Document:

EXHIBIT
      10.139

    

    This
      instrument was prepared by and return to: 

    Shannon
      B. Gray, Esq. 

    Carlton
      Fields, P.A.

    4221
      West Boy Scout Blvd.

    Suite
      1000

    Tampa,
      Florida 33607-5780

    

    

     

    FLORIDA
      DOCUMENTARY STAMP TAXES ARE BEING PAID BASED UPON THE LIMITED RECOVERY AMOUNT
      SET FORTH HEREIN.

     

    MORTGAGE
      AND SECURITY AGREEMENT

    

    

    This
      instrument (hereinafter referred to as this “Mortgage”)
      is
      made this ___ day of March, 2007, by and between WEST
      VILLAS, INC.,
      a
      Florida corporation, ORLANDO
      TENNIS VILLAGE, INC.,
      a
      Florida corporation and MAINGATE
      TOWERS, INC.,
      a
      Florida corporation (hereinafter collectively referred to as “Mortgagor”)
      with
      an address of 2462 Sand Lake Road, Orlando, Florida 32809, in favor of
STANFORD
      INTERNATIONAL BANK, LTD.,
      a
      corporation organized under the laws of Antigua and Barbuda or its successors
      or
      assigns (hereinafter referred to as “Lender”)
      with
      an address of 6075 Poplar Avenue, Memphis, Tennessee 38119.

     

    WITNESSETH:

     

    WHEREAS,
      Mortgagor’s affiliate, American Leisure Holdings, Inc., a Nevada corporation
      (“Borrower”)
      has
      executed to the order of Lender a Promissory Note of even date herewith in
      the
      principal amount of $10,000,000.00 (the “Note”),
      which
      Note was executed pursuant to a Credit Agreement of even date herewith between
      Borrower and Lender (“Credit
      Agreement”).

     

    NOW,
      THEREFORE, to secure the payment of all sums due under, and the performance
      and
      observance by Mortgagor and Borrower, as applicable, of all terms, covenants
      and
      conditions contained in, the Note and the Credit Agreement, this Mortgage,
      and
      all additional Notes and other documents secured by this Mortgage pursuant
      to
      the terms of Section 1.18 hereof (all such documents are collectively referred
      to as “Loan
      Documents”),
      and
      in order to charge the properties, interests and rights hereinafter described
      with such payment, performance and observance, and in consideration of the
      credit extended to Mortgagor, the receipt and sufficiency of which are hereby
      acknowledged, Mortgagor has granted, bargained, sold and conveyed and does
      by
      these presents grant, bargain, sell, convey, assign, mortgage, deliver, set
      over, warrant and confirm unto the said Lender and its successors and assigns,
      the Land, Improvements, Fixtures and Personal Property, and Other Rights and
      Property (all of which are hereinafter sometimes referred to collectively as
      the
“Premises”),
      more
      particularly described as follows and located and situate in Polk County,
      Florida:

     

    
      
        
        

      

      
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    (i) the
      real
      property described in said Exhibit A
      (the
“Land”);
      and

     

    (ii) all
      buildings, structures and other improvements of every nature whatsoever now
      or
      hereafter situated on the Land (the “Improvements”);
      and

     

    (iii) all
      fixtures, equipment, general intangibles, goods, inventory and personal property
      of every kind and nature whatsoever (whether tangible or intangible), now or
      hereafter owned by Mortgagor and located in, on, about or attached to the Land
      or Improvements or used or intended to be used with or in connection with the
      construction, use, operation, maintenance or enjoyment of the Land or
      Improvements or derived or arising from or relating or appertaining to the
      Land
      or Improvements or the use, operation, maintenance or enjoyment thereof, and
      all
      extensions, additions, improvements, betterments, renewals, replacements or
      proceeds (including, but not limited to, insurance and condemnation proceeds)
      of
      the foregoing, including, but not limited to, all gas and electric fixtures
      and
      apparatus, plumbing fixtures and apparatus, heating, ventilating and air
      conditioning fixtures and apparatus, carpeting and other floor coverings,
      furniture, furnishings, machinery, building materials and supplies, sprinklers,
      fire extinguishers and other safety and security equipment and apparatus,
      elevators, engines, motors, ranges and other cooking apparatus, washers, dryers,
      water heaters, refrigerators, appliances, window screens, awnings, storm sashes,
      mirrors, mantels, furniture, furnishings, vehicles, pool equipment, books,
      records, accounts, trade names, trademarks, goodwill, all building and other
      permits, surveys, architectural and engineering plans and specifications,
      certifications, studies and work product prepared and hereafter prepared
      relating to the design or construction of the Improvements or proposed
      improvements, governmental approvals, certificates of occupancy and completion,
      licenses, authorizations, insurance policies and the proceeds thereof,
      agreements with any utility companies, all deposits associated with the
      foregoing, any consents and approvals which Mortgagor may now or hereafter
      own
      with respect to or in connection with the Premises; all warranties and
      guaranties covering any appliances, equipment and fixtures now or hereafter
      located on or placed upon the Premises, including, without limitation, air
      conditioning, heating and other appliances and equipment; all existing and
      future contracts, leases, rental agreements, franchise agreements, management
      contracts, construction contracts, and other contracts, licenses, and permits
      now or hereafter affecting the Premises or any part thereof; all existing and
      future contracts in connection with the use, management, sale, leasing and
      maintenance of the Premises or any portion thereof; all accounts, accounts
      receivable, other receivables, contract rights, chattel paper, instruments
      and
      documents; any other obligations or indebtedness owed to Mortgagor in connection
      with the Premises from whatever source arising; all rights of Mortgagor to
      receive any performance or any payments in money or kind; all guaranties of
      the
      foregoing and security thereof; all right, title and interest of Mortgagor
      in
      and with respect to goods, services or property that give rise to or that secure
      any of the foregoing; and all right, title and interest of Mortgagor in any
      such
      property subject to or covered by a security agreement, conditional sales
      contract, chattel mortgage or similar lien or claim together with the benefit
      of
      any deposits or payments now or hereafter made by Mortgagor or on its behalf,
      all of which shall be deemed to be a portion of the security for the
      indebtedness herein mentioned and to be covered by this Mortgage (the
“Fixtures
      and Personal Property”);
      and

     

    (iv) any
      and
      all other, further or additional title, estates, interests or rights which
      may
      at any time be acquired by Mortgagor in or to the Land, Improvements, and
      Fixtures and Personal Property; all leases, rental agreements and other
      occupancy agreements pertaining to the Land or the Improvements or any part
      thereof; all easements, rights-of-way, gores of land, vaults, streets, ways
      alleys, passages, sewer rights, waters, water courses, water rights and powers;
      all estates, rights, titles, interests, privileges, liberties, tenements,
      hereditament and appurtenances whatsoever, in any way belonging, relating to
      or
      appertaining to the Premises, or any part thereof, or which hereafter shall
      in
      any way belong, relate or be appurtenant thereto, whether now owned or hereafter
      acquired by Mortgagor; and the reversion and reversions, remainder and
      remainders, and rents, issues, profits, revenues thereof (including but not
      limited to, all condemnation payments, insurance proceeds, payments under leases
      and tenancies, sale proceeds, purchase deposits, tenant security deposits and
      escrow funds), and all the estate, right, title, interest, property, possession,
      claim and demand whatsoever at law, as well as in equity, of Mortgagor of,
      in
      and to the same (the “Other
      Rights and Property”).

     

    
      
        
        

      

      
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    TO
      HAVE
      AND TO HOLD the Premises and all estate therein, together with all the rights,
      privileges, and appurtenances thereunto belonging, and all proceeds, products,
      replacements, additions, betterments, extensions, improvements, substitutions,
      renewals and accessions to any of the foregoing, unto the said Lender and its
      successors and assigns forever.

     

    PROVIDED,
      HOWEVER, that (a) if Mortgagor, Borrower, or any other party shall have promptly
      paid or caused to be paid to Lender the Obligations (as that term is defined
      in
      the Credit Agreement), all without any deduction or credit for taxes or other
      similar charges paid by Mortgagor, (b) if Mortgagor and Borrower shall have
      fully kept, performed and observed all the covenants and promises in the Note,
      in this Mortgage, in all other Loan Documents, and in all instruments relating
      to or securing any note or notes executed pursuant to Section 1.18 hereof and
      secured by the lien of this Mortgage to be kept, performed or observed by
      Mortgagor, then Lender shall execute a satisfaction of this Mortgage and
      thereupon this Mortgage shall cease and terminate.

     

    Notwithstanding
      anything herein to the contrary, the maximum principal amount that may be
      recovered hereby at any time shall not exceed $2,500,000.00.

    

    Mortgagor
      does hereby expressly covenant, agree and stipulate with Lender as
      follows:

     

    ARTICLE
      I

    

    Section
      1.1. Payment
      of Note and Other Sums.
      Borrower shall pay the principal sum evidenced by said Note and Loan Documents
      and all interest thereon promptly as each payment becomes due, and all other
      sums required to be paid pursuant to the provisions of the Note and the Loan
      Documents, at the times and in accordance with the provisions of said Note
      and
      the other Loan Documents.

