Document:

Exhibit

PERFORMANCE STOCK AWARD AGREEMENT
pursuant to the 
CHESAPEAKE  UTILITIES CORPORATION
2013 STOCK AND INCENTIVE COMPENSATION PLAN

On March 6, 2015, (the "Grant Date"), Chesapeake Utilities Corporation, a Delaware corporation (the "Company"), has granted to ______________(the "Grantee"), who resides at ______________a Performance Stock Award on the terms and subject to the conditions of this Performance Stock Award Agreement.

Recitals

WHEREAS , the Chesapeake Utilities Corporation 2013 Stock and Incentive Compensation Plan (the "Plan") has been duly adopted by action of the Company's Board of Directors (the "Board") on March 6, 2013 and approved by the Shareholders of the Company at a meeting held on May 2, 2013; and

WHEREAS , the Chief Executive Officer of the Company, pursuant to the delegation of authority to him to grant awards under the Plan by the Compensation Committee of the Board of Directors of the Company (the "Committee"), has determined that it is in the best interests of the Company to grant the Performance Stock Award described herein pursuant to the Plan; and

WHEREAS, the shares of the Common Stock of the Company ("Shares") that are subject to this Agreement , when added to the other shares of Common Stock that are subject to awards granted under the Plan, do not exceed the total number of shares of Common Stock with respect to which awards are authorized to be granted under the Plan or the total number of shares of Common Stock that may be granted to an individual in a single calendar year.

Agreement

It is hereby covenanted and agreed by and between the Company and the Grantee as follows: 

Section 1.    Performance Stock Award and Performance Period

The Company hereby grants to the Grantee a Performance Stock Award as of the Grant Date. As more fully described herein, the Grantee may earn up to _______  Shares upon the Company's achievement of the performance criteria set forth in Section 2 (the "Performance Shares") over the performance period from January 1, 2015 to December 31, 2017 (the "Performance Period"). This Award has been granted pursuant to the Plan; capitalized terms used in this agreement which are not specifically defined herein shall have the meanings ascribed to such terms in the Plan.

Section 2.    Performance Criteria and Terms of Stock Award

(a)The Committee selected and established in writing performance criteria for the Performance Period, which, if met, may entitle the Grantee to some or all of the Performance

Shares under this Award. If this Award is intended by the Committee to comply with the exception from Code Section 162(m) for qualified performance-based compensation for Grantees who are "Covered Employees" as defined in Code Section 162(m), the performance criteria established shall be based on one or more Qualifying Performance Criteria selected by the Committee in writing within 90 days following the first day of the Performance Period (or, if earlier, before 25% of that period has elapsed) , and at a time when the outcome relative to the attainment of the performance criteria is not substantially certain. As soon as practicable after the Company's independent auditors have certified the Company's financial statements for each fiscal year of the Company in the Performance Period, the Committee shall determine for purposes of this Agreement the Company's (1) total shareholder return, defined as the cumulative total return to shareholders ("Shareholder Value"), (2) growth in long-term earnings, defined as the growth in total capital expenditures as a percentage of total capitalization ("Growth") and (3) earnings performance, defined as average return on equity ("RoE"), in accordance with procedures established by the Committee. The Shareholder Value, Growth and RoE (each a "Performance Metric" and collectively, the "Performance Metrics") shall be determined by the Committee in accordance with the terms of the Plan and this Agreement based on financial results reported to shareholders in the Company's annual reports and may be subject to adjustment by the Committee for extraordinary events during the Performance Period, as applicable. Both the Shareholder Value and the Growth Performance Metrics will be compared to the performance of the following companies: AGL Resources, Inc., Atmos Energy Corp., Delta Natural Gas Company, Inc., Laclede Group, Inc., New Jersey Resources Corp., Northwest Natural Gas Company, Piedmont Natural Gas Company, Inc., RGC Resources, Inc., South Jersey Industries, Inc. and WGL Holdings, Inc. (collectively referred to as the "Peer Group") for the Performance Period and Awards will be determined according to the schedule in subsection (b) below. For Shareholder Value, the calculation of total shareholder return will utilize the average closing stock price from November 1 through December 31 immediately preceding the beginning and at the end of the performance period. For the average RoE Performance Metric, the Company's performance will be compared to pre-determined RoE thresholds established by the Committee. At the end of the Performance Period, the Committee shall certify in  writing the extent to which the Performance Goals were met during the Performance Period for Awards for Covered Employees. If the Performance Goals for the Performance Period are met, Covered Employees shall be entitled to the Award, subject to the Committee's exercise of discretion to reduce any Award to a Covered Employee based on business objectives established for that Covered Employee or other factors as determined by the Committee in its sole discretion. The Committee may also, in its sole discretion, reduce the percentage of the target award earned to reflect the partial performance period during which the Grantee was employed by the Company. The Committee shall promptly notify the Grantee of its determination .

