Mortgagor is
indefeasibly seized of the Land and Improvements in fee simple, has good and
marketable title to the Collateral and has full power, lawful right and
authority to convey 

73

the same in fee simple and to grant Mortgagee
a perfected first lien security interest in the Collateral, and (ii) the
Collateral is free and clear of all liens, encumbrances, restrictions, and
security interests of any nature except for those permitted encumbrances which
Mortgagee has previously approved, as set out in Schedule B of the title
insurance policy and endorsements insuring this Mortgage, which are referred to
as “Permitted Encumbrances” in this Mortgage.

Liens. Mortgagor will not create or permit to be created,
or to remain, and will promptly discharge at Mortgagor’s expense any and all
liens or encumbrances upon, or security interests in, the Collateral, or any
combination thereof, whether consensual, common law, statutory, voluntary,
involuntary, or arising by operation of law, except Permitted Encumbrances.
Notwithstanding the foregoing, and except for any construction liens, Mortgagor
may contest the amount, validity and enforceability of any involuntary or
nonconsensual lien, encumbrance or security interest, including those arising
by operation of law, in the manner provided in this Mortgage. If any
construction lien is filed against the Mortgaged Property, Mortgagor agrees to
discharge or otherwise remove such lien by bond or otherwise, within thirty
(30) days after receipt of notice of imposition of same, but may thereafter
contest the amount or validity of such lien as provided in this Mortgage.

Taxes and Other Impositions. Mortgagor will pay or cause to be paid, when due (i)
all property taxes, assessments, water, sewer, utility and other rents, rates
and charges, including all excises, taxes, levies, license fees, permit fees,
impact fees, connection fees, and other fees and charges, whether general or
special, ordinary or extraordinary, foreseen or unforeseen, that may be
assessed, levied or imposed upon the Collateral, or otherwise arising with
respect to the occupancy, use, possession or disposition thereof, whether or
not the failure to pay the same might result in the creation of a lien upon the
Collateral, or any combination thereof; (ii) all franchise, excise and other
taxes, fees and charges assessed, levied or imposed with respect to Mortgagor’s
right to do business in the State of Florida and the political subdivisions
thereof; (iii) all taxes and fees (except for Mortgagee’s state and federal
income taxes) that may be levied by the United States of America or any state
or political subdivision thereof, upon Mortgagee or Mortgagor in connection
with or upon the Loan Documents, or the Debt or its payment, or collection, or
any combination thereof (including all documentary stamp taxes and intangible
taxes plus any penalties and interest charged for the late payment of any such
taxes); and (iv) all lawful claims and demands of contractors, subcontractors,
mechanics, laborers materialmen and other lienors which, if unpaid, might
result in the creation of a lien upon the Collateral. The sums payable under
this paragraph are called “Impositions.” Nothing contained in this paragraph will require the payment of any
Imposition so long as the amount, validity or enforceability thereof is
contested by appropriate proceedings as provided in this Mortgage. With respect
to state and local real and tangible personal property taxes, however,
Mortgagor will pay same and will furnish Mortgagee with copies of the receipts
for each such payment without demand at least thirty (30) days prior to the
date each of such taxes will become delinquent, and any contest of the same
must be by a suit or other proceeding for a refund. With respect to all other
Impositions, Mortgagor will furnish Mortgagee with proof of such payment upon
demand. If any payment required to be made by Mortgagor by this paragraph is
prohibited by law, with the result that Mortgagee becomes liable for its
payment, then the Debt will immediately become due and payable, at Mortgagee’s
option.

Contests. Mortgagor may contest, by any and all appropriate
administrative, trial or appellate proceedings, or any combination thereof, and
in Mortgagee’s name, if required by law, the amount, validity, enforceability
or application of any Imposition that Mortgagor is required to pay or perform
to any person or entity other than Mortgagee by any provision of this Mortgage
or the other Loan Documents if and only for so long as: (i) Mortgagor notifies
Mortgagee in writing of its intent to contest the Imposition; (ii) such contest
suspends the collection or enforcement of the item(s) contested; (iii) no part
of the Collateral will be subject to loss, sale or forfeiture before final
determination of any such contest; (iv) neither Mortgagor nor Mortgagee will be
subject to any criminal liability; (v) Mortgagor furnishes such security as may
be required by law in connection with each such contest; (vi) the value,
usefulness and marketability of the Collateral will not be adversely impaired
by any such contest; (vii) Mortgagor otherwise continues to pay and perform, as
the case may be, the Debt and Mortgagor’s obligations under this Mortgage;
(viii) Mortgagor otherwise is not in default under any provision of the Loan
Documents; (ix) each such contest is 

74

continuously prosecuted diligently to final
determination; (x) Mortgagor pays or causes to be paid, and defends,
indemnifies and holds Mortgagee harmless of and from any and all losses,
judgments, decrees and costs (including all reasonable attorneys’ fees)
incurred in connection with each such contest; (xi) Mortgagor, promptly following
final determination of each such contest, fully pays and discharges all amounts
that may be levied, assessed, charged, imposed or otherwise determined to be
payable, together with all penalties, fines, interests, costs and expenses, and
otherwise complies with such final determination, at Mortgagor’s sole cost and
expense; (xii) Mortgagor furnishes Mortgagee with such security as Mortgagee
reasonably may require to assure Mortgagor’s compliance with all of the
foregoing requirements, and (xiii) such liens are not filed against the
Mortgaged Property pursuant to Chapter 713, Florida Statutes, in which event
such liens must be discharged or transferred to bond pursuant to this Mortgage
before Mortgagor contests such liens. So long as Mortgagor complies with the
foregoing and Mortgagee is promptly reimbursed for all costs and expenses
incurred, Mortgagee will cooperate with Mortgagor in connection with any such
contest.

Insurance. Until the Debt shall have been discharged by
Mortgagor, Mortgagor shall maintain, at Mortgagor’s cost and expense, the
following insurance coverages in full force and effect at all times:

                    Hazard
Insurance. Mortgagor shall keep the
Tangible Property and Improvements which now or hereafter may constitute part
of the Mortgaged Property insured at all times against loss or damage by fire
and other hazards included within the term “all risk” or “extended coverage”
and against such other hazards as Mortgagee may require in the full insurable
value thereof (or such lesser amount as Mortgagee may authorize in writing),
with an insurer satisfactory to Mortgagee Such policy shall include a
Replacement Cost Endorsement and a Sinkhole Endorsement, if required by
Mortgagee in writing to Mortgagor.