     

    Section
      1.2. Warranty
      of Title.
      Mortgagor hereby represents, warrants and covenants to and with Lender that
      Mortgagor is lawfully seized and possessed of an indefeasible and marketable
      estate in fee simple in the Premises; that Mortgagor has good right, full power
      and lawful authority in law and in equity to convey, mortgage and encumber
      the
      same in fee simple pursuant to this Mortgage; that the Premises are free and
      clear of all liens, encumbrances and claims of any kind whatsoever except for
      those listed on Exhibit B attached hereto and incorporated herein (“Permitted
      Exceptions”);
      that
      Mortgagor will make at Mortgagor’s expense and
      at no
      expense to Lender such other and further assurances to perfect the fee simple
      estate in and to the Land and title to the Premises, in Lender as may hereafter
      be required; and that Mortgagor hereby fully warrants unto Lender the title
      to
      said Premises subject only to the matters appearing in the title policy
      delivered by Mortgagor to Lender in connection with this Mortgage and will
      defend the same against the lawful claims and demands of all persons
      whomsoever.

     

    
      
        
        

      

      
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    Section
      1.3. Monthly
      Deposits.
      Upon
      the demand of Lender which may be made at any time after the occurrence of
      an
      Event of Default (as hereinafter defined), Mortgagor will deposit with Lender,
      on the due date of each monthly payment under the Note, such amounts as in
      the
      estimation of Lender shall be necessary or proper to pay all taxes, assessments,
      insurance premiums and other similar charges relating to the Premises as they
      become due. All of said deposits are to be held by Lender, free of any liens
      or
      claims on the part of creditors of Mortgagor and as part of the security of
      Lender, and shall be used by Lender to pay current taxes, assessments, insurance
      premiums, and other sums payable in connection with the Premises and other
      similar charges on the Premises as the same accrue and are payable. Payment
      of
      such items from said sums may be made by Lender even though such payments will
      benefit subsequent owners of the Premises or the Land. Said deposits shall
      not
      be, nor be deemed to be, trust funds but may be commingled with the general
      funds of Lender. If said deposits are insufficient to pay such taxes,
      assessments, insurance premiums and similar charges in connection with the
      Premises in full as the same become payable, Mortgagor will deposit with Lender
      such additional sum or sums as may be required in order for Lender to pay such
      taxes, assessments, insurance premiums and other charges payable in connection
      with the Premises in full. Upon any default or event of default under the
      provisions of this Mortgage, the Note, the Credit Agreement, or any of the
      other
      Loan Documents, Lender may, at its option, apply any money in the fund resulting
      from said deposits to the payment of the indebtedness secured hereby in such
      manner as it may elect.

     

    Section
      1.4. Payment
      of Taxes, Liens and Utility Charges.

     

    (a) Mortgagor
      shall pay or cause to be paid on or before delinquency thereof all taxes,
      assessments, dues, fines, fees, impositions and public charges of every
      character whatsoever, whether general or special, now or hereafter levied,
      assessed, confirmed or imposed on or in respect of, or which may be a lien
      upon,
      the Premises or the Land or any part thereof, or any right, interest or estate
      therein, and shall promptly submit to Lender such evidence of the due and
      punctual payment thereof as Lender may require.

     

    (b) Mortgagor
      will keep said Premises free from all lien claims of every kind, whether
      paramount or subordinate to this Mortgage (other than the Permitted Exceptions),
      and Mortgagor will have any such liens discharged within thirty (30) days of
      filing of any such lien.

     

    (c) Mortgagor
      further agrees to pay all earnings, income, profits and excess profits taxes
      and
      other governmental charges levied, assessed or imposed by the United States
      of
      America or by any state, county, municipality or other taxing authority upon
      Mortgagor or in respect of the Premises.

     

    
      
        
        

      

      
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    (d) Mortgagor
      will promptly pay or cause to be paid all charges made by utility companies,
      whether public or private, for services furnished or used in connection with
      said Premises.

     

    (e) In
      the
      event of the passage of any state, federal, municipal or other governmental
      law,
      order, rule or regulation, in any manner changing or modifying the laws now
      in
      force governing the taxation of debts secured by mortgages or the manner of
      collecting taxes so as to affect adversely Lender, Mortgagor will promptly
      pay
      any such tax on or before the due date thereof.; and if Mortgagor fails to
      make
      such prompt payment or if any such state, federal, municipal or other
      governmental law, order, rule or regulation prohibits Mortgagor from making
      such
      payment or would penalize Lender if Mortgagor makes such payment, then the
      entire balance of the principal sum secured by this Mortgage and all interest
      accrued thereon shall, without notice, immediately become due and payable at
      the
      option of Lender. Nothing contained herein, however, shall require Mortgagor
      to
      pay taxes on the overall income of Lender.

     

    Section
      1.5. Insurance.

     

    (a) Mortgagor
      shall procure or cause to be procured, and deliver to and continuously maintain
      for the benefit of Mortgagor and Lender, as their respective interests may
      appear, original paid up insurance policies from such insurance companies,
      in
      such amounts, in form and substance, with such expiration dates and containing
      a
      non-contributory standard mortgagee clauses, and a mortgagee loss payable
      endorsement in favor of Lender, all as may be required and satisfactory to
      Lender, and providing the following types of insurance covering the Premises,
      Mortgagor, and the interests and liabilities incident to the ownership,
      possession and operation thereof:

     

    (i) insurance
      against loss or damage by fire, lightning, extended coverage, windstorm, hail,
      explosion riot, riot attending a strike, civil commotion, aircraft, vehicles,
      smoke, vandalism and malicious mischief, and against such mischief and against
      such other hazards as, under good insurance practices, from time to time are
      insured against for properties of similar character and location, the amount
      of
      which insurance shall be not less than the greater of (A) the balance of the
      indebtedness secured hereby or (B) 100% of the full replacement cost of the
      Premises, without deduction for depreciation, and which policies of insurance
      shall contain satisfactory replacement cost and agreed amount/stipulated value
      endorsements; and

     

    (ii) accident
      and broad form comprehensive liability insurance for Mortgagor in such amount
      as
      may be required by Lender;

     

    (iii) if
      at any
      time the Land or any portion thereof is located in a “Flood
      Hazard Area”
      pursuant to the Flood Disaster Act Protection Act of 1973 or any successor
      or
      supplemental act thereto, flood insurance in such amount as may be required
      by
      Lender; and

     

    (iv) such
      other insurance (including, but not limited to, rental value and business
      interruption insurance, war risk insurance, builder’s risk insurance, and
      worker’s compensation insurance) on Mortgagor, the Premises or any part thereof,
      or for the benefit of Mortgagor,
      as may from time to time be reasonably required by Lender against such other
      insurance casualties or risk.

     

    
      
        
        

      

      
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    (b) In
      the
      event of the occurrence of an insured or uninsured casualty loss, Lender shall
      have the option to declare the Note and all other sums secured hereby to be
      immediately due and payable.

     

    (c) Lender
      is
      hereby authorized and empowered, at its option, to adjust or compromise any
      loss
      under any insurance policies maintained pursuant to this Section, and to collect
      and receive the proceeds from any such policy or policies. Each insurance
      company is hereby authorized and directed to make payment for all such losses
      directly to Lender, instead of to Mortgagor and Lender jointly. In the event
      any
      insurance company fails to disburse directly and solely to Lender but disburses
      instead either solely to Mortgagor or to Mortgagor and Lender jointly, Mortgagor
      agrees immediately to endorse and transfer such proceeds to Lender. Upon the
      failure of Mortgagor to endorse and transfer such proceeds as aforesaid, Lender
      may execute such endorsements or transfers for and in the name of Mortgagor
      and
      Mortgagor hereby irrevocably appoints Lender as Mortgagor’s agent and
      attorney-in-fact so to do. Subject to the provisions of Section 1.7(g), after
      deducting from said insurance proceeds all of its reasonable expenses incurred
      in the collection and administration of such sums, including attorneys’ fees,
      Lender may apply the net proceeds or any part thereof, at its option, (i) to
      the
      payment of the indebtedness secured hereby, whether or not due and in whatever
      order Lender elects, (ii) to the repair and/or restoration of the Premises,
      and/or (iii) for any other purposes or objects for which Lender is entitled
      to
      advance funds under this Mortgage or any of the other Loan Documents, all
      without affecting the lien and security interest created by this Mortgage,
      and
      any balance of such moneys then remaining shall be paid to Mortgagor or the
      person or entity lawfully entitled thereto. Lender shall not be held responsible
      for any failure to collect any insurance proceeds due under the terms of any
      policy regardless of the cause of such failure.

     

    (d) At
      least
      thirty (30) days prior to the expiration date of each policy maintained pursuant
      to this Section, a renewal or replacement thereof satisfactory to Lender shall
      be delivered to Lender. Mortgagor shall deliver to Lender receipts evidencing
      the payment for all such insurance policies and renewals or replacements.
      Mortgagor hereby assigns to Lender all unearned premiums under any insurance
      policies related in any way to the Premises as further security hereunder.
      In
      the event of the foreclosure of this Mortgage or any other transfer of title
      to
      the Premises in extinguishment or partial extinguishment of the indebtedness
      secured hereby, all right, title and interest of Mortgagor in and to all
      insurance policies then in force shall pass to the purchaser or to Lender,
      its
      nominee or other transferee of the Premises, as the case may be, and Lender
      is
      hereby irrevocably appointed by Mortgagor as attorney-in-fact for Mortgagor
      to
      assign any such policy to said purchaser or to Lender, its nominee or other
      transferee, as the case may be, without accounting to Mortgagor for any unearned
      premiums thereon.