(b)The Grantee may earn 50 percent or more of the target award of ______Performance Shares (the ''Target Award") up to a maximum number of Performance Shares set forth in Section 1 above (the "Maximum Award") based upon achievement of threshold and target levels of performance against the Performance Metrics established for the Performance Period. The Committee shall confirm the level of Award attained for the Performance Period after the Company's independent auditors have certified the Company's financial statements for each fiscal year of the Company in the Performance Period.

(c)Once established, the performance criteria identified above normally shall not be changed during 'the Performance Period. However, if any of the companies in the Peer Group cease to be publically traded, they will automatically  be deleted from the  Peer Group.   In

addition, if the Committee determines that external changes or other unanticipated business conditions have materially affected the fairness of the goals, or that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or acquisitions or divestitures of subsidiaries or business units, or other events or circumstances materially affect the performance criteria or render the performance criteria unsuitable, then the Committee may approve appropriate adjustments to the performance criteria (either up or down) during the Performance Period. Notwithstanding the foregoing, no changes shall be made to an Award intended to satisfy the requirements of Code Section 162(m) if such changes would affect the qualification of the Award as performance­ based compensation within the meaning of Code Section 162(m).

(d)Performance Shares that are earned by the Grantee pursuant to this Section 2 shall be issued promptly, without payment of consideration by the Grantee, within 2 Yi months of the end of the Performance Period. The Grantee shall have the right to vote the Performance Shares and to receive the dividends distributable with respect to such Shares on and after, but not before, the date on which the Grantee is recorded on the Company's ledger as holder of record of the Performance Shares (the "Issue Date"). If , however, the Grantee receives Shares as part of any dividend or other distribution with respect to the Performance Shares, such Shares shall be treated as if they are Performance Shares, and such Shares shall be subject to all of the terms and conditions imposed by this Section 2. Notwithstanding the foregoing , the Grantee shall be entitled to receive an amount in cash, equivalent to the dividends that would have been paid on the awarded Performance Shares from the Grant Date to the Issue Date for those Performance Shares actually earned by the Grantee during the applicable Performance Period. Such dividend equivalents shall be payable at the time such Performance Shares are issued.

(e)The Performance Shares will not be registered for resale under the Securities Act of 1933 or the laws of any state except when and to the extent determined  by the Board pursuant to a resolution. Until a registration statement is filed and becomes effective, however, transfer of the Performance Shares shall require the availability of an exemption from such registration, and prior to the issuance of new certificates, the Company shall be entitled to take such measures as it deems appropriate (including but not limited to obtaining from the Grantee an investment representation letter and/or further legending the new certificates) to ensure that the Performance Shares are not transferred in the absence of such exemption.

(f)In the event of a Change in Control, as defined in the Plan,  during the Performance Period, the Grantee shall earn the Target Award of Performance Shares set forth in this Section 2, as if all performance criteria were satisfied, without any pro ration based on the proportion of the Performance Period that has expired as of the date of such Change in Control.

(g)lf, during the Performance Period, the Grantee has a Termination of Employment, Performance Shares shall be deemed earned or forfeited as follows:

(1)Upon voluntary Termination of Employment by the Grantee or termination by the Company for failure of job performance or other just cause as determined by the Committee, all unearned Performance Shares shall be forfeited immediately; and

(2)If the Grantee has a Termination of Employment by reason of death or Disability or Retirement (as such terms are defined in the Plan), the number of Performance Shares that would otherwise have been earned at the end of the Performance Period shall be reduced by pro rating such Performance Shares based on the proportion of the Performance Period during which the Grantee was employed by the

Company, unless the Committee determines that the Performance Shares shall not be so reduced.

(h)The Grantee shall be solely responsible for any federal, state and local taxes of any kind imposed in connection with the vesting or delivery of the Performance Shares. Prior to the transfer of any Performance Shares to the Grantee, the Grantee shall remit to the Company an amount sufficient to satisfy any federal, state, local and other withholding tax requirements. The Grantee may elect to have all or part of any withholding tax obligation satisfied by having the Company withhold Shares otherwise deliverable to the Grantee as Performance Shares, unless the Committee determines otherwise by resolution. If the Grantee fails to make such payments or election, the Company and its subsidiaries shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to the Grantee any taxes required by law to be withheld with respect to the Performance Shares. In the case of any amounts withheld for taxes pursuant to this provision in the form of Shares, the amount withheld shall not exceed the minimum required by applicable law and regulations.