                    Liability
Insurance. Mortgagor will obtain and keep in full force a
“Broad Form Comprehensive General Liability” insurance coverage for both
Mortgagor and any contractor performing services to the Mortgaged Property in
the minimum coverage amount required by Mortgagee.

                    Flood
Insurance. If at any time the Land or any
portion thereof is located in a “Flood Hazard Area” pursuant to the Flood
Disaster Protection Act of 1973 or any successor or supplemental act thereto,
flood insurance in the maximum amount available or such other amount as
Mortgagee may reasonably request.

                    Intentionally
Deleted.

                    Other
Insurance. Worker’s compensation
insurance, wind damage insurance, and/or other insurance coverages as Mortgagee
may reasonably require. In the event said Loan converts to a permanent loan,
Mortgagor will obtain and keep in full force and effect Business Interruption
Insurance.

                    Terms.

                         The policy or policies of insurance shall (i) be from
companies and in coverage amounts acceptable to Mortgagee, (ii) contain a
standard mortgagee clause in favor of Mortgagee naming Mortgagee as a mortgagee
and including a lender’s loss payee clause in such policy, as applicable; (iii)
not be terminable or modified without thirty (30) days’ prior written notice to
Mortgagee, and (iv) be evidenced by original policies or certified copies of
policies deposited with Mortgagee, as Mortgagee may elect, to be held by
Mortgagee until the Debt shall have been fully paid and discharged. Mortgagor
shall furnish Mortgagee satisfactory evidence of payment of all premiums
required and similar evidence of renewal or replacement coverage not later than
thirty (30) days prior to the date any coverage will expire.

                         Each insurance policy or endorsement required herein
shall be written by an insurance underwriter having a rating not less than “A”
or “A+” Best’s Rating according to the most current edition of Best’s Key
Rating Guide as determined at the time of the initial policy and at all times
during the term hereof. All policies shall indicate that notices related to
such insurance shall be sent to Mortgagee at:

	
  

 	
  

 
	
  

 	
 FIRST TEAM CLERMONT OB, LLC

 
	
  

 	
  

 
	
  

 	
 1089 W.
 Morse Boulevard, Suite D 

 
	
  

 	
  

 
	
  

 	
 Winter Park,
 Florida 32789

 

75

                              If
any loss occurs with respect to the Mortgaged Property, Mortgagee is hereby
appointed attorney-in-fact for Mortgagor to make proof of loss if Mortgagor
fails to make the same punctually, and to give a receipt for any proceeds
collected under such policies. Mortgagor will promptly give written notice to
Mortgagee of any loss or damage to the Mortgaged Property, and will not adjust
or settle any such loss without Mortgagee’s prior written consent, which
consent shall not be unreasonably withheld or delayed. Upon any Default or
Default Condition by Mortgagor under this Mortgage, all right, title and
interest of Mortgagor in and to all such insurance policies then in force,
including any and all unearned premiums and existing claims, will inure to
Mortgagee, which, at its option, and as attorney-in-fact for Mortgagor, may
then make, settle and give binding acquittances for claims under all such
policies, and may assign and transfer such policies or cancel or surrender
them, applying any unearned premium in such manner as Mortgagee may elect. The
foregoing appointment of Mortgagee as attorney-in-fact for Mortgagor is coupled
with an interest, and is irrevocable. Notwithstanding the occurrence of any
casualty or the availability of any insurance proceeds, Mortgagor will pay the
Debt in the manner required by the Loan Documents. 

                    Condemnation. If all or any part of the Collateral, or any interest
therein or right accruing thereto, is taken as a result of, or in lieu or in
anticipation of, the exercise of the right of condemnation or eminent domain,
or by reason of the temporary requisition of the use or occupancy of the
Mortgaged Property, in any event by any government or quasi-governmental
authority, civil or military, or any other party entitled to exercise such
powers by law, general or special, or is devalued or otherwise adversely
affected by any of the foregoing actions, all proceeds payable with respect to
any such action are assigned to Mortgagee and shall be paid to Mortgagee.
Mortgagee shall be under no obligation to question the amount of any such award
or compensation and may accept the same in the amount in which the same shall
be paid. The proceeds of any award or compensation so received shall, at the
option of the Mortgagee, either be applied to the payment of the Debt or be
paid over to the Mortgagor for the restoration of the Improvement. Mortgagor,
immediately upon obtaining knowledge of the institution or threatened
institution, of any proceedings for the Mortgaged Property, or any part
thereof, by condemnation or eminent domain, will notify the Mortgagee of the
pending of such proceedings. Mortgagee shall have the right to intervene and
participate in any proceedings for and in connection with any taking referred
to in this section. Mortgagor shall not enter into any agreement for the taking
of the Mortgaged Property or any part thereof with any person or persons
authorized to acquire the same by condemnation or eminent domain, unless the
Mortgagee shall have consented thereto in writing. Any of the foregoing actions
are sometimes called a “condemnation” or “taking” in this Mortgage and the
other Loan Documents. Such proceeds include, without limitation, severance
damages, damages arising from the change of grade of any street or the access
thereto, the taking of air rights and damages caused by noise, pollutants and
other emissions. Notwithstanding any such taking or other injury or decrease in
value, or the availability of any proceeds for any of the foregoing, Mortgagor
shall continue to pay the Debt in the manner required by the Loan Documents.
Mortgagee’s rights under this paragraph will survive the foreclosure or other
enforcement of this Mortgage, and Mortgagee will have the right to receive and
retain all proceeds to the extent of any deficiency which exists upon such
foreclosure or other enforcement, together with legal interest thereon, and to
the extent of the reasonable counsel fees, costs and disbursements incurred by
Mortgagee in connection with the collection of such proceeds. Such right shall
exist whether or not a deficiency judgment shall have been sought or recovered
or denied upon the Note. The remaining balance of such proceeds, if any, will
inure to the benefit of the party entitled thereto by applicable law. 