     

    (e) All
      insurance policies must contain a mortgagee’s clause acceptable to Lender, with
      a stipulation that coverage will not be terminated, canceled, diminished or
      altered without a minimum of thirty (30) days’ prior written notice to Lender,
      and without any disclaimer of the insurer’s liability for failure to give such
      notice. All deductible provisions must be fully acceptable to Lender. Mortgagor
      may obtain insurance form any insurance company that Mortgagor may choose that
      is reasonably acceptable to Lender.

     

    
      
        
        

      

      
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    (f) If
      Mortgagor fails to provide any required insurance or fails to continue such
      insurance in force, Lender may do so at Mortgagor’s expense as provided in
      Section 2.7. MORTGAGOR ACKNOWLEDGES THAT IF LENDER SO PURCHASES ANY SUCH
      INSURANCE, THE INSURANCE WILL PROVIDE LIMITED PROTECTION AGAINST PHYSICAL DAMAGE
      TO THE PREMISES, UP TO THE BALANCE OF THE NOTE; HOWEVER, MORTGAGOR’S EQUITY IN
      THE COLLATERAL MAY NOT BE INSURED. IN ADDITION, THE INSURANCE MAY NOT PROVIDE
      ANY PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND MAY NOT MEET THE
      REQUIREMENTS OF ANY FINANCIAL RESPONSIBILITY LAWS.

     

    (g) For
      purposes of insurance coverage on the Premises, Mortgagor authorizes Lender
      to
      provide to any person (including any insurance agent or mortgage company) all
      information Lender deems appropriate, whether regarding the Premises or the
      loan
      evidenced by the Note.

     

    Section
      1.6. Condemnation.
      If all
      or any material part of the Premises shall be damaged or taken through
      condemnation (which term when used in this Mortgage shall include any damage
      or
      taking by any governmental authority and any transfer by private sale in lieu
      thereof), either temporarily or permanently, the entire indebtedness secured
      hereby shall, at the option of Lender, become immediately due and payable.
      Mortgagor immediately upon obtaining knowledge of any proposed taking of the
      Premises or any part thereof, will notify Lender. Lender shall be entitled
      to
      all compensation, awards, damages, claims, rights of action, proceeds, and
      other
      payments, and the right thereto, and is hereby authorized, at its option, to
      commence, appear in and prosecute, in its own or Mortgagor’s name, any action or
      proceeding relating to any condemnation and to settle or compromise any claim
      in
      connection with a condemnation. All such compensation, awards, damages, claims,
      rights of action, proceeds and other payments, and the rights thereto are hereby
      assigned by Mortgagor to Lender and Lender is authorized, at its option, to
      collect and receive the same and to give proper receipts and acquittances
      therefor without any obligation to question the amount thereof. After deducting
      from said condemnation proceeds all of its expenses incurred in the collection
      and administration of such sums, including attorney’s fees, Lender may apply the
      net proceeds or any part thereof, at its option, (a) to the payment of the
      indebtedness secured hereby, whether or not due and in whatever order Lender
      elects, (b) to the repair and/or restoration of the Premises and/or (c) for
      any
      other purposes or objects for which Lender is entitled to advance funds under
      this Mortgage or any of the other Loan Documents, all without affecting the
      security interest created by this Mortgage, and any balance of such moneys
      then
      remaining shall be paid to Mortgagor or any other person or entity lawfully
      entitled thereto. Mortgagor agrees to execute such further assignments of any
      compensation, awards, damages, claims, rights of action, proceeds, and other
      payments, as Lender may require.

     

    Section
      1.7. Care
      of Premises.

     

    (a) Mortgagor
      will keep the Premises in good condition and repair, will not commit or suffer
      any waste and will not do or suffer to be done anything which will increase
      the
      risk of fire or other hazard to the Premises or any part thereof or which would
      or could result in the cancellation of any insurance policy carried with respect
      to the Premises.

     

    
      
        
        

      

      
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    (b) Mortgagor
      will not construct any improvements on the Premises nor remove, demolish or
      alter the design or structural character of any building, fixture, chattel
      or
      other part of the Premises without the prior written consent of Lender, and
      Mortgagor will not permit the removal, demolition or alteration of any
      Improvements. Mortgagor shall not take any action to rezone the Premises nor
      shall Mortgagor impose any restrictions, agreements or liabilities upon the
      Premises without, in each case, the prior written consent of
      Lender.

     

    (c) If
      the
      Premises or any part thereof is damaged by fire, windstorm, flood or other
      cause, Mortgagor will give immediate oral and written notices of the same to
      Lender.

     

    (d) Lender
      is
      hereby authorized and empowered to enter and to authorize others to enter upon
      any or all of the Premises, at any reasonable time and from time to time, to
      inspect the same, to perform or observe any covenants, conditions or terms
      which
      Mortgagor shall fail to perform, meet or comply with, or for any other purpose
      in connection with the protection or preservation of Lender’s security, without
      thereby becoming liable to Mortgagor or any person in possession holding under
      Mortgagor. Mortgagor agrees that it will open and cause its agents, managers,
      operators, tenants or lessees to open to Lender all areas within the Premises
      reasonably necessary or convenient with respect to the requirements hereof,
      and
      Mortgagor represents that each lease of the Premises provides reasonable
      inspection rights to Mortgagor which may be exercised by Lender.

     

    (e) Mortgagor
      will promptly comply with all present and future laws, ordinances, rules and
      regulations of any governmental authority affecting the Premises or any part
      thereof. Mortgagor shall also comply with all restrictions, agreements or
      obligations binding upon Mortgagor, the Premises, the Land or any portion
      thereof.

     

    (f) If
      all or
      any part of the Premises shall be damaged by fire or other casualty, Mortgagor
      will promptly restore the Premises to the equivalent of its original condition
      and if a part of the Premises shall be taken through condemnation, Mortgagor
      will promptly restore, repair or alter the remaining portions of the Premises
      in
      a manner satisfactory to Lender. Notwithstanding the foregoing, Mortgagor shall
      not be obligated so to restore, repair or alter unless in each instance, Lender
      agrees to make available to Mortgagor (pursuant to a procedure satisfactory
      to
      Lender) any net insurance or condemnation proceeds actually received by Lender
      hereunder in connection with such casualty loss or condemnation, to the extent
      such proceeds are required to defray the expense of such restoration, repair
      or
      alteration; provided, however, that the insufficiency of any such insurance
      or
      condemnation proceeds to defray the entire expense of restoration, repair or
      alteration shall in no way relieve Mortgagor of its obligation to restore,
      repair or alter. In the event all or any portion of the Premises shall be
      damaged or destroyed by fire, windstorm, flood or other casualty or by
      condemnation, Mortgagor shall promptly deposit with Lender a sum equal to the
      amount by which the estimated cost of the restoration of the Premises (as
      determined by Lender in its good faith judgment) exceeds the actual net
      insurance or condemnation proceeds with respect to such damage or
      destruction.

     

    (g) Notwithstanding
      the provisions of Sections 1.5 and 1.6 hereof to the contrary, in the event
      that
      any portion or portions of the Premises are damaged or destroyed by fire or
      by
      any other casualty, or are the subject of a “de minimis” (for purposes of this
      Section 1.7(g) the term “de minimis” shall mean an amount, as determined by
      Lender in its sole discretion,
      which does not adversely affect the actual use of the Improvements)
      condemnation, and such damage, destruction, or condemnation results in the
      need
      for repair, rebuilding, or restoration work to be performed on the Premises
      (such repair, rebuilding, or restoration is referred to herein as the
“Work”),
      Lender shall allow Mortgagor to use the amount by which the proceeds of all
      insurance policies, judgments, settlements, or awards collected with respect
      to
      such damage, destruction, or condemnation (except such amounts as are
      attributable to a loss of rents) exceed the cost, if any, to Lender for the
      recovery of such proceeds (said net amount is defined herein as the
“Reconstruction
      Funds”),
      to
      perform the Work, so long as the following conditions have been
      met:

    
      
        
        

      

      
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    (i) No
      Event
      of Default exists hereunder, under the Note, or under any other of the Loan
      Documents;

     

    (ii) Mortgagor
      shall have delivered evidence satisfactory to Lender that the Improvements
      may
      be reconstructed in accordance with all applicable zoning and building codes,
      and all rules, regulations, and ordinances of governmental authorities and
      that,
      upon completion of the Work, the condition of the Improvements will be at least
      equal in value and general utility to that which existed immediately prior
      to
      such casualty or condemnation;

     

    (iii) Mortgagor
      shall have delivered evidence satisfactory to Lender that sufficient funds,
      including the Reconstruction Funds, are available to perform the Work and that
      the Work is capable of completion at least three (3) months prior to the
      maturity date of the Note;

     

    (iv) Mortgagor
      shall have delivered evidence satisfactory to Lender that business interruption
      or income insurance proceeds payable to Mortgagor as a result of the damage
      or
      destruction, or income from the Improvements, or that sources other than the
      Reconstruction Funds, are sufficient to cover payments of debt service, costs,
      and expenses under and in connection with the Note during the period the Work
      is
      to be performed;

     

    (v) Lender
      shall be satisfied, in its sole discretion, that the Work can be completed
      and
      the Improvements can be ready for occupancy at least three (3) months prior
      to
      the maturity of the Note;

     

    (vi) All
      parties having existing or expected possessory interest in the Premises agree
      in
      a manner satisfactory to Lender that they will continue or extend their intent
      and arrangements for the contract terms then in effect following the work or
      are
      otherwise required to do so under the terms of their respective
      contracts;

     

    (vii) All
      parties having operating, management, or franchise interests in or arrangements
      concerning the Property agree that they will continue their interests and
      arrangements for the contract terms then in effect following the
      Work;

     

    (viii) The
      cost
      of the Restoration Work does not exceed 50% of the value of the Improvements
      immediately prior to the damage, destruction or condemnation; and

     

    (ix) Lender
      shall be satisfied that it will not incur any liability to any other person
      as a
      result of such use or release of insurance proceeds.