(i)Notwithstanding any other provision of this Agreement, if any payment or distribution (a "Payment") by the Company or any other person or entity to or for the benefit of the Grantee is determined to be an "excess parachute payment" (within the meaning of Code Section 280G(b)(1) or any successor provision of similar effect), whether paid or payable or distributed or distributable pursuant to this Agreement or otherwise, then the Grantee's benefits under this Agreement may, unless the Grantee elects otherwise pursuant to his employment agreement, be reduced by the amount necessary so that the Grantee's total "parachute payment" as defined in Code Section 280G(b)(2)(A) under this and all other agreements will be
$1.00 less than the amount that would be a "parachute payment". The payment of any "excess parachute payment" pursuant to this paragraph shall also comply with the terms of the Grantee's employment agreement , if any.

Section 3.    Additional Conditions to I ssuance of Shares

Each transfer of Performance Shares shall be subject to the condition that if at any time the Committee shall determine, in its sole discretion, that it is necessary or desirable as a condition of, or in connection with, the transfer of Performance Shares (i) to satisfy withholding tax or other withholding liabilities, (ii) to effect the listing, registration or qualification on any securities exchange or under any state or federal law of any Shares deliverable in connection with such exercise, or (iii) to obtain the consent or approval of any regulatory body, then in any such event such transfer shall not be effective unless such withholding, listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.

Section 4.    Adjustment of Shares

(a)If the Company shall become involved in a merger, consolidation or other reorganization, whether or not the Company is the surviving corporation, any right to earn Performance Shares shall be deemed a right to earn or to elect to receive the consideration into which the Shares represented by the Performance Shares would have been converted under the terms of the merger, consolidation or other reorganization . If the Company is not the surviving corporation , the surviving corporation (the "Successor") shall succeed to the rights and obligations of the Company under this Agreement.

(b)If any subdivision or combination of Shares or any stock dividend, capital reorganization or recapitalization occurs after the adoption of the Plan, the Committee shall make such proportionate adjustments as are appropriate to the number of Performance Shares to be earned in order to prevent the dilution or enlargement of the rights of the Grantee.

Section 5.    No Right to Employment

Nothing contained in this Agreement shall be deemed by implication or otherwise to confer upon the Grantee any right to continued employment by the Company or any affiliate of the Company or to limit the right of the Company to terminate the Grantee's employment for any reason or for no reason.

Section 6.    Notice

Any notice to be given hereunder by the Grantee shall be sent by mail addressed to Chesapeake Utilities Corporation, 909 Silver Lake Boulevard, Dover, Delaware 19904, for the attention of the Committee, c/o the Corporate Secretary , and any notice by the Company to the Grantee shall be sent by mail addressed to the Grantee at the address of the Grantee shown on the first page hereof. Either party may, by notice given to the other in accordance with the provisions of this Section, change the address to which subsequent notices shall be sent.

Section 7.    Beneficiary Designation

Grantee may designate a beneficiary to receive any Performance Shares to which Grantee is entitled which vest as a result of Grantee's death. Grantee acknowledges that the Company may exercise all rights under this Agreement and the Plan against Grantee and Grantee's estate, heirs, lineal descendants and personal representatives and shall not be limited to exercising its rights against Grantee's beneficiary.

Section 8.    Assumpti on of Risk

It is expressly understood and agreed that the Grantee assumes all risks incident to any change hereafter in the applicable laws or regulations or incident to any change in the market value of the Performance Shares.

Section 9.    Terms of Plan

This Agreement is entered into pursuant to the Plan (a summary of which has been delivered to the Grantee). This Agreement is subject to all of the terms and provisions of the Plan, which are incorporated into this Agreement by reference, and the actions taken by the Committee pursuant to the Plan. In the event of a conflict between this Agreement and the Plan, the provisions of the Plan shall govern. All determinations by the Committee shall be in its sole discretion and shall be binding on the Company and the Grantee.

Section 10.    Governing Law; Amendment

This Agreement shall be governed by, and shall be construed and administered in accordance with, the laws of the  State of Delaware (without  regard to its choice of law rules) and the requirements of any applicable federal law. This Agreement may be modified or amended only by a writing signed by the parties hereto.