                    Application
of Insurance Proceeds and Awards. The
Mortgagor will promptly give the Mortgagee written notice of any damage to or
destruction of the Mortgaged Property or any part thereof, generally describing
the nature and extent of such damage or destruction and the Mortgagor’s best
estimate of the cost of restoring the Mortgaged Property. The Mortgagee shall
be entitled to all insurance proceeds payable on account of such damage or
destruction and the Mortgagor hereby irrevocably assigns, transfers and sets
over to the Mortgagee all rights of the Mortgagor to any such proceeds or
payments and irrevocably authorizes and empowers the Mortgagee, at its option
and in is sole and absolute discretion, in the name of the Mortgagor or
otherwise, to file and prosecute what would otherwise be the Mortgagor’s claim
for any such proceeds or 

76

 payment and to collect, receipt for and retain the same for
disposition in accordance with this Section. The Mortgagee may, at its sole
option, apply all amounts recovered under any insurance policy required to be
maintained by the Mortgagor hereunder in any one or more of the following ways:
(1) to the payment of the reasonable costs and expenses incurred by the
Mortgagee in obtaining such insurance proceeds, including the fee and expenses
of attorneys and insurance and other experts and consultants, the costs of
litigation, arbitration, mediation, investigations and other judicial,
administrative or other proceedings and all other out-of-pocket expenses; (2)
to the payment of any of the Debt other than indebtedness with respect to the
Note at the time outstanding; (3) to the payment of the principal of the Note
and any interest accrued and unpaid thereon, without regard to whether any
portion or all of such amounts shall be matured or unmatured, together with
interest at the default interest rate on any overdue principal and (to the
extent permitted by applicable law) interest; and, in case such amount shall be
insufficient to pay in full all such amounts, then such amounts shall be
applied, first, to the payment of all amounts of interest accrued on the Note
and unpaid, without preference or priority of any payment of interest over any
other payment of interest or of any other Note, and, second, to the payment of
all amounts of principal at the time outstanding, without preference or
priority of any installment or amount of principal over any other installment or
amount of principal or of my Note over any other Note, but otherwise in such
manner and order as the Mortgagee shall, in its sole discretion, determine; (4)
to fulfill any of the other covenants contained herein as the Mortgagee may
determine; (5) release to the Mortgagor for application to the cost of
restoring the Mortgaged Property; or (6) release to the Mortgagor. In the event
of a foreclosure of this Mortgage, the purchaser of the Mortgaged Property
shall succeed to all the rights of the Mortgagee, including any right to
unearned premiums, in and to all policies of insurance assigned and delivered
to the Mortgagee. 

Maintenance.
Repairs and Reconstruction.

                    Maintenance
and Repairs. Mortgagor, at its sole cost
and subject to Mortgagee’s satisfaction, shall make all repairs, renewals,
replacements, servicing and reconstruction that are necessary to maintain the
Mortgaged Property in good order, condition and repair. Mortgagor shall
establish (and set aside in segregated deposits) reserve funds in amounts
acceptable to Mortgagee for replacements, repairs and capital expenditures.
Immediately following the occurrence of any casualty or other loss, Mortgagor
promptly will undertake all restoration required or desirable and will pursue it
diligently to completion. Mortgagor shall (i) not strip, waste, remove or
demolish any portion of the Mortgaged Property, nor suffer or permit any such
action; (ii) promptly comply with all laws, governmental regulations and public
or private restrictions or easements, or both, of any kind affecting the
Mortgaged Property or requiring any alterations or improvements to be made
thereon; and (iii) not commit, suffer or permit any act upon the Mortgaged
Property in violation of any law, subject to Mortgagor’s right to contest the
same in good faith to conclusion, as provided in this Mortgage. If any public
agency or authority requires or commences’ any proceedings for the demolition
or removal, or both, of any improvements or portions thereof comprising the Mortgaged
property due to non-compliance with health, safety, fire or building codes,
then, unless Mortgagor undertakes to contest such action in the manner provided
in this Mortgage and pursue such contest to a successful conclusion, such
action will constitute a Default under this Mortgage. Mortgagor will not,
without Mortgagee’s prior written consent, (a) make any material alterations,
additions or improvements of or to the Mortgaged Property; (b) make any
material change in the general nature of the use or occupancy of the Mortgaged
Property; (c) institute or join or acquiesce in any action to change the
existing zoning or land use classification of the Mortgaged Property; or (d)
grant easements or licenses affecting the use or operation of the Mortgaged Property.
Mortgagee and any persons authorized by Mortgagee may enter the Mortgaged
Property at all reasonable times without prior notice for inspections or for
any other lawful purpose. If Mortgagor fails to comply with the requirements of
this paragraph, then Mortgagee, without waiving the option to foreclose, may
take some or all measures Mortgagee reasonably deems necessary or desirable for
the maintenance, repair, preservation or protection of the Mortgaged Property,
and any expenses reasonably incurred by Mortgagee in so doing shall become part
of the Debt secured hereby, and shall, at the option of Mortgagee, become
immediately due and payable, and shall bear interest at the Default Rate
specified in the Note. Mortgagee shall have no obligation to care for or
maintain the Mortgaged Property, or, having take some measures therefor, to
continue same or take other measures. 

                    Reconstruction. Provided, in the event of a casualty, any award of
insurance proceeds is paid to Mortgagor and not applied to the Loan, then the
Mortgagor shall promptly repair, restore, replace or rebuild any part of the
Mortgaged Property, now or hereafter encumbered by this Mortgage which may be
affected by any condemnation proceeding or which may otherwise become damaged,
destroyed, loss or unsuitable for use. In the event the Mortgaged Property or
any part thereof is damaged or destroyed by fire or other casualty, the 

77

Mortgagor shall immediately notify
the Mortgagee, in writing, of such damage or destruction. The Mortgagor shall
not cause or permit anything to be done which would or could increase the risk
of fire or other hazard to the Mortgaged Property, or any part thereof, or
which would or could result in an increase in any insurance premiums payable with
respect to the Mortgaged property, or which would or could result in the
cancellation of any insurance policy canied with respect to the Mortgaged
Property. No part of the Mortgaged Property, including, but not limited to, any
building, structure, water system, sewer system, parking lot, driveway,
landscape scheme, timber or other ground improvement, equipment or other
property, now or hereafter mortgaged, shall be removed, demolished or
materially altered without the prior written consent of the Mortgagee. No top
soil, sand, sod, loam, clay or gravel shall be mined, stripped, or removed from
the Mortgaged Property without the written consent of the Mortgagee. However,
this shall not prevent or restrict removal of any such materials taken for
excavation necessary to construct a basement, cellar or foundation footings for
the erection of a building or buildings for which a building permit or permits
has or have first been issued by the governmental authority having jurisdiction
thereof; or for the construction of roadways constructed in accordance with
plans approved by the governmental authorities having jurisdiction thereof in
accordance with the Loan Agreements; provided, nevertheless, that in the event
the required removals become so extensive, as determined by the Mortgagee, as
to create profit by sale of the removed portion of the Mortgaged Property, said
sums shall inure to the benefit of the Mortgagee to be applied as the Mortgagee
so directs, to the reduction of the Debt. Notwithstanding anything in this
paragraph to the contrary, to the extent the Mortgagee elects to pay down the
Debt with the insurance and/or condemnation proceeds as set forth in paragraphs
9.7 and 9.8 above and the Loan, after such pay down, remains adequately
collateralized in Mortgagee’s sole opinion, Mortgagor shall not be required to
reconstruct as set forth in this paragraph. 