     

    
      
        
        

      

      
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    In
      the
      event that the conditions set forth in Section 1.7(g) above are satisfied,
      Lender shall make the Reconstruction Funds available to Mortgagor for the Work
      only under the following procedures, terms, and conditions:

     

    1. Mortgagor
      shall execute and deliver to Lender a copy of a contract with a licensed
      contractor acceptable to Lender setting forth a fixed price for the Work and
      a
      completion date that acceptable to Lender and that is at least three (3) months
      prior to the maturity date of the Note;

     

    2. Mortgagor
      shall demonstrate to Lender that the Reconstruction Funds are at least equal
      to
      the fixed price of the Work as set forth in said contract or shall deposit
      with
      Lender funds in the amount by which such fixed price exceeds the Reconstruction
      Funds;

     

    3. The
      Work
      shall be supervised by an architect or engineer and performed in accordance
      with
      plans and specifications prepared by such architect or engineer and approved
      by
      Lender;

     

    4. The
      Reconstruction Funds, plus any additional funds deposited by Mortgagor, shall
      be
      received and held by Lender and disbursed in accordance with the terms and
      conditions used by Lender in connection with the a loan disbursing agreement
      to
      be prepared by Lender and Mortgagor’s expense, and Mortgagor shall reimburse
      Lender for costs and expenses incurred in connection with such
      disbursements;

     

    5. Upon
      completion of and final payment for the Work, any remaining Reconstruction
      Funds
      shall, at the option of Lender, be applied to the indebtedness and obligations
      secured by this Mortgage (whether or not then due) in such order as Lender
      shall
      elect or paid over to Mortgagor; provided, however, that in either event, any
      remaining additional funds deposited by Mortgagor for excess costs shall be
      refunded to Mortgagor; and

     

    6. Mortgagor
      shall otherwise comply with the terms and conditions of this Mortgage and the
      other Loan Documents during the performance of the Work.

     

    In
      the
      event any one or more of the conditions set forth in this Section 1.7(g) is
      at
      any time not satisfied, Lender may elect, in its discretion, to apply the
      Reconstruction Funds to the indebtedness and obligations secured hereby, whether
      or not clue, in such manner as Lender shall elect. Without limiting the
      generality of the foregoing, if an Event of Default shall exist and be
      continuing hereunder, or if Mortgagor shall fail diligently to pursue and
      complete the Work, Lender may, in its sole discretion, apply any undisbursed
      Reconstruction Funds and any of Mortgagor’s deposits against the balance of the
      indebtedness and obligations secured hereby, whether or not due, in such manner
      as Lender shall elect.

     

    Section
      1.8. Further
      Assurances; After Acquired Property.
      At any
      time, and from time to time, upon request by Lender, Mortgagor will make,
      execute and deliver or cause to be made, executed and delivered, to Lender
      and,
      where appropriate, cause to be recorded or re-recorded and/or filed or refiled
      at such time and from time to time, and in such offices and places as shall
      be
      deemed desirable by Lender, any and all such other and further mortgages,
      security agreements, financing statements, continuation statements, instruments
      of further assurance, certificates and other documents as may, in the opinion
      of
      Lender, be necessary or desirable in order to effectuate, complete, or perfect,
      or to continue and preserve (a) the obligations of Mortgagor under the Loan
      Documents and this Mortgage, and (b) the lien of this Mortgage as a first and
      prior perfected lien upon all of the Premises, whether now owned or hereafter
      acquired by Mortgagor subject only to the matters appearing in the title policy
      delivered by Mortgagor to Lender in connection with this Mortgage. Upon any
      failure by Mortgagor so to do, Lender may make, execute, record, file, rerecord
      and/or re-file any and all such mortgages, security agreements, financing
      statements, continuation statements, instruments, certificates and documents
      for
      and in the name of Mortgagor, and Mortgagor hereby irrevocably appoints Lender
      the agent and attorney-in-fact of Mortgagor so to do. The lien hereof will
      automatically attach, without further act, to all after acquired property
      attached to and/or used in the operation of the Premises, the Land or any part
      thereof.

     

    
      
        
        

      

      
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    Section
      1.9. Books,
      Records, Accounts and Annual Reports.
      Mortgagor will keep and maintain or will cause to be kept and maintained, at
      Mortgagor’s expense, proper and accurate books, records and accounts reflecting
      all items of income and expense in connection with the operation of the Premises
      and in connection with any services, materials, equipment or furnishings
      provided in connection with use or operation of the Premises or the construction
      of Improvements. Lender shall have the right from time to time at all times
      during normal business hours to examine all books, records and accounts relating
      to the Premises and Mortgagor at the office of Mortgagor or other person or
      entity maintaining such books, records and accounts and to make copies or
      extracts thereof as Lender shall desire. Mortgagor will furnish to Lender at
      any
      time within forty-five (45) days after demand by Lender, financial statements
      and reports as Lender may reasonably request with respect to Mortgagor or the
      Premises.

     

    Section
      1.10. Estoppel
      Affidavits.
      Mortgagor, upon ten (10) days’ prior written notice, shall furnish Lender a
      written statement, duly acknowledged, setting forth the unpaid principal of,
      and
      interest on, the indebtedness secured hereby and whether or not any offsets
      or
      defenses exist against such indebtedness and, if such offsets or defenses are
      alleged to exist, such statement shall detail the specific facts relating
      thereto.

     

    Section
      1.11. Subrogation.
      Lender
      shall be subrogated to the claims and liens of all parties whose claims or
      liens
      are discharged or paid with the proceeds of the indebtedness secured
      hereby.

     

    Section
      1.12. Expenses.
      Mortgagor will promptly pay or reimburse Lender, upon demand, for all reasonable
      attorneys’ fees, costs and expenses incurred by Lender in any proceeding
      involving the estate of a decedent or an insolvent, or in any action, legal
      proceeding or dispute of any kind in which Lender is made a party, or appears
      as
      a party, in connection with or affecting the indebtedness secured hereby, this
      Mortgage, any of the other Loan Documents, the interest created hereby,
      Mortgagor or any Guarantor, including but not limited to the foreclosure of
      this
      Mortgage, any proceeding relating to bankruptcy, insolvency or other relief
      for
      debtors, any condemnation action involving the Premises or any action to protect
      the security hereof; and all such amounts shall be added to the indebtedness
      secured by the lien of this Mortgage.

     

    
      
        
        

      

      
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    Section
      1.13. Assignment
      of Contracts and Other Agreements.
      As
      additional collateral and further security for the indebtedness secured hereby,
      Mortgagor does hereby assign to Lender the interest of Mortgagor in and to
      any
      and all contracts, leases, rental agreements, franchise agreements, management
      contracts, construction contracts, and other contracts, licenses and permits
      now
      or hereafter affecting the Premises, or any part thereof, and Mortgagor agrees
      to execute and deliver to Lender such additional instruments, in form and
      substance satisfactory to Lender, as may hereafter be requested by Lender to
      evidence and confirm said assignment; provided, however, that acceptance of
      any
      such assignment shall not be construed as a consent by Lender to any contract,
      lease, rental agreement, franchise agreement, management contract, construction
      contract, or other contract, license or permit, or to impose upon Lender any
      obligation with respect thereto. Mortgagor shall faithfully keep and perform,
      or
      cause to be kept and performed, all of the covenants, conditions, and agreements
      contained in each of said instruments, now or hereafter existing, on the part
      of
      Mortgagor to be kept and performed and shall at all times do all things
      necessary to compel performance by each other party to said instruments of
      all
      obligations, covenants and agreements by such other party to be performed
      thereunder.

     

    Section
      1.14. Leases.
      Mortgagor hereby collaterally assigns and transfers to Lender all the rents,
      issues and profits of the Premises, whether now or hereafter accruing, and
      hereby gives to and confers upon Lender the right, power and authority to
      collect such rents, issues and profits. From time to time, upon the request
      of
      Lender, Mortgagor shall give further evidence of the foregoing assignment to
      Lender by executing and delivering to Lender specific assignments (in form
      and
      substance satisfactory to Lender) of the rents, issues and profits. From time
      to
      time, Mortgagor shall also execute and deliver to Lender any notice to tenants
      or other document reasonably required by Lender. Mortgagor irrevocably appoints
      Lender its true and lawful attorney-in-fact, at the option of Lender at any
      time
      and from time to time after the occurrence of any Event of Default under this
      Mortgage (whether or not Lender takes possession of the Premises), to demand,
      receive and enforce payment, to give receipts, releases and satisfactions,
      and
      to sue, in the name of Mortgagor or Lender, for all such rents, issues and
      profits and apply the same to the indebtedness secured hereby; provided,
      however, that Mortgagor shall have permission to collect such rents, issues
      and
      profits (but rents shall not be collected for more than one month in advance)
      prior to the occurrence of any Event of Default under this Mortgage. Upon the
      occurrence of any Event of Default, the permission hereby given to Mortgagor
      to
      collect such rents, issues and profits shall terminate and such permission
      shall
      not be reinstated upon the cure of the Event of Default without Lender’s
      specific written consent. Further, upon the occurrence of any Event of Default,
      Mortgagor shall immediately turn over to Lender all rents, issues and profits
      in
      the actual or constructive possession of Mortgagor (or its agents or
      affiliates), together with an accounting thereof. Exercise of Lender’s rights
      under this Section, and the application of any rents, issues and profits to
      the
      indebtedness secured hereby, shall not cure or waive any default. To the fullest
      extent allowed by law, the assignment of the rents, issues and profits of the
      Premises in this Section is intended to be an absolute assignment from Mortgagor
      to Lender and not merely the passing of a security interest but Mortgagor shall
      have the right to collect the same so long as no Event of Default under this
      Mortgage shall have occurred.