Section 11.    Action by the Committee

The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee. The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement. The Committee  may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the "Designee") . In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding unless such decision is arbitrary and capricious.

Section 12.    Terms of Agreement

This Agreement shall remain in full force and effect and shall be binding on the parties hereto for so long as any Performance Shares issued to the Grantee under this Agreement continue to be held by the Grantee.

IN WITNESS WHEREOF , the Company has caused this  Agreement to be executed in its corporate name, and the Grantee has executed the same in evidence of the Grantee's acceptance hereof, upon the terms and conditions herein set forth, as of the day and year first above written.

CHESAPEAKE UTILITIES CORPORATION

By:_________________________________________

Its:__________________________________________

Grantee:

_____________________________________Exhibit

Exhibit 10.60

SEPARATE GUARANTY OF 
RETAINED LIABILITY MATTERS
This Separate Guaranty of Retained Liability Matters (this "Guaranty") is made as of the 19th day of October, 2015 (the "Effective Date"), by DON M. CASTO III, an individual ("Casto"), KENSINGTON GARDENS BUILDERS CORP., a Delaware corporation ("Kensington"), and THE ST. JOE COMPANY, a Florida corporation ("St. Joe") (collectively, Casto, Kensington and St. Joe shall be known as "Guarantor"), in favor of KEYBANK NATIONAL ASSOCIATION, a national banking association, and its successors and assigns (the "Lender").
For and in consideration of premises set forth herein, in order to induce the Lender to make a loan in the amount of Forty-Eight Million Two Hundred Thousand and No/100 Dollars ($48,200,000.00) (the "Loan") to PANAMA CITY BEACH VENTURE II, LLC, a Florida limited liability company (the "Borrower"), which Loan is evidenced by that certain Amended and Restated Promissory Note dated of even date herewith (the "Note") made by Borrower in favor of Lender, as payee thereunder, and secured by that certain Amended and Restated Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated of even date herewith (the "Security Instrument" capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Security Instrument), from the Borrower, as mortgagor, in favor of Lender, as mortgagee, the Guarantor hereby agrees as follows:
1.GUARANTEE OF RETAINED LIABILITY MATTERS
Guarantor hereby irrevocably, absolutely, unconditionally guarantees the full and prompt payment of any and all costs, losses, damages and reasonable attorney's fees actually incurred or suffered by Lender in connection with those certain Retained Liability Matters (as defined and set forth in the Note).  Guarantor's personal liability for Retained Liability Matters set forth above shall survive foreclosure of the Security Instrument securing the Note (or the acquisition of the property given as security for the Note by Lender by a deed in lieu of foreclosure).
Guarantor acknowledges that the Loan is made solely for business purposes and that the Guarantor will be liable for a deficiency judgment after any foreclosure or proceeding under the Florida power of sale statute, or deed in lieu of foreclosure that the Lender elects to prosecute or accept, to the extent that liability for the Retained Liability Matters have remained unsatisfied.  Any such deficiency or any judgment therefor shall bear interest at the Default Rate (as such term is defined in the Note) from and after the date of such foreclosure or the Lender's or its affiliate's acceptance of a deed in lieu thereof until and including the date the deficiency or judgment is paid.
2.    INDEMNITY AND HOLD HARMLESS
In addition to the guaranty herein contained, Guarantor agrees to indemnify the Lender and hold it harmless, to the extent of the Lender's actual damages and losses, with respect to any circumstance or event comprising a Retained Liability Matter.  This obligation includes the 