Advances. If Mortgagor defaults in the observance or performance of
any of the provisions of the Loan Documents, including but not limited to
obtaining and maintaining insurance pursuant to this Mortgage, paying
Impositions, and maintaining the Mortgaged Property pursuant to this Mortgage,
then Mortgagee, without waiving or otherwise impairing any other of its rights
or remedies, at its sole option and without obligation to do so, and without
demand upon Mortgagor, may make any such payment or take such action as
Mortgagee deems necessary or appropriate to correct such Default or Default
Condition, or to protect the security of the Collateral encumbered by the Loan
Documents. All payments so made, together with all costs and expenses so
incurred, will be added to the principal amount due under the Note and
thereafter will bear interest at the rate then payable as provided for in the
Note, and will be secured by the lien and security interest granted by the
Security Documents. For the foregoing purposes, Mortgagee is authorized to (i)
enter upon the Mortgaged Property; (ii) appear in and defend any action or
proceeding purporting to affect the security of this Mortgage or the rights or
powers of Mortgagee hereunder; (iii) pay, purchase, contest or compromise any
encumbrance, charge or lien that in the reasonable judgment of Mortgagee
appears to adversely affect the Collateral; and (iv) take whatever action Mortgagee,
in its discretion, deems necessary or appropriate in exercising any such
powers. Notwithstanding the foregoing, Mortgagor immediately, upon Mortgagee’s
demand, will pay all sums so expended by Mortgagee with interest as stated
above. 

Intentionally
Deleted. 

Taxation of Mortgage. In the event of the passage after the date of this
Mortgage of any federal, state or local law deducting from the value of real
property for the purpose of ad valorem taxation any lien thereon or changing in
any way the laws for the taxation of mortgages or debts secured by mortgages
for federal, state or local purposes, or the manner of the collection of any
such taxes, and imposing a tax, either directly or indirectly, on any or all of
the Loan Documents, Mortgagee shall have the right to declare the Debt due on a
date to be specified but not less than sixty (60) days written notice given to
Mortgagor by Mortgagee, provided, however, that such election shall be
ineffective if Mortgagor is permitted by law to pay the whole of such tax in
addition to all other payments required hereunder, and if Mortgagor, prior to
such specified date, does pay such tax and agrees to pay any such tax
(excluding, however, all taxes on the income of Mortgagor) when thereafter
levied or assessed, and such agreement shall constitute a modification of this
Mortgage. 

78

Assignment of Rents, Leases, Profits and Contract Rights. Pursuant to this Mortgage,
Mortgagor has irrevocably assigned and set over unto Mortgagee all right,
title, and interest of Mortgagor in and to the Rents and Contract Rights
(including all leases and sales contracts now or hereafter existing relating to
the Mortgaged Property) as security for the Debt, together with the right to
collect and enforce the same; provided, however, so long as there shall be no
Default or Default Condition under the Loan Documents, Mortgagor has been
granted a license to collect and receive all Rents assigned hereunder in
accordance with this Mortgage. Neither these assignments nor Mortgagee’s enforcement
of the provisions of these assignments (including the receipt of the Rents)
will operate to subordinate the lien of this Mortgage to any of the rights of
any lessee or purchaser under any lease or sales contract of the Mortgaged
Property, or to subject Mortgagee to any liability to any such lessee or
purchaser for the performance of any obligations of Mortgagor under any such
lease or sales contract of the Mortgaged Property, or to subject Mortgagee to
any liability to any such lessee or purchaser for the performance of any
obligations of Mortgagor under any such lease or sales contract unless and
until Mortgagee agrees to such subordination or assumes such liability by an
appropriate written instrument. All right, title and interest of each such lessee
or purchaser in and to the Mortgaged Property, whether arising by virtue of any
such lease, contract or otherwise, at all times will be and remain privileges
of Mortgagee arising under or by virtue of any of the Loan Documents. The
assignments of Rents and Contract Rights (including leases) contained in this
Mortgage are intended to provide Mortgagee with all the rights and remedies of
mortgages pursuant to FLA. STAT. §697.07 as may be amended from time to time.
However, in no event shall this reference diminish, alter, impair, or affect
any other rights and remedies of Mortgagee. Notwithstanding the foregoing, if
Mortgagor shall have executed an Assignment of Rents constituting one of the
Loan Documents, such Assignment of Rents is hereby incorporated herein by
reference and shall have control if in conflict with the provisions of this
Mortgage. 

Events of Default. The occurrence of any one or more of the following
events (time being of the essence) shall be a “Default”
under this Mortgage (and the occurrence or existence of an event or condition
which, upon the giving of notice or the passage of time, or both, would
constitute a Default, shall be a “Default Condition”): 

                    Scheduled
Payment. Mortgagor’s failure to make any
payment required under the Note when due. 

                    Monetary
Default. Mortgagor’s failure to make any
other payment required by the Loan Documents when due. 

                    Other. Mortgagor’s failure to perform any other obligation
imposed upon Mortgagor or any guarantors by the Loan Documents, after thirty
(30) days written notice and an opportunity to cure any non-monetary defaults. 

                    Default
- Loan Agreements. That if Mortgagor
shall fail, neglect, refuse to abide by or default under the Loan Agreements,
said default shall cause and constitute a default hereunder. 

                    Representation. Any representation or warranty of Mortgagor or any
guarantor contained in the Loan Documents or in any certificate delivered
pursuant hereto, or in any other instrument or statement furnished in
connection herewith, proves to be incorrect or misleading in any adverse
respect as of the time when the same shall have been made, including, without
limitation, any and all financial statements, operating statements, and
schedules attached thereto, furnished by Mortgagor to Mortgagee or pursuant to
any provision of the Loan Documents. 