     

    Upon
      any
      occurrence of any Event of Default under this Mortgage, Lender may, at any
      time
      without notice, either in person, by agent or by a receiver appointed by a
      court, and without regard
      to
      the adequacy of any security for the indebtedness hereby secured, enter upon
      and
      take possession of the Premises, or any part thereof, and in its own name sue
      for or otherwise collect such rents, issues and profits, including those past
      due and unpaid, and apply the same in accordance with the provisions of Section
      2.3(b) hereof The collection of such rents, issues and profits, or the entering
      upon and taking possession of the Premises, or the application thereof as
      aforesaid, shall not cure or waive any Event of Default or notice of default
      hereunder or invalidate any act done in response to such Event of Default or
      pursuant to such notice of default.

     

    
      
        
        

      

      
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    Mortgagor
      shall not execute any other assignment of the income, rents, issues or profits,
      or any part thereof, from the Premises to any person or entity other than
      Lender.

     

    Mortgagor
      covenants that it shall, at its sole cost and expense, (a) duly and punctually
      perform and discharge, or cause to be performed and discharged, all of the
      obligations and undertakings of Mortgagor or its agents under all leases
      affecting the Premises, (b) use its best efforts to enforce or secure, or cause
      to be enforced or secured, the performance of each and every obligation and
      undertaking of the respective tenants under such leases, (c) promptly notify
      Lender if Mortgagor receives any notice from a tenant claiming that Mortgagor
      is
      in default under a lease, and (d) appear in and defend any action or proceeding
      arising under or in any manner connected with the leases.

     

    Mortgagor
      shall not execute any leases pertaining to the Property without the prior
      written consent of Lender, which consent shall not be unreasonably withheld
      and
      all leases shall be inferior and subordinate to the lien of this Mortgage and
      the terms of each lease shall so expressly provide.

     

    Section
      1.15. No
      Sale or Encumbrance of Premises; No Additional Financing.
      Mortgagor hereby acknowledges to Lender that (a) the identity and expertise
      of
      Mortgagor were and continue to be material circumstances upon which Lender
      has
      relied in connection with, and which constitute valuable consideration to Lender
      for, the extending to Mortgagor of the indebtedness evidenced by the Note,
      and
      (b) any change in such identity or expertise could materially impair or
      jeopardize the security granted to Lender by this Mortgage. Mortgagor therefore
      covenants and agrees with Lender that Mortgagor shall not sell, transfer,
      convey, mortgage, encumber, lease or otherwise dispose of the Premises or any
      part thereof or any interest therein or engage in additional financing with
      respect thereto without the prior written consent of Lender (which consent
      may
      be granted or denied in Lender’s sole and absolute discretion); provided,
      however that Mortgagor shall have the right to dispose of articles of Fixtures
      and Personal Property if and only (i) simultaneously therewith Mortgagor
      replaces such articles with like articles of equal or greater value, (ii) the
      replacements are not subject to any liens or encumbrances whatsoever other
      than
      the lien of this Mortgage, and (iii) the replacements are fully paid for by
      Mortgagor and are not subject to any conditional sales contract or financing
      device. Any change in the legal or equitable title of the Premises or in the
      beneficial ownership of the Premises (including any change in the ownership
      or
      control of the any partnership interests or stock of Mortgagor or any partners
      thereof), whether or not of record and whether or not for consideration, or
      any
      sale or other disposition of any interest of Mortgagor except in accordance
      with
      the terms of this Mortgage shall be deemed a transfer of an interest in the
      Premises.

     

    
      
        
        

      

      
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    In
      the
      event that ownership of the Premises, or any part thereof, becomes vested in
      any
      person or persons other than Mortgagor, without the prior written approval
      of
      Lender, Lender may, without notice to Mortgagor, waive such default and deal
      with such successor or successors in interest with reference to this Mortgage,
      in the same manner as with Mortgagor, without in any way releasing, discharging
      or otherwise affecting the liability of Mortgagor hereunder, or for the
      indebtedness hereby secured. No sale of the Premises, no forbearance on the
      part
      of Lender, no extension of the time for the payment of the indebtedness secured
      hereby nor any change in the terms thereof consented to by Lender shall in
      any
      way whatsoever operate to release, discharge, modify, change or affect the
      original liability of Mortgagor herein, either in whole or in part, nor shall
      the full force and effect of this lien be altered thereby. Any deed, assignment
      or other instrument conveying the Premises or any part thereof, shall provide
      that the grantee thereunder assumes all of the grantor’s obligations under this
      Mortgage, the Note and all other instruments or agreements evidencing or
      securing the repayment of the indebtedness secured hereby. In the event such
      deed shall not contain such assumption, the grantee under such deed shall
      nevertheless be deemed to have assumed such obligations by acquiring the
      Premises or such portion thereof subject to this Mortgage.

     

    Section
      1.16. Maintenance
      of Borrowing Entity.

     

    (a) If
      Mortgagor is a partnership or joint venture, Mortgagor shall maintain and
      continue in existence in its current form the partnership agreement of
      Mortgagor; said agreement shall not be amended or modified in any manner
      whatsoever without Lender’s prior written consent, which consent shall not be
      unreasonably withheld; and except as expressly permitted in the Loan Agreement,
      no partner shall sell, transfer, dispose of, or encumber such partner’s interest
      in Mortgagor without the prior written consent of Lender.

     

    (b) If
      Mortgagor, or any general partner of Mortgagor is a corporation or a company,
      Mortgagor or each such managing member shall maintain and continue in existence
      as a corporation and/or company duly organized and in good standing under the
      laws of the state or country of its incorporation and shall continue to be
      qualified as a foreign corporation and/or company and remain in good standing
      in
      Florida and it shall not liquidate, dissolve or suffer an expiration or
      revocation of its charter, and except as expressly permitted in the Loan
      Agreement, no change in the ownership or control of Mortgagor or such general
      partner shall occur without the prior written consent of Lender, whether by
      sale
      of assets, merger, consolidation, sale of stock interests in Mortgagor or such
      managing member, or any other circumstances where the effect is to pass
      ownership of any interest in Mortgagor or such managing member or to pass
      control of Mortgagor or the managing member from the persons now exercising
      control to others.

     

    Section
      1.17. Security
      Agreement.
      The
      Fixtures and Personal Property and Other Rights and Property hereinbefore
      described shall be deemed to be part of the real estate and mortgaged hereby
      to
      the fullest extent permitted by law, and as to the balance of such property
      Mortgagor grants to Lender a security interest therein in accordance with the
      Uniform Commercial Code of the State of Florida and, as to such property, this
      Mortgage shall be considered a security agreement under said Uniform Commercial
      Code. With respect to such property, Lender is a “secured party” and Mortgagor
      is a “debtor” under the Uniform Commercial Code with their respective addresses
      being set forth in Section 3.9 below.

     

    
      
        
        

      

      
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    Section
      1.18. Future
      Advances.
      This
      Mortgage is given to secure not only existing indebtedness, but also such future
      advances as are made within twenty 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 indebtedness that may be so secured may decrease
      or increase from time to time, but the total unpaid balance so secured at one
      time shall not exceed $20,000,000.00 plus disbursements made for the payment
      of
      taxes, levies or insurance on the Premises, with interest on such disbursements.
      Nothing contained herein, however, shall obligate Lender to make any future
      advances. If Lender makes any future advances, (a) the term “Note”,
      as
      used in this Mortgage, shall include all promissory notes and other documents
      evidencing such future advances in addition to the Promissory Note identified
      in
      the “WHEREAS” clause of this Mortgage, and (b) the term “Loan
      Documents”
shall
      include all documents executed in connection with the futures advance(s) in
      addition to all other documents described in Section 1.1
      above.

     

    Section
      1.19. Leases;
      Rent Rolls.
      Mortgagor covenants that it shall not, without the prior express written consent
      of Lender, which consent shall not be unreasonably withheld, enter into any
      lease affecting all or any portion of the Premises, or materially modify,
      terminate, or consent to the cancellation or surrender of any lease, or permit
      any tenant under any lease to assign or sublet its rights thereunder. Further,
      Lender specifically reserves the right to approve the form and content of all
      leases, all proposed tenants, and any assignee or sublessee of any existing
      tenant. Mortgagor shall deliver to Lender a rent roll for the Premises, in
      form
      and detail satisfactory to Lender, at such times as Lender may request, together
      with a copy of all leases, rental agreements and occupancy agreements with
      respect to the Premises. Mortgagor shall not collect any rent under any leases,
      rental agreements or other occupancy agreements pertaining to the Premises
      more
      than one month in advance, except for security deposits not to exceed two months
      rent which are deposited in a segregated account at Lender and held and
      maintained by Mortgagor in full compliance with all applicable laws. The rights
      of all tenants and other occupants of the Premises must at all times be fully
      subordinate to the terms of this Mortgage and the other Loan
      Documents.