protection of the Lender from, and the defense of the Lender against, any and all actions, suits, proceedings, demands, assessments, adjustments, penalties or other assertions of liability arising as a result of or in connection with the Retained Liability Matters, and the indemnification of the Lender from and against all out-of-pocket costs and expenses sustained by the Lender in enforcing this Guaranty, including reasonable attorneys' fees and expenses.
3.    CONDITIONAL GUARANTEE OF ENTIRE INDEBTEDNESS
Guarantor hereby irrevocably, absolutely, unconditionally guarantees the full and prompt payment of the Guaranteed Indebtedness (as hereinafter defined), in the event of any of the Full Liability Matters (as defined and set forth in the Note).  Guarantor's personal liability for Full Liability Matters set forth above shall survive foreclosure of the Security Instrument securing the Note (or the acquisition of the property given as security for the Note by Lender by a deed in lieu of foreclosure).  The word "Guaranteed Indebtedness" is used herein in its most comprehensive sense and includes (a) the indebtedness evidenced by the Note; (b) any and all existing and future obligations of Borrower to Lender under the Loan Documents and any and all other existing and future obligations and liabilities of Borrower made, incurred or created in connection with the transaction to which the Loan Documents relate, whether due or not due, absolute or contingent, voluntary or involuntary, liquidated or unliquidated, determined or undetermined, whether Borrower may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter become barred by any statute of limitations, or whether such indebtedness may be or hereafter become invalid or otherwise unenforceable; (c) any and all amendments, modifications, renewals and/or extensions of any of the foregoing, including without limitation amendments, modifications, renewals or extensions which are evidenced by a new or additional instrument, document or agreement or which change the rate of interest on any such indebtedness; and (d) any and all interest that accrues on all, or any part of such indebtedness after the filing of any petition or pleading by or against Borrower for a proceeding under any chapter or provision of any present or future federal bankruptcy legislation or amendments thereto.
This Guaranty is not a guarantee of collection, but rather is an irrevocable, absolute and unconditional, continuing guarantee of payment and performance.  In this regard, the Guarantor hereby acknowledges that the guarantee set forth in this Guaranty may not be revoked as to any present or future advances to or existing or additional liability incurred by the Borrower under the terms of the Note or any other Loan Document.  The guarantee set forth in this Section shall terminate when the Note and the indebtedness evidenced thereby has been paid in full.
Guarantor hereby recognizes and acknowledges that Guarantor will derive substantial economic benefit from the loan from Lender to Borrower in accordance with said Note and Security Instrument and, in consideration therefore, Guarantor has agreed to enter into this Guaranty as Guarantor.

4.    REPRESENTATIONS AND WARRANTIES
The Guarantor hereby represents and warrants to the Lender as follows:
		
	(a)
	The execution and performance of this Guaranty and all guaranties, indemnities and covenants herein will not result in any breach of, or constitute a default under, any contract, guarantee, document or other instrument to which the Guarantor is a party or by which Guarantor may be bound or affected, and do not and will not violate or contravene any law to which the Guarantor is subject; nor do any such other instruments impose or contemplate any obligations which are or will be inconsistent with this Guaranty.

		
	(b)
	No approval by, authorization of, or filing with any federal, state or municipal or other governmental commission, board or agency or other governmental authority is necessary in connection with the authorization, execution and delivery of this Guaranty.

		
	(c)
	This Guaranty has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms.

		
	(d)
	All financial information furnished by the Guarantor to Lender is true, correct and complete in all material respects and does not omit to state any material fact or circumstance necessary to make the statements contained therein not misleading.

		
	(e)
	The financial statement of the Guarantor furnished to Lender is true and accurate in all material respects as of its date.  Subject to changes resulting from the consummation of the tender offer by The St. Joe Company to its shareholder dated August 24, 2015, there has been no material adverse change in the Guarantor's financial condition since the date of the financial statement.

		
	(f)
	Guarantor is not the subject of any bankruptcy court filing, insolvency proceeding, receivership, composition or assignment for the benefit of creditors.

		
	(g)
	There are no material actions, suits or proceedings pending or, to the best of the knowledge of the Guarantor, threatened against or affecting Guarantor that have not been disclosed to Lender or reported in SEC filings as to The St. Joe Company.

5.    FINANCIAL REPORTS
On or before March 31 of each year during the term of the Loan, Guarantor shall deliver to the Lender copies of its financial statements.  The Guarantor shall certify that such statements are true and correct, and are based upon records compiled in conformity with recognized accounting practices, consistently applied, and in form and substance consistent with those provided to Lender in anticipation of the consummation of the Loan.  Lender expressly reserves the right to require such a certification by an independent certified public accountant if a Default (as defined in Section 7 

below) has occurred which is continuing.  Notwithstanding the foregoing, so long as The St. Joe Company remains a public company, financial reporting as to The St. Joe Company shall be limited to financial filings with the Securities Exchange Commission that are available to the public.
6.    FINANCIAL COVENANT
At all times during the term of the Loan, the Guarantor shall collectively maintain a combined aggregate net worth (not including the value of the Guarantor's equity in the property given as security for the Loan) equal to $36,000,000.00 (the "Guarantor Net Worth Requirement").  The Guarantor covenants and agrees not to deliberately transfer assets or incur liabilities for less than adequate and full consideration if the effect of such transactions would be to reduce Guarantor's net worth below the Guarantor Net Worth Requirement.
7.    DEFAULT
A "Default" shall exist under this Guaranty if any of the following events occur:
		
	(a)
	Guarantor shall fail to pay any monetary payment resulting from the Guaranty within five (5) business days after written notice from the Lender.