                    Bankruptcy. Mortgagor or any principal of Mortgagor, or any
guarantor or principal of any guarantor of the Loan (a) files a voluntary
petition in bankruptcy or a petition or answer seeking or acquiescing in any
reorganization or for an arrangement, composition, readjustment, liquidation,
dissolution, or similar relief for itself pursuant to the United States
Bankruptcy Code or any similar law or regulation, federal or state, relating to
any relief for debtors, now or hereafter in effect; or (b) makes an assignment
for the benefit of creditors or admits in writing its inability to pay or fails
to pay its debts as they become due; or (c) suspends 

79

payment of its obligations or takes
any action in furtherance of the foregoing; or (d) consents to or acquiesces in
the appointment of a receiver, trustee, custodian, conservator, liquidator or
other similar official of Mortgagor, a general partner of Mortgagor, or any
guarantor, for all or any part of the Collateral or other assets of such party,
or either; or (e) has filed against it an involuntary petition, arrangement,
composition, readjustment, liquidation, dissolution, or an answer proposing an
adjudication of it as a bankrupt or insolvent, or is subject to reorganization
pursuant to the United States Bankruptcy Code, an action seeking to appoint a
trustee, receiver, custodian, or conservator or liquidator, or any similar law,
federal or state, now or hereinafter in effect, and such action is approved by
any court of competent jurisdiction and the order approving the same shall not
be vacated or stayed within thirty (30) days from entry; or (f) consents to the
filing of any such petition or answer, or shall fail to deny the material
allegations of the same in a timely manner. 

                    Judgments. 

                              A
final judgment other than a final judgment in connection with any condemnation
is entered against Mortgagor, any guarantor(s), or any principal of Mortgagor
or any guarantor(s), that (i) adversely affects the value, use or operation of
the Land or the Improvements in Mortgagee’s sole judgment, or (ii) adversely
affects, or may adversely affect, the validity, enforceability or priority of
the lien or security interest created by the Loan Document in Mortgagee’s sole
judgment, or both; or 

                              Execution
or other final process issues thereon with respect to the Land, the
Improvements thereon, or the Collateral; and 

                              Mortgagor,
any guarantor(s), or any principal of Mortgagor or any guarantor(s), does not
discharge the same or provide for its discharge in accordance with its terms,
or procure a stay of execution thereon, in any event within thirty (30) days
from entry, or Mortgagor or any guarantor(s) shall not, within such period or
such longer period during which execution on such judgment shall have been
entered, cause its execution to be stayed during appeal. 

                    Liens. Any federal, state or local tax or assessment lien
or any claim of lien for labor or materials or any other lien or encumbrance of
any nature whatsoever is recorded against Mortgagor or the Land or Collateral
and is not removed by payment or transferred to substitute security in the
manner provided by law, within ten (10) days after it is recorded in accordance
with applicable law. 

                    Other
Notes or Mortgages. Mortgagor’s default
in the performance or payment of Mortgagor’s obligations under any other note,
or under any other mortgage encumbering all or any part of the Land or the
Collateral; if the other mortgage is permitted by Mortgagee, whether such other
note or mortgage is held by Mortgagee or by any other party. 

                    Intentionally
Deleted. 

                    Mortgagor’s
Continued Existence. Mortgagor shall
cease to exist or to be qualified to do or transact business in the State in
which the Land and Collateral are located, or shall be dissolved or shall be a
party to a merger or consolidation, or shall sell all or substantially all of
its assets, or shall change its corporate name or trade name. 

                    Intentionally
Deleted. 

                    Transfer
of Property. Any sale, conveyance,
transfer, lease, assignment, or other disposition or encumbrance of all or any
part of the Land, Collateral, without the prior consent of Mortgagee or except
as otherwise permitted hereby or contemplated by the Loan Documents. 

                    Intentionally
Deleted. 

                    Intentionally Deleted. 

                    Intentionally Deleted. 

80

                    Securities
Laws Violation. The assertion of any
violation of the 1933 Securities Act, 1934 Securities Act or the Florida Blue
Sky Laws by any governmental authorities or the institution of any securities
litigation not dismissed within thirty (30) days of the commencement of same. 

                    Noncompliance
with Homeowner Association Documents.
Mortgagor shall fail to perform any duty required of it, fulfill any condition,
abide by any covenant or in any manner default under the homeowners’
association documents encumbering the Land, if applicable. 

                    Adverse
Actions. Any legal or equitable action is
commenced against Mortgagor or any guarantor which, if adversely determined,
could reasonably be expected to impair substantially the ability of Mortgagor
or said guarantor to perform each and every obligation under the Loan
Documents. 

                    Government
Challenges. The validity of any permit,
approval or consent by any governmental authority relating to the Land, the
Collateral, or the operation thereof is challenged by a proceeding before a
board, commission, agency, court or other authority having jurisdiction, after
fifteen (15) days written notice and an opportunity to cure. 

                    Miscellaneous. If at any time the Mortgagee shall determine that
there has been a material adverse change in the financial condition or
prospects of Mortgagor, any guarantor, or, if applicable, any principal of
Mortgagor, which is not corrected and cured within fifteen (15) days written
notice. 

Remedies. Upon the occurrence and continuance, if applicable, of any
Default or Default Condition, Mortgagee may exercise any one or more of the
following rights and remedies, in addition to all other rights and remedies
otherwise available at law or in equity: 

                    Other
Documents. To pursue any right or remedy
provided by the Loan Documents. 

                    Acceleration. To declare the entire unpaid amount of the Debt
together with all accrued and unpaid interest thereon immediately due and
payable with interest to be due thereon at the Default Rate set forth in the
Note. 

                    Foreclosure. To foreclose the lien of this Mortgage and obtain
possession of the Collateral, by any lawful procedure. 

                    Code
Rights. To exercise any right or remedy
available to Mortgagee as a secured party under the Uniform Commercial Code as
adopted by the State of Florida, as it from time to time is in force and
effect, with respect to any portion of the Collateral then constituting
property subject to the provisions of such Code; or Mortgagee, at its option,
may elect to treat the Collateral as real property, or an interest therein, for
remedial purposes. 

                    Receiver. To apply, on ex parte motion, to any court of
competent jurisdiction for the appointment of a receiver to take charge of,
manage, preserve, protect, complete construction of, rent, and operate the
Mortgaged Property and any of Mortgagor’s business or businesses situated
thereon, or any combination thereof; to collect the Rents; to make all necessary
and needed repairs; to pay all taxes, assessments, insurance premiums and all
other costs incurred in connection with the Mortgaged Property; and, after
payment of the expenses of the receivership, including reasonable attorneys’
fees and other costs and expenses related to the enforcement of the Security
Documents, attorneys’ fees and other costs and expenses related to the
enforcement of the Security Documents, and after compensation to the receiver
for any of the services described herein or pursuant hereto, to apply all net
proceeds derived therefrom in reduction of the Debt or in such other manner as
the court shall direct. The appointment of such receiver shall be a matter of
strict right to Mortgagee, regardless of the adequacy of the security or of the
solvency of any party obligated for payment of the Debt. All expenses, fees and
compensation incurred pursuant to any such receivership shall be secured by the
lien of this Mortgage until paid. The receiver, personally or through agents,
may exclude Mortgagor wholly from the Mortgaged Property and have, hold, use,
operate, manage and control the Mortgaged Property and may, in the name of
Mortgagor, exercise all of Mortgagor’s rights and powers to maintain,
construct, operate, restore, insure and keep insured the Mortgaged Property in
such manner as such receiver deems appropriate. 