     

    Section
      1.20. Environmental
      Compliance.
      Mortgagor and others have executed an Environmental Indemnity Agreement of
      even
      date herewith (as it may be modified or amended from time to time, the
“Environmental
      Agreement”),
      which
      shall survive the repayment of the Note and the satisfaction of this Mortgage.
      Mortgagor hereby agrees to fully comply with all terms, conditions and
      provisions of the Environmental Agreement. If any representation or warranty
      contained in the Environmental Agreement is untrue, if Mortgagor or Guarantors
      shall fail to comply with the provisions of the Environmental Agreement, or
      if
      any of the terms or provisions thereof shall be breached, the same shall
      constitute an Event of Default under this Mortgage. Mortgagor shall deliver
      to
      Lender environmental assessments of the Premises in accordance with the terms
      of
      the Environmental Agreement at Mortgagor’s sole cost and expense. Should
      Mortgagor fail to provide any such environmental assessment, Lender shall have
      the right, but not the obligation, to retain an environmental consultant to
      perform and prepare same. Lender shall have the right but not the obligation,
      and without any limitation of Lender’s other rights under this Mortgage, to
      enter onto the Premises or to take any action as it deems necessary or advisable
      to cleanup, remove, resolve or minimize the impact of, or otherwise deal with,
      any hazardous material or any environmental claim following receipt of any
      notice from any person or governmental authority asserting the existence of
      any
      hazardous material
      or an environmental claim pertaining to the Premises or any part thereof which,
      if true, could result in an order, suit or other action against Mortgagor or
      Lender which, in the sole opinion of Lender, could jeopardize Lender’s security
      under this Mortgage. All costs and expenses incurred by Lender in the exercise
      of any of its rights under this Section shall be secured by this Mortgage and
      shall be payable by Mortgagor upon demand or, at the election of Lender, funded
      under the Note.

     

    
      
        
        

      

      
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    Section
      1.21. Reappraisal
      Provisions.
      Lender
      may obtain, at Mortgagor’s expense upon Lender’s reasonable determination that
      an updated appraisal is appropriate (including, without limitation, to comply
      with any regulatory requirements applicable to Lender), but in no event more
      frequently than once every two calendar years, an appraisal of the Premises
      or
      any part thereof prepared by a third-party appraiser engaged directly by Lender
      in accordance with written instructions from Lender. Each such appraiser and
      appraisal shall be satisfactory to Lender (including satisfaction of applicable
      regulatory requirements). Mortgagor shall cooperate fully with any such
      appraiser and provide all such documents and information as such appraiser
      may
      request in connection with the appraiser’s performance and preparation of such
      appraisal. The cost of each such appraisal shall be due and payable by Mortgagor
      on demand and shall be secured by this Mortgage and the other Loan Documents.
      Mortgagor acknowledges that Lender was induced to enter into the subject loan
      transaction based upon a specific loan-to-value ratio (the “Original
      Loan-to-Value Ratio”)
      calculated by dividing the aggregate principal amount of the Note by the
      appraised value (the “Original
      Appraised Value”)
      of the
      Premises set forth in the appraisal Mortgagor submitted to Lender prior to
      the
      execution of this Mortgage. If any updated appraisal received by Lender pursuant
      to this Section reflects that the appraised value of the Premises has decreased
      from the Original Appraised Value and if such decrease results in a loan
      to-value ratio which is higher than the Original Loan-to-Value Ratio, Mortgagor
      shall within ten (10) days of Lender’s written request make a principal payment
      (the “Prepayment”)
      under
      the Note in an amount sufficient to maintain the Original Loan-to-Value Ratio.
      Such Prepayment shall not entitle Mortgagor to a release of any of the Premises.
      Mortgagor’s failure to promptly and fully comply with Lender’s requirements
      under this Section 1.21 shall, without further notice, constitute an Event
      of
      Default under this Mortgage.

     

    Section
      1.22. Loan
      Documents; Partial Releases.
      Mortgagor hereby agrees to comply with all provisions of the Loan Documents.
      All
      advances of Lender made pursuant to the Loan Documents, all costs and expenses
      incurred by Lender under the Loan Documents, and all obligations of Mortgagor
      under and in connection with the Loan Documents shall be secured
      hereby.

     

    Section
      1.23. Section
      697.07 of the Florida Statutes.
      Mortgagor agrees that the assignment of leases and rents contained in this
      Mortgage is intended shall provide Lender with all the rights and remedies
      of
      mortgagees pursuant to Section 697.07 of the Florida Statutes (hereinafter
      “Section
      697.07”),
      as it
      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 Lender,
      including but not limited to, the appointment of a receiver as provided in
      this
      Mortgage or any rights or powers of the receiver in law or equity or as
      otherwise provided in this Mortgage. In addition, the assignment of leases
      and
      rents in this Mortgage shall be fully operative without regard to value of
      the
      Premises and without regard to the adequacy of the Premises to serve as security
      for the obligations owed by Mortgagor to Lender and shall be in addition to
      any
      rights arising
      under Section 697.07. Further, except for the notices expressly required under
      this Mortgage, if any, Mortgagor to the fullest extent allowed by law Mortgagor
      waives any notice of default or demand for turnover of rents by Lender, together
      with any rights under Section 697.07 to apply to a court to deposit the rents
      into the registry of the court or such other depository as the court may
      designate.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    Section
      1.24. Condominium
      Provisions.
      Mortgagor shall not submit any of the Land to a declaration of condominium
      without the prior written consent of Lender. However, if a declaration of
      condominium is recorded against the Land or any portion thereof with the prior
      written consent of Lender, (a) Mortgagor shall abide by all of the terms,
      covenants and restrictions contained in the declaration of condominium, bylaws,
      rules and regulations, and all other condominium documents, and all licenses,
      use agreements and other documents pertaining to the use of any recreational
      facilities or common areas, (b) Mortgagor shall promptly pay, when due, all
      assessments imposed by any condominium association or other governing body
      of
      the condominium documents, (c) Mortgagor shall not, without the prior written
      consent of Lender, partition or subdivide the Land or consent to or otherwise
      allow the abandonment or termination of the condominium or any amendment of
      the
      declaration of condominium, bylaws, rules or regulations, license, agreement
      or
      other document pertaining to the condominium, and (d) Mortgagor shall fully
      comply with all obligations applicable to Mortgagor as the developer of the
      condominium imposed by federal, state or local law.

     

    ARTICLE
      II

    

    Section
      2.1. Event
      of Default.
      The
      phrase “Event
      of Default”,
      wherever used in this Mortgage, shall mean and include any one or more of the
      following events:

     

    (a) Failure
      by Borrower or Mortgagor to pay, as and when due and payable, any installments
      of principal and/or interest under the Note or other Loan Documents or any
      required deposits for taxes, assessments, insurance premiums, and other similar
      charges, or any other portion of the indebtedness secured hereby within ten
      (10)
      days of when due; or

     

    (b) Failure
      by Mortgagor to duly keep, observe and perform any other covenant, condition
      or
      agreement of this Mortgage to be kept or performed by Mortgagor and the
      continuance of such failure for thirty (30) days after written notice by Lender
      to Mortgagor of such occurrence;

     

    (c) Failure
      by Mortgagor duly to observe or perform any term, covenant, condition or
      agreement in any other documents now or hereafter evidencing, securing or
      otherwise relating to the Note, this Mortgage or the indebtedness secured hereby
      (including, without limitation, the Environmental Agreement, and an Assignment
      of Leases, Rents and Profits of even date herewith, as such documents may be
      modified and amended from time to time, and all other Loan Documents) which
      is
      not remedied within thirty (30) days written notice by Lender to Mortgagor
      of
      any such occurrence. If Mortgagor cannot cure within thirty (30) days but is
      diligently pursuing cure, then time shall be tolled for an additional thirty
      (30) day period; or

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (d) The
      occurrence of a default or event of default under any of the Loan Documents
      which is not remedied within the cure period, if any, provided with respect
      thereto; or

     

    (e) Any
      representation or warranty of Mortgagor contained in this Mortgage or in any
      of
      the other Loan Documents or any representation or warranty of any Mortgagor
      or
      other party in any of the Loan Documents or otherwise in connection with the
      indebtedness evidenced by the Note or any other notes executed pursuant to
      Section 1.18 hereof proves to be untrue or misleading in any material respect;
      or

     

    (f) Mortgagor
      shall (i) have an order entered for relief with respect to it under the Federal
      Bankruptcy Code or any other law pertaining to bankruptcy, insolvency or debtor
      relief, whether now or hereafter existing and whether Federal, state or foreign,
      (ii) not pay, or admit in writing its inability to pay, its debts generally
      as
      they become due, (iii) make an assignment for the benefit of creditors, (iv)
      apply for, seek, consent to, or acquiesce in, the appointment of a receiver,
      custodian, trustee, examiner, liquidator or similar official for it or any
      substantial part of its property, (v) institute any proceeding seeking the
      entry
      of any order for relief under the Federal Bankruptcy Code or any other law
      pertaining to bankruptcy, insolvency or debtor relief, whether now or hereafter
      existing and whether Federal, state or foreign, to adjudicate it a bankrupt
      or
      insolvent, or seeking dissolution, winding up, liquidation, reorganization,
      arrangement, adjustment or composition of it or its debts under any law relating
      to bankruptcy, insolvency or reorganization or relief of debtors or fail to
      file
      an answer or other pleading denying the material allegations of any such
      proceeding filed against it, (vi) take any action to authorize or effect any
      of
      the foregoing actions set forth in this subsection (g), or (vii) fail to
      contest in good faith any appointment or proceeding described in subsection
      (h)
      below; or