		
	(b)
	Guarantor shall fail to perform, observe, or comply with any non-monetary covenant under this Guaranty, other than those specifically identified below in this Section 7, within thirty (30) days after written notice from the Lender demanding such performance, observance, or compliance.

		
	(c)
	Guarantor shall file a petition in bankruptcy or for relief from creditors under any present or future law that affords general protection from creditors; or any other person shall file an involuntary petition in bankruptcy against Guarantor; or the filing of any other action that may result in a composition of debts, provide for the marshaling of assets for the satisfaction of Guarantor's debts, or result in the judicially ordered sale of assets for the purpose of satisfying obligations to creditors (unless a motion for the dismissal of the petition or other action is filed within ten (10) days and results in its dismissal within sixty (60) days of the filing of the petition or other action).

		
	(d)
	The dissolution, liquidation or winding up of a Guarantor that is not a natural person shall commence, or its legal existence shall cease, or a Guarantor who is a natural person shall die; provided, however, that a Default under this clause (d) shall not have occurred if (i) the Lender is promptly advised of the event, (ii) either (A) any remaining Guarantor(s) satisfy the Guarantor Net Worth Requirement, or (B) the Borrower succeeds in obtaining a replacement Guarantor(s) acceptable to Lender, in its sole discretion (whether one or more, a "Replacement Guarantor"), within ninety (90) days of the subject event; and (iii) any Replacement Guarantor jointly and severally assumes the obligations of the Guarantor under this Guaranty and the Environmental Indemnity, in a written agreement provided by Lender, so that all Replacement Guarantors in the aggregate (combined with any remaining Guarantors, 

if applicable) meet the Guarantor Net Worth Requirement.  If required for the determination of compliance with the Guarantor Net Worth Requirement, any prospective replacement Guarantor shall have the burden of proving its compliance by providing current financial statements.
		
	(e)
	The failure of the Guarantors to maintain the Guarantor Net Worth Requirement; provided, however, the Borrower and/or the Guarantors shall have the right to cure any such net worth deficiency by replacing and/or adding one or more Replacement Guarantor(s) within thirty (30) days of receipt of written notice from Lender of the failure of Guarantors to meet the Guarantor Net Worth Requirement.

8.    APPLICATION OF PAYMENTS
All payments with respect to the indebtedness evidenced by the Note received by the Lender from the Borrower, or any party other than the Guarantor, may be applied by the Lender to the indebtedness in such manner and order as the Lender desires, in its sole discretion, whether or not such application reduces the liability of the Guarantor with respect to the Retained Liability Matters.  If a foreclosure sale of the Property takes place, the proceeds of the sale (whether received in cash or by credit bid) shall be applied first to reduce that portion of the indebtedness which is not guaranteed under this Guaranty.
9.    UNSECURED OBLIGATION
This Guaranty is not secured by any of the Loan Documents securing the Loan or by any other collateral.
10.    WAIVERS
		
	10.1
	SUBROGATION RIGHTS AGAINST BORROWER

The Guarantor waives (a) any right of reimbursement, subrogation, exoneration, contribution, or indemnity from or by the Borrower with respect to the satisfaction by the Guarantor of any obligation of the Borrower until such time as all obligations of Borrower to Lender have been paid in full, and (b) any "claim," as that term is defined in the Bankruptcy Code, which the Guarantor might now have or hereafter acquire against the Borrower by virtue of the Guarantor's performance of any obligation of the Borrower.  In connection with the waiver set forth in clause (a), the Guarantor expressly waives (i) any and all rights to subrogation to the Lender against the Borrower and (ii) any rights to enforce any remedy which the Lender may have against the Borrower and any right to participate in any collateral for the Loan until such time as all obligations of Borrower to Lender have been paid in full.  In addition, the Guarantor hereby subordinates any and all indebtedness of the Borrower now or hereafter owed to the Guarantor to all indebtedness of the Borrower to the Lender, and covenants with the Lender not to demand or accept any payment of principal or interest on any such indebtedness while any default exists under the terms of any of the Loan Documents.

		
	10.2
	WAIVER OF JURY TRIAL

ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY IS HEREBY WAIVED BY GUARANTOR, AND IT IS AGREED BY GUARANTOR THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.
		