81

                    Intentionally
Deleted. 

  
                  Rents. After Mortgagee shall have
given written notice to Mortgagor, to collect all rents, issues, profits,
revenues, income, proceeds, or other benefits from the Collateral, or to pursue
any remedy available under FLA. STAT. 697.07, as amended, supplemented, or
superseded from time to time.

           
         Other Security. To proceed to realize
upon any and all other security for the Debt in such order as Mortgagee may
elect; no such action, suit, proceeding, judgment, levy, execution or other
process will constitute an election of remedies by Mortgagee or will in any
manner alter, diminish or impair the lien and security interest created by this
Mortgage any other Security Documents unless and until the Debt is paid in
full.

                
    Advances.
To advance such monies and take such other action as is authorized by this
Mortgage and other Loan Documents.

	
  

 
	
 Waiver of
 Certain Rights. Mortgagor will not claim, take
 or insist upon any benefit or advantage of any present or future stay,
 extension, redemption or moratorium law that may affect Mortgagor’s
 obligations hereunder, or any law providing for the valuation or appraisal of
 the Mortgaged Property or any portion thereof prior to any sale or sales that
 may be made under or by virtue of this Mortgage. Mortgagor, for itself and
 all who may claim under Mortgagor, waives, to the extent that it lawfully
 may, all rights to have the Mortgaged Property and any other security for the
 Debt marshaled upon any foreclosure or otherwise. Mortgagor hereby waives and
 renounces all homestead and exemption rights provided for by the laws of the
 United States of America and of any state, including Florida, in and to the
 Mortgaged Property as against the collection of the Debt, or any part
 thereof.

 
	
  

 
	
 Further Assurances.
 Mortgagor, from time to time, will execute, acknowledge, subscribe and
 deliver to or at the direction of Mortgagee such documents and further
 assurances as Mortgagee may reasonably require for the purpose of evidencing,
 perfecting or confirming the lien and security interest created by this
 Mortgage, or the security intended to be afforded by the Loan Documents, or
 both. Without limitation of the foregoing, Mortgagor will defend, indemnify and
 hold Mortgagee harmless with respect to any suit or proceeding in which the
 validity, enforceability or priority of the lien or security interest, or
 both, is endangered or contested, directly or indirectly, and will provide
 Mortgagee with such security for the defense of any such suit or proceeding
 as Mortgagee reasonably may require. If Mortgagor fails to undertake the
 defense of any such claim in a timely manner, or fails to furnish Mortgagee
 with reasonable security for such defense, or, in Mortgagee’s sole but
 reasonable determination, fails to prosecute such defense with due diligence,
 then Mortgagee is authorized to take, at the expense of Mortgagor, all
 necessary and proper action in defense of any such claim, including the
 retention of legal counsel, the prosecution or defense of litigation and the
 compromise or discharge of claims, including payment of all costs and
 reasonable attorneys’ fees. All costs, expenses and losses, if any, so
 incurred by Mortgagee, including reasonable attorneys’ fees, regardless of
 whether suit is brought and, if suit is brought, for all administrative,
 trial and appellate proceedings, if any, will constitute advances by
 Mortgagee as provided in this Mortgage.

 
	
  

 
	
 Cumulative Rights and Non-waiver.
 No right or remedy conferred upon or reserved to Mortgagee by this Mortgage
 or in any of the other Loan Documents is intended to be exclusive of any
 other right or remedy; and each and every right and remedy is cumulative and
 in addition to any other right or remedy otherwise available. Every right,
 power, privilege and remedy granted Mortgagee by this Mortgage or any of the
 other Loan Documents, or both, or otherwise available at law or in equity may
 be exercised by Mortgagee from time to time as often as Mortgagee deems
 expedient until the Debt is paid in full. Mortgagee’s failure to insist at
 any time upon the strict observance or performance by Mortgagor of any of the
 provisions of this Mortgage or in any of the other Loan Documents, or to
 exercise any right or remedy provided for in this Mortgage or in any of the
 other Loan Documents, will not impair any such right or remedy or be
 construed as a waiver or relinquishment thereof for the future. Receipt by
 Mortgagee of any payment required to be made pursuant to any of the Loan Documents
 with knowledge of the breach of any provision of any of the Loan Documents
 will not constitute a waiver of such breach. In addition to all other
 remedies 

 

82

	
  

 
	
 provided in this Mortgage, Mortgagee will
 be entitled, to the extent permitted by applicable law, to injunctive relief
 in the case of a violation or attempted or threatened violation of any of the
 provisions of the Loan Documents or to a decree ordering performance of any
 of the provisions of any of the foregoing.

 
	
  

 
	
 Judgment.
  Mortgagee may seek and recover a judgment for all amounts due and payable in
 accordance with the Note or under this Mortgage either before, after or
 during the pendency of any other proceedings or action to obtain relief under
 or with respect to any of the Loan Documents. Mortgagee’s right to seek and
 recover any such judgment will not be affected by obtaining any other such
 relief. Mortgagee will continue to be entitled to enforce payment of, and to
 seek and recover a judgment for, any portion of the Debt remaining due and
 payable after the application of any proceeds of any sale of the Collateral
 pursuant to law. Neither the lien nor security interest of this Mortgage, nor
 any rights or remedies of Mortgagee hereunder or under any of the Loan
 Documents, will be impaired in any way by the recovery of any judgment by
 Mortgagee against Mortgagor or any guarantor of the Debt, or by the levy of
 an execution under such judgment upon any portion of the Collateral, until
 the Debt is paid in full.

 
	
  

 
	
 Intentionally Deleted. 

 
	
  

 
	
 Intentionally Deleted. 

 
	
  

 
	
 Releases and Extensions by Mortgagee.
 Mortgagee, from time to time, without notice to any person and without
 affecting the liability of Mortgagor or of any guarantor or of any other
 person (other than any person expressly released by Mortgagee in writing) for
 the payment of any of the Debt, and without affecting the priority or extent
 of the lien and security interest of this Mortgage (except as to property
 specifically released by Mortgagee in writing), may do any or all of the following:
 (i) release in whole or in part any person liable for payment of any or all
 of the Debt, or (ii) extend the time or otherwise alter the terms of payment
 of the Debt, in whole or in part, or (iii) accept additional or substitute
 security of any kind, or (iv) release or otherwise deal with all or any
 portion of the Collateral. 