     

    (g) Without
      the application, approval or consent of Mortgagor, a receiver, trustee,
      examiner, liquidator or similar official shall be appointed for Mortgagor or
      any
      substantial part of its property, or a proceeding described in subsection (f)
      shall be instituted against Mortgagor and such appointment continues
      undischarged or such proceeding continues undismissed or unstayed for a period
      of 30 consecutive days; or

     

    (h) Mortgagor
      shall sell, transfer, convey, mortgage, encumber, lease or otherwise dispose
      of
      the Premises or any part thereof or any interest therein or engage in financing
      with respect thereto in violation of the provisions of this Mortgage or
      Mortgagor, or any managing member of Mortgagor (if a corporation) is liquidated
      or dissolved or its charter expires or is revoked or its ownership or control
      changes in violation of Section 1.16 above, or Mortgagor or any such managing
      member (if a partnership or business association) is dissolved or partitioned,
      or a general partner withdraws, resigns or is removed, or the interest of a
      general partner therein is sold, transferred, disposed of or encumbered in
      violation of Section 1.16 above; or

     

    (i) The
      institution of foreclosure or other proceedings to enforce any mortgage,
      security interest, lien or encumbrance of any kind on the Premises or any
      portion thereof, whether superior or subordinate to this Mortgage (provided,
      that the foregoing shall not be
      deemed
      to constitute Lender’s consent to any mortgage, security interest, lien or
      encumbrance on the Premises which is otherwise prohibited by this Mortgage);
      or

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (j) The
      occurrence of any event or circumstance which pursuant to the terms of this
      Mortgage or any of the other Loan Documents is stated to be an Event of Default
      under this Mortgage; or

     

    (k) The
      occurrence of any material adverse change in the financial condition of
      Mortgagor.

     

    Section
      2.2. Lender’s
      Rights, Acceleration, Foreclosure and Sale.
      Upon
      the occurrence of any Event of Default (after the giving of notice and the
      expiration of any applicable cure period that is expressly required in Section
      2.1 above), then the whole of the indebtedness secured hereby shall, at the
      option of Lender, without notice or demand, become immediately due and payable
      for all purposes, time being of the essence of this Mortgage, anything in the
      Note, this Mortgage or any of the other Loan Documents to the contrary
      notwithstanding, and, thereupon, or at any time during the existence of any
      Event of Default, Lender may proceed by suit or suits at law or in equity or
      by
      any other appropriate proceeding or remedy to (a) enforce the payment of
      the Note or the performance by Mortgagor of any other term or provision of
      the
      Note or any of the Loan Documents or enforce any other rights possessed by
      Lender, (b) foreclose this Mortgage by judicial proceedings, and/or (c)
      pursue any other right or remedy available to Lender. Any failure of Lender
      to
      exercise any of said options shall not constitute a waiver of the right to
      exercise the same at any other time; and all of the rights and remedies of
      Lender shall be cumulative.

     

    Section
      2.3. Right
      of Lender to Enter and Take Possession.
      

     

    (a) If
      an
      Event of Default shall have occurred, Mortgagor, upon demand of Lender, shall
      forthwith surrender to Lender the actual possession of the Premises, and Lender
      may (by itself or through a receiver) enter and take possession of the Premises
      and may exclude Mortgagor and Mortgagor’s agents and employees wholly
      therefrom.

     

    (b) Upon
      every such entering and taking of possession, Lender may hold, store, use,
      operate, manage, control, and maintain the Premises and conduct the business
      thereof, and, from time to time, (i) make or perform construction, repairs,
      renewals, replacements, additions, betterments and improvements thereto and
      thereon and purchase or otherwise acquire additional fixtures, personalty and
      other property; (ii) insure or keep the Premises insured; (iii) manage and
      operate the Premises and exercise all the rights and powers of Mortgagor in
      its
      name or otherwise with respect to the same and (iv) enter into any and all
      agreements with respect to the exercise by others of any of the powers herein
      granted Lender, all as Lender may from time to time determine to be to its
      best
      interest. Lender may collect and receive all of the income, rents, profits,
      issues and revenues of the Premises, including the past due as well as those
      accruing thereafter, and Lender may apply any moneys and proceeds received
      by
      Lender, in such order and priority as Lender in its sole discretion may
      determine, to (1) all expenses of taking, holding, managing and operating the
      Premises (including compensation for the services of all persons employed for
      such purposes); (2) the cost of all such construction, maintenance, repairs,
      renewals, replacements, additions, betterments, improvements, purchases, and
      acquisitions;
      (3) the cost of such insurance; (4) such taxes, assessments and other charges
      as
      Lender may determine to pay; (5) other proper charges upon the Premises or
      any
      part thereof; (6) the reasonable compensation and expenses of attorneys and
      agents of Lender; (7) accrued interest; (8) deposits for taxes, insurance and
      similar items required hereunder; (9) principal; and/or (10) any other sums
      that
      may be due and payable to Lender under or pursuant to any of the Loan
      Documents.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (c) For
      the
      purpose of carrying out the provisions of this Section 2.3, Mortgagor hereby
      constitutes and appoints Lender the true and lawful attorney-in-fact of
      Mortgagor to do and perform, from time to time, any and all actions necessary
      and incidental to such purpose and does, by these presents, ratify and confirm
      any and all actions of said attorney-in-fact in the Premises.

     

    (d) If
      Lender
      shall surrender possession of the Premises to Mortgagor as a result of the
      acceptance by Lender of any cure of any Event of Default, the right of Lender
      to
      thereafter take possession, from time to time, pursuant to this Section shall
      exist if any subsequent Event of Default shall occur.

     

    Section
      2.4. Appointment
      of a Receiver.

     

    (a) If
      an
      Event of Default shall have occurred, Lender shall be entitled, upon notice
      to
      Mortgagor but without regard to the adequacy of any security for the
      indebtedness hereby secured or the solvency of any party bound for its payment,
      upon ex-parte application to the appointment of a receiver to take possession
      of
      and to operate the Premises and to collect the rents, profits, issues, and
      revenues thereof and such receiver shall have all the powers of Mortgagor,
      including, without limitation, those powers set forth in Section 2.3(b) above.
      Mortgagor hereby specifically waives the right to object to the appointment
      of a
      receiver and hereby expressly agrees that such appointment shall be made as
      an
      admitted equity and as a matter of absolute right to Lender.

     

    (b) Mortgagor
      will pay to Lender upon demand all expenses and costs, including receiver’s
      fees, reasonable attorneys’ fees, legal costs and agent’s compensation, incurred
      pursuant to the provisions contained in this Section, and all such expenses
      shall be secured by this Mortgage.

     

    Section
      2.5. Discontinuance
      of Proceedings and Restoration of Status of the Parties.
      In case
      Lender shall have proceeded to enforce any right or remedy under this Mortgage
      by receiver, entry or otherwise, and such proceedings shall have been
      discontinued or abandoned for any reason or shall have been determined adversely
      to Lender, then and in every such case Mortgagor and Lender shall be restored
      to
      their former positions and rights hereunder, and all rights, powers and remedies
      of Lender shall continue as if no such proceeding had been taken.

     

    Section
      2.6. Remedies
      Cumulative.
      No
      right, power or remedy conferred upon or reserved to Lender by this Mortgage
      or
      any of the Loan Documents is intended to be exclusive of any other right, power
      or remedy, but each and every such right, power and remedy shall be cumulative
      and concurrent and shall be in addition to any other right, power and remedy
      given hereunder or now or hereafter existing at law or in equity or by
      statute.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Section
      2.7. Performance
      by Lender of Defaults by Mortgagor.
      If
      Mortgagor shall default in the payment of any tax, lien, assessment or other
      charge levied or assessed against the Premises (unless the same has been
      transferred to bond); in the payment of any utility charge, whether public
      or
      private; in the payment of any insurance premium; in the procurement of
      insurance coverage and the delivery of the insurance policies required
      hereunder; in the performance of any obligations of Mortgagor under any leases
      affecting the Premises; or in the performance or observance of any other
      covenant, condition or term of this Mortgage or any of the other Loan Documents,
      then Lender, at its option, may perform or observe the same, and all payments
      made for costs or expenses incurred by Lender in connection therewith shall
      be
      secured hereby and shall be, without demand, immediately repaid by Mortgagor
      to
      Lender with interest at the Default Rate provided in the Note. Lender shall
      be
      the sole judge of the legality, validity and priority of any such tax, lien,
      assessment, charge, claim, premium or obligation; of the necessity for any
      such
      actions; and of the amount necessary to be paid in satisfaction thereof. Lender
      is hereby empowered to enter and to authorize others to enter upon the Premises
      or any part thereof, for the purpose of performing or observing any such
      defaulted covenant, condition or term, or exercising Lender’s rights hereunder,
      without thereby becoming liable to Mortgagor or any person in possession holding
      under Mortgagor. In order to accelerate the maturity of the indebtedness secured
      hereby because of the failure of Mortgagor to pay any taxes, lien, assessment,
      charge, premium, rent or other sums, liabilities or obligations as herein
      provided, it shall not be necessary nor requisite that Lender shall first pay
      the same, nor shall Lender’s payment of the same constitute a waiver of the
      default hereunder or otherwise affect Lender’s option to accelerate the
      indebtedness secured hereby, foreclose this Mortgage and/or exercise any other
      right or remedy provided hereunder or under any of the Loan
      Documents.