	10.3
	MARSHALING OF ASSETS

Guarantor waives any right to cause a marshaling of the Borrower's assets.
		
	10.4
	HOMESTEAD LAWS AND EXEMPTIONS

Guarantor waives all rights and exemptions under homestead and similar laws.
		
	10.5
	PROTEST, DEMAND, DISHONOR

Guarantor waives all rights of protest, demand, dishonor, presentment or any other notices or demands which might otherwise be required by any statute or rule of law now or hereafter in effect with respect to this Guaranty or any of the Retained Liability Matters.
		
	10.6
	ADDITIONAL WAIVERS

Guarantor waives (A) any defense based upon the Lender's election of any remedy, (B) any defense of the statute of limitations and (C) any defense based on the Lender's failure to disclose any information concerning the financial condition of the Borrower or any other circumstances bearing on the ability of the Borrower to pay and perform its obligations under the Loan Documents, or the Lender's failure to provide notice of any act or omission by the Borrower from which any liability for a Retained Liability Matter may have arisen.
11.    MISCELLANEOUS
		
	11.1
	INDEPENDENCE OF OBLIGATIONS

Guarantor shall be fully and personally liable for the Retained Liability Matters, and the Lender shall be entitled to maintain an independent action against the Guarantor regardless of whether Lender has commenced or completed any action against the Borrower or the Property.  Guarantor disclaims any status as beneficiaries of any obligation of the Lender to the Borrower to provide notice of default under the Loan Documents.  If the Lender has initiated any action against the Borrower to enforce the Loan Documents, the Lender may join Guarantor or refrain from doing so, at its sole and absolute discretion.  The liability of Guarantor under this Guaranty shall be reinstated with respect to any amount at any time paid to Lender by the Borrower on account of the Retained Liability Matters which shall thereafter be required to be restored or returned by the Lender upon the bankruptcy, insolvency or reorganization of the Borrower or any other Guarantor other than the party against whom the Lender has sought to enforce this Guaranty, as though such amount had 

not been paid.  Except as expressly agreed in writing by the Lender, Guarantor's liability for the Retained Liability Matters shall not be released, diminished, impaired, reduced or otherwise affected by (a) the reconveyance of the interest created by the Security Instrument (b) the consent by the Lender to any transfer of a direct or indirect interest in the Property (whether through sale of the Property, transfers of interests in the Borrower, or a change in the form of business organization of the Borrower), or (c) any forbearance by the Lender to exercise any rights under the Loan Documents, unless those rights are expressly waived or modified in a written instrument duly executed by the Lender.
		
	11.2
	OFFSETS AND DEFENSES

No liability of the Guarantor under this Guaranty shall be released, diminished, impaired, reduced or otherwise affected by any existing or future offset, claim, or defense of the Guarantor against the Lender.  No liability of any Guarantor shall be affected because the liability of any other guarantor is limited, impaired or released by reason of a trustee's sale or any other agreement is made or remedy is exercised by Lender, whether such limitation, impairment or release results from such person also being the Borrower or liable by reason of being any entity, natural person or general partner comprising Borrower or otherwise.
		
	11.3
	NOTICES

All notices hereunder shall be in writing at the addresses set for below.  All notices to be given hereunder may be given by any of the following means:  (i) personal service, or (ii) overnight delivery by a reliable courier service.  Written notice shall be deemed effective if by personal service or overnight delivery, upon delivery or first attempted delivery.  Each of the parties may hereafter designate a different address for notices hereunder by providing notice of such designation to the other parties pursuant to the procedures set forth above.
If to the Lender: 
 
KeyBank National Association 
11501 Outlook, Suite 300 
Overland Park, Kansas  66211
With a copy to: 
 
Winstead PC 
500 Winstead Building 
2728 N. Harwood Street 
Dallas, Texas  75201 
Attn:  Christopher T. Nixon, Esq.

If to the Guarantor: 
 
Don M. Casto III 
250 Civic Center Drive, Suite 500 
Columbus, Ohio  43215
Kensington Gardens Builders Corp. 
1730 Massachusetts Avenue NW 
Washington, DC  20036
And
The St. Joe Company 
133 South Watersound Parkway 
Watersound, Florida  32413 
Attn:  Legal Department
with a copy to: 
 
Robert F. Greene, Esq. 
Greene Hamrick Quinlan & Schermer, P.A. 
601 12th Street 
Bradenton, Florida  34205
or such address(es) or addressee(s) as the party to be served with notice may have furnished to the other party in accordance with this paragraph.
		