 
	
  

 
	
 Notices. Any
 notice or demand that must or may be given or made in connection with this
 Mortgage must be in writing and, unless receipt is expressly required, will
 be deemed given, delivered or made, as the case may be, when delivered by
 personal delivery or when mailed by Express Mail, by overnight delivery
 service of a nationally-recognized company, or by certified or registered
 mail, return receipt requested, in any event, with sufficient postage
 affixed, and addressed to the parties at the addresses written on the first
 page of this Mortgage or on the signature pages of this Mortgage. Such
 addresses may be changed by notice pursuant to this paragraph. Notice of
 change of address is effective only upon receipt. All of the persons
 executing this Mortgage as Mortgagor severally agree that a single notice to
 Mortgagor in the manner provided in this paragraph will be effective to bind
 each such person for all purposes.

 
	
  

 
	
 Estoppel Letters.
 As and when, from time to time, requested by either Mortgagor or Mortgagee,
 and within ten (10) days after any such request, Mortgagor or Mortgagee, as
 the case may be, will execute and deliver to or at the direction of Mortgagor
 or Mortgagee, as the case may be, such estoppel letters certifying such
 matters relating to this Mortgage or the Loan Documents, or both, as may
 reasonably be required.

 
	
  

 
	
 Transfers.
 Mortgagor may not sell, convey, assign, transfer or otherwise dispose of any
 interest in all or any portion of the Collateral, or any ownership interest
 in Mortgagor or any guarantor, without Mortgagee’s prior written consent,
 which consent may be withheld in Mortgagee’s reasonable discretion. Whether
 such transfer is voluntary or involuntary, or by operation of law (other than
 in connection with the death, disability or incompetency of any individual
 Mortgagor), any such transfer will be void as to Mortgagee, and constitute an
 immediate Default under this Mortgage, without notice, in the sole discretion
 of Mortgagee. Mortgagee’s consent to any transfer, sale, or conveyance
 hereunder shall not be deemed a consent to any subsequent transfer, sale, or
 conveyance 

 

83

	
  

 
	
 for which Mortgagee’s prior written
 approval has not been obtained. All sales or leasing of lots or units or
 other property which is part of the Collateral shall be conducted on a basis
 which is fully consistent with the letter and spirit of all State, Federal,
 and local Equal Credit Opportunity and Equal Housing Opportunity statutes,
 ordinances, and regulations.

 
	
  

 
	
 Replacement of Note.
 Upon receipt of evidence reasonably satisfactory to Mortgagor of the loss,
 theft, destruction or mutilation of the Note, or any amendment or
 modification thereto, including without limitation any renewal note or
 additional note, and in the case of any such loss, theft, or destruction,
 upon delivery of an indemnity agreement, reasonably satisfactory to Mortgagor
 or, in the case of any such mutilation, upon surrender of such mutilated
 note, Mortgagor will execute and deliver, in lieu thereof, a replacement
 Note, identical in form and substance to the Note and dated as of the date of
 the Note and upon such execution and delivery all references in any of the
 Loan Documents to the Note shall be deemed to refer to the replacement Note.

 
	
  

 
	
 Future Advances.
 This Mortgage is given to secure not only the existing Debt, but also such
 future advances, whether such advances are obligatory or are to be made at
 the option of Mortgagee, or otherwise, as are made within twenty (20) years
 from the date hereof, to the same extent as if such future advances were made
 on the date of the execution of this Mortgage. The total amount of Debt that
 may be so secured may decrease or increase from time to time, but the maximum
 possible principal debt so secured at one time shall not exceed two hundred
 fifty percent (250%) of the Note, and any disbursements made for the payment
 of taxes, levies or insurance on the Mortgaged Property, with interest on
 such disbursements at the rate then in effect pursuant to the terms of the
 Note.

 
	
  

 
	
 General. The
 provisions of this Mortgage inure to the benefit of Mortgagee and its
 successors and assigns, and bind all persons executing this Mortgage as
 Mortgagor and their respective heirs, legal representatives, successors and
 assigns, jointly and severally, and all persons now or hereafter claiming any
 right, title and interest in and to any of the property, real, personal or
 mixed, tangible or intangible, now or hereafter existing or any substitutions
 or replacements thereof and described in this Mortgage as the Collateral.
 Time is of the essence to this Mortgage and each of its provisions. The
 provisions of this Mortgage are to be interpreted, construed, applied and
 enforced in accordance with the laws of the State of Florida, regardless of
 where this Mortgage is executed, delivered or breached, or where any payment
 or other performance required by this Mortgage is made, where any action or
 other proceeding involving this Mortgage is instituted, or whether the laws
 of the State of Florida otherwise would apply the laws of another
 jurisdiction; the foregoing choice of law provisions will apply to the Loan
 Documents. The provision of the Loan Documents are severable at Mortgagee’s
 option so that if any provision is declared by a court of competent
 jurisdiction to be invalid or unenforceable, no other provision will be
 affected by such invalidity or unenforceability, but will remain in force and
 effect according to its original terms, if Mortgagee so elects. Wherever used
 in this Mortgage or the other Loan Documents, or both, and unless expressly
 provided otherwise: (i) use of the singular includes the plural, and vice
 versa; (ii) use of one gender includes all genders; (iii) use of the term
 “include” or “including” is always without limitation; (iv) use of the words,
 “should,” “must” and “will” has the same legal effect as the use of the word
 “shall”; (v) the term “day” means a banking day which shall be a day on which
 national banking institutions are open for the transaction of business,
 excluding any national holidays, and any performance which would otherwise be
 required on a day other than a banking day shall be timely performed in such
 instance, if performed on the next succeeding banking by; (vi) any definition
 herein incorporating one or more documents or items shall refer to such items
 “singularly and collectively,” and (vii) “person” means any natural person or
 artificial entity having legal capacity. Paragraph headings and subheadings
 are for indexing purposes only and are not to be used to interpret, construe,
 apply or enforce the provisions of this Mortgage. Mortgagor and Mortgagee
 intend the provisions of this Mortgage and the other Loan Documents to be
 interpreted, construed, applied and enforced so as to avoid inconsistencies
 or conflicting results; but if any such inconsistency or conflict necessarily
 occurs, Mortgagor and Mortgagee intend that the provisions of the Loan
 Agreements control unless otherwise provided therein. This Mortgage may be
 amended only by a written instrument executed by Mortgagor and Mortgagee with
 the same formalities as this Mortgage.