	11.4
	ENTIRE GUARANTY AND MODIFICATION

This Guaranty contains the entire agreement of the Guarantor relating to the subject matter hereof, and all prior guaranties relative hereto which are not contained herein are hereby terminated.  This Guaranty may not be amended, revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by the Lender and Guarantor.  Any alleged amendment, revision, waiver, discharge, release or termination that is not so documented shall not be effective as to the Lender.  Whenever the Lender's consent is required herein, such consent shall be given in Lender's sole and absolute discretion, unless otherwise specifically stated.
		
	11.5
	COUNTERPARTS

This Guaranty may be executed in multiple counterparts, all of which taken together shall constitute one and the same Guaranty.

		
	11.6
	GOVERNING LAW

This Guaranty shall be construed and enforced according to, and governed by, the laws of Florida without reference to conflicts of laws provisions which, but for this provision, would require the application of the law of any other jurisdiction.
		
	11.7
	CUMULATIVE REMEDIES

Every right and remedy provided in this Guaranty shall be cumulative of every other right or remedy of the Lender whether herein or by law conferred and may be enforced concurrently with any such right or remedy.  No acceptance of performance of any Retained Liability Matters as to which the Guarantor shall be in Default, or waiver of particular or single performance of any obligation or observance of any covenant, shall be construed as a waiver of the obligation or covenant or as a waiver of any other Default then, theretofore or thereafter existing.
		
	11.8
	SEVERABILITY

In the event that any one or more of the provisions of this Guaranty 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 Guaranty shall operate, or would prospectively operate, to invalidate this Guaranty, then, and in any such event, such provision or provisions only shall be deemed to be null and void and of no force or effect and shall not affect any other provision of this Guaranty, and the remaining provisions of this Guaranty shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby.
		
	11.9
	SETTLEMENTS

Upon the Lender's request, the Guarantor shall participate in good faith and in a commercially reasonable manner in any settlement between the Borrower and the Lender which includes or may include a deed in lieu of a foreclosure or of a trustee's sale.
		
	11.10
	REFERENCE TO PARTICULARS

The scope of a general statement made in this Guaranty shall not be construed as having been reduced through the inclusion of references to particular items that would be included within the statement's scope.  Therefore, unless the relevant provision of this Guaranty contains specific language to the contrary, the term "include" shall mean "include, but shall not be limited to" and the term "including" shall mean "including, without limitation."
		
	11.11
	ASSIGNMENT

The Lender may assign its rights under this Guaranty without notice to any holder of the Note and assignee of the Lender's rights under the Loan Documents.

		
	11.12
	SURVIVAL

Except as otherwise provided in Section 7, all obligations under this Guaranty shall be binding upon the Guarantor's heirs, personal representatives, successors and assigns, and shall survive foreclosure of the Property, delivery and acceptance of a deed to the Property in lieu of foreclosure, and the repayment of the Indebtedness.
		
	11.13
	GUARANTOR LIABILITY

Notwithstanding anything to the contrary herein, only for so long as the parties comprising Guarantor are each of Casto, Kensington and St. Joe, the liability of each Guarantor under this Guaranty is limited to not exceed an amount equal to the total of all amounts due and payable under this Guaranty multiplied by the Percentage for each Guarantor stated below:
	
		
	Guarantor:
	Percentage:

	 
	 

	The St. Joe Company
	60%

	 
	 

	Don M. Casto, III and 
Kensington Gardens Builders Corp, jointly and severally
	40%

[signature page follows]

IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed as of the Effective Date.
	
			
	 
	 
	GUARANTOR:

	 
	 
	 

	 
	 
	/s/ Don M. Casto III

	 
	 
	Don M. Casto III

	 
	 
	 

	 
	 
	 

	
			
	 
	 
	KENSINGTON GARDENS BUILDERS CORP., 

	 
	 
	a Delaware corporation

	 
	 
	 

	 
	 
	By: /s/ Vadim A. Nikitine

	 
	 
	Name:   Vadim A. Nikitine

	 
	 
	Title:   President

	 
	 
	 

	
			
	 
	 
	THE ST. JOE COMPANY,

	 
	 
	a Florida corporation

	 
	 
	 

	 
	 
	By: /s/ Marek Bakun

	 
	 
	Name: Marek Bakun

	 
	 
	Title: EVP and CFO

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