 

84

Satisfaction. The lien and security interest provided by the Loan
Documents will continue unimpaired and in full force and effect unless and
until the Debt is paid in full, whereupon such lien and security interest will
be without further force or effect, except that Mortgagor’s indemnities for
Taxes and Impositions and for Hazardous Substances as described herein shall
survive until and unless expressly released in writing. Until this Mortgage
shall be satisfied of record, Mortgagor hereby waives for itself, and all
subsequent successors in title to the Mortgaged Property, any right it may now
have or hereafter have, pursuant to FLA. STAT. 697.04(1)(b), as amended from
time to time, to file for record a notice limiting the maximum amount which may
be secured by this Mortgage.

Mortgagor as Tenant Holding Over. In the event of a foreclosure sale of the Mortgaged
Property, Mortgagor shall be deemed a tenant holding over and shall forthwith
deliver possession to Mortgagee or any purchaser or purchasers at such sale or
be summarily dispossessed according to provisions of the law of the State of
Florida applicable to tenants holding over.

Time of the Essence. Time is of the essence with respect to each and
every covenant, agreement, and obligation of Mortgagor under this Mortgage and
the other Loan Documents, and any and all other instruments now or hereafter
evidencing, securing or otherwise relating to the Loan.

Oral Modification Ineffective. No term of this Mortgage or any other of the Loan
Documents, or such documents, may be waived, changed, modified, discharge, or
terminated except by an instrument in writing signed by the party against which
enforcement of the waiver, change, modification, discharge, or termination is
sought.

Hazardous Substances. Mortgagor hereby affirms and incorporates by
reference herein the representations, warranties, terms, conditions, and
indemnities contained in that certain Hazardous Substance Certificate and
Indemnification Agreement of even date herewith.

Intentionally Deleted.

Waiver of Trial by Jury.
THE PARTIES HEREBY MUTUALLY AGREE THAT NEITHER PARTY, NOR ANY ASSIGNEE,
SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL OF WHOM ARE
HEREINAFTER REFERRED TO AS THE “PARTIES”) SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEDURE BASED UPON
OR ARISING OUT OF THIS MORTGAGE, OR THE LOAN DOCUMENTS, OR ANY INSTRUMENT
EVIDENCING, SECURING, OR RELATING TO THE INDEBTEDNESS AND OTHER OBLIGATIONS
EVIDENCED HEREBY, ANY RELATED AGREEMENT OR INSTRUMENT, ANY OTHER COLLATERAL FOR
THE INDEBTEDNESS EVIDENCED HEREBY OR THE DEALINGS OR THE RELATIONSHIP BETWEEN
OR AMONG THE PARTIES, OR ANY OF THEM. NONE OF THE PARTIES WILL SEEK TO
CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY
OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS
PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES. THE WAIVER CONTAINED
HEREIN IS IRREVOCABLE, CONSTITUTES A KNOWING AND VOLUNTARY WAIVER, AND SHALL BE
SUBJECT TO NO EXCEPTIONS. MORTGAGEE HAS IN NO WAY AGREED WITH OR REPRESENTED TO
MORTGAGOR OR ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE
FULLY ENFORCED IN ALL INSTANCES.

     IN WITNESS WHEREOF, Mortgagor has executed
and delivered this Mortgage as of the date stated above.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Signed,
 sealed and delivered

 	
  

 	
 ORANGE BANK OF FLORIDA,

 
	
 in the
 presence of:

 	
  

 	
 a

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 
	
 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Name:

 	

  

 
	
  

 	
  

 	
  

 	

 

 

85

	
 

	
 

	
 

	
 

	
 

	
 

	
Print Name:

	
 

	
 

	
Its:

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	

	
 

	
Address:

	
519 N.
Magnolia Avenue

	
Print Name:

	
 

	
 

	
 

	
Orlando,
Florida 32801

	
 

	

	
 

	
 

	
 

STATE OF
FLORIDA

COUNTY OF ORANGE

BEFORE ME,
this _____ day of ________, 2010, personally appeared ______________________ as
_____________________of ORANGE BANK OF FLORIDA, a __________________________,
who acknowledged before me that he executed this document and who produced his
driver’s license as identification and who did take an oath.

 

	
 

	
 

	
 

	

	
 

	
Notary
Public

	
 

	
My
Commission Expires:

86

EXHIBIT “H”

Form of the Lease Amendment

SECOND AMENDMENT TO NET LEASE AGREEMENT

     THIS SECOND
AMENDMENT TO NET LEASE AGREEMENT (“First Amendment”)
is made and entered into as of the 1st day of July, 2010, by and between FIRST TEAM CLERMONT OB, LLC, a Florida
limited liability company (“Landlord”), and ORANGE
BANK OF FLORIDA, a Florida corporation (“Tenant”).

W I T N E S S E T H:

     WHEREAS,
Landlord’s predecessor in interest, First Team Properties, LLC, a Florida
limited liability company (“First Team”), and Tenant entered into that certain
Net Lease Agreement, dated September 10, 2008, as amended and assigned by that
certain Assignment and First Amendment to Net Lease Agreement dated February 5,
2009 (the “Lease”), with respect to certain real property and improvements in
Lake County, Florida, as more particularly described in the Lease (the “Demised
Premises”); and

     WHEREAS,
Landlord and Tenant desire to amend the Lease as hereinafter set forth.

     NOW, THEREFORE,
for an in consideration of the sum of Ten and No/100 Dollars ($10.00) and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Landlord and Tenant hereby amend the Lease as follows:

          Notwithstanding anything set forth in the Lease to the
contrary, Tenant shall not be obligated for the payment of Base Rent to Landlord
as set forth in the Lease for the period commencing on the date hereof through
December 31, 2010. 

          This Amendment may be executed in one or more
duplicate counterparts, each of which shall upon execution by all parties be
deemed to be an original and all of which together shall constitute one
Agreement.

          Except as expressly amended hereby, the Lease shall
remain unchanged and in full force and effect.

87

               IN
WITNESS WHEREOF, the parties have executed this Second
Amendment as of the day and year first above written.

	
 

	
 

	
 

	
 

	
 

	
 

	
Signed,
sealed and delivered

	
 

	
 

	
 

	
 

	
in the
presence of:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “LANDLORD”

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
FIRST TEAM CLERMONT OB, LLC,
a Florida limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “LANDLORD”

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
By:

	
 

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	

	
 

	
 

	
W. Warner
Peacock, President

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 “TENANT”

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ORANGE BANK OF FLORIDA, 
a Florida corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
 

	

	
Name:

	
 

	
 

	
Name:

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
Its:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

88

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]