     

    Section
      2.8. Expenses.
      In any
      suit to foreclose the lien of this Mortgage or enforce any other remedy of
      Lender under this Mortgage, the Note or any of the other Loan Documents, there
      shall be allowed and included, as additional indebtedness in the judgment or
      decree, all expenditures and expenses which may be paid or incurred by or on
      behalf of Lender, including without limitation, those incurred for attorneys’
fees, documentary and expert evidence, stenographers’ charges, publication
      costs, survey costs, and costs (which may be estimated as to items to be
      expended after entry of the decree) of procuring all abstracts of title, title
      searches and examinations, title insurance policies, and similar data and
      assurances with respect to title as Lender may deem reasonably necessary either
      to prosecute such suit or to evidence to bidders at any sale which may be had
      pursuant to such decree the true condition of the title to or value of the
      Premises. All such expenditures and expenses and all expenses and fees as may
      be
      incurred in the protection of said Premises and the maintenance of the lien
      of
      this Mortgage or the enforcement of Lender’s rights or remedies hereunder or
      under any of the other Loan Documents, including without limitation, the
      reasonable fees of any attorneys employed by Lender in any litigation or
      proceeding affecting this Mortgage, the Note or the Premises, in the exercise
      of
      any rights or remedies, or in preparation for the commencement or defense of
      any
      proceeding or threatened suit or proceeding, and whether at the pre-trial,
      trial
      or any appellate level, shall be immediately due and payable by Mortgagor,
      with
      interest thereon at the Default Rate provided in the Note and shall be secured
      by this Mortgage.

     

    Section
      2.9. Sale
      of Separate Parcels.
      Waiver
      of Marshalling. In the event of any foreclosure sale of the Premises, the same
      may be sold in one or more parcels, and Lender may be the purchaser at any
      foreclosure of the Premises or any part thereof. Mortgagor for itself and all
      who
      may claim through or under Mortgagor, waives any and all right to have the
      property and estate comprising the Premises marshaled upon any foreclosure
      of
      the lien hereof, and Lender or any court having jurisdiction to foreclose said
      lien may sell the Premises in part or as an entirety.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    

    Section
      3.1. Waivers;
      Remedies Cumulative; Etc.
      No
      waiver of any default in the performance of any covenant contained herein or
      in
      any obligation secured hereby shall at any time thereafter be held to be a
      waiver of any rights of the holder of the Note hereunder or under any of the
      Loan Documents, nor shall any waiver of a prior default operate to waive any
      subsequent default or defaults. All remedies provided for herein and in the
      Note
      and in the Loan Documents are cumulative and may, at the election of the holder
      of the Note, be exercised alternatively, successively or in any other manner
      and
      are in addition to any other rights provided by law or in equity.

     

    Section
      3.2. Headings.
      The
      headings of the sections, paragraphs and subdivisions of this Mortgage are
      for
      the convenience of reference only, are not to be considered a part hereof,
      and
      shall not limit or otherwise affect any of the terms hereof

     

    Section
      3.3. Invalid
      Provisions to Affect No Others.
      It is
      agreed that nothing herein contained nor any transaction related thereto shall
      be construed or so operate as to require Mortgagor to pay interest at a rate
      greater than it is lawful in such case to contract for, or to make any payment
      or to do any act contrary to law. If the fulfillment of any provision hereof
      or
      any transaction related hereto or to the Note, at the time performance of such
      provisions shall be due, shall involve transcending the limit of validity
      prescribed by law, then ipso facto, the obligation to be fulfilled shall be
      reduced to the limit of such validity; and if any clause or provision herein
      contained operates or would prospectively operate to invalidate this Mortgage
      in
      whole or in part, then such clause or provision only shall be held for naught,
      as though not herein contained, and the remainder of this Mortgage shall remain
      operative and in full force and effect.

     

    Section
      3.4. Number
      and Gender, Construction.
      Whenever the singular or plural number, masculine or feminine or neuter gender
      is used herein, it shall equally include the others, as appropriate. Use of
      the
      terms “hereof’, “herein”, “hereunder” or words of similar import in this
      Mortgage shall refer to this Mortgage as a whole and not to any particular
      Section or provision of this Mortgage unless otherwise expressly provided.
      Use
      of the term “person” in this Mortgage shall refer to and mean any natural
      person, entity, corporation, association, firm, partnership or governmental
      authority.

     

    Section
      3.5. Changes.
      Neither
      this Mortgage nor any term hereof may be waived, changed, discharged or
      terminated except by an instrument in writing signed by the party against which
      enforcement of the change, waiver, discharge or termination is
      sought.

     

    Section
      3.6. Governing
      Law and Construction.
      This
      Mortgage and the Note secured hereby shall be governed by, and construed and
      enforced in accordance with, internal laws (and not the law of conflicts) of
      the
      State of Florida.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Section
      3.7. Greater
      Estate.
      In the
      event that prior to the satisfaction of the indebtedness and the cancellation
      of
      this Mortgage of record, Mortgagor obtains a fee estate to such portion of
      the
      Land in which Mortgagor presently holds only a leasehold interest, then such
      fee
      estate shall automatically, and without further action of any kind on the part
      of Mortgagor, be and become subject to the lien of this Mortgage.

     

    Section
      3.8. Notice.
      Except
      as otherwise contemplated herein or required by statute, all notices, demands
      and other communications which are permitted or required under this Mortgage
      shall be in writing and signed by the party giving the same, and shall be
      delivered personally, sent by overnight courier, or sent by certified or
      registered United States mail, return receipt requested, postage prepaid, to
      the
      other party at the address set forth below:

     

    
      	
              To
                Mortgagor:

            	
              West
                Villas, Inc.

              Orlando
                Tennis Village, Inc.

              Maingate
                Towers, Inc.

              2462
                Sand Lake Road

              Orlando,
                FL 32809

               

            
	
              With
                a copy to:

            	
               _________________________________

               _________________________________

               _________________________________

               

            
	
              To
                Lender:

            	
              Stanford
                International Bank, Ltd.

              Attention: James
                M. Davis, CFO

              6075
                Poplar Avenue

              Memphis,
                Tennessee 38119

            

    

    

    or
      to
      such other address within the continental United States as may be from time
      to
      time designated by the parties. Each such notice or communication shall be
      deemed to have been given on the date of personal delivery, upon receipt if
      sent
      by overnight courier or three (3) days after the date of mailing, as the case
      may be.

     

    Section
      3.9. Time
      is of the Essence.
      It is
      specifically agreed that time is of the essence of the performance by Mortgagor
      of the obligations of Mortgagor under this Mortgage.

     

    Section
      3.10. Binding
      on Successors and Assigns.
      This
      Mortgage and all provisions hereof shall extend to and be binding upon Mortgagor
      and all persons claiming under or through Mortgagor, and the word “Mortgagor”
when
      used herein shall include all such persons and all persons liable for the
      payment of the indebtedness or any part thereof, whether or not such persons
      shall have executed the Note or this Mortgage. The word “Lender”
when
      used herein shall include the successors and assigns of Lender named
      herein.

     

    Section
      3.11. WAIVER
      OF RIGHT TO JURY TRIAL.
      MORTGAGOR AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
      THE
      RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED ON THE NOTE,
      THIS
      MORTGAGE, ANY OF THE OTHER LOAN DOCUMENTS, OR ANY COURSE OF DEALING, COURSE
      OF
      CONDUCT, STATEMENTS (WHETHER VERBAL OR WRITTEN),
      OR ACTIONS OF MORTGAGOR OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR
      LENDER EXTENDING CREDIT TO MORTGAGOR.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly as of the day
      and
      year first above written.

    

    
      	
              EXECUTED
                IN THE PRESENCE OF:

               

              ________________________

              (Signature)

               

              ________________________

              (Printed
                Name)

               

              ________________________

              (Signature)

               

              ________________________

              (Printed
                Name)

               

               

               

            	 	
              WEST
                VILLAS, INC.,
                a
                Florida corporation

               

               

              By:__________________________________       

              Michael
                D. Crosbie

              Authorized
                Agent

               

            
	
               

              
                ________________________

                (Signature)

                 

                ________________________

                (Printed
                  Name)

                 

                ________________________

                (Signature)

                 

                ________________________

                (Printed
                  Name)

                 

              

               

            	 	
              ORLANDO
                TENNIS VILLAGE, INC., a
                Florida corporation

               

               

               

               

              
                By:__________________________________       
Michael
                D. Crosbie

              Authorized
                Agent

               

            
	
               

               

              ________________________

              
                (Signature)

                 

                ________________________

                (Printed
                  Name)

                 

                ________________________

                (Signature)

                 

                ________________________

                (Printed
                  Name)

                 

              

            	 	
              MAINGATE
                TOWERS, INC.,
                a
                Florida corporation

               

               

              
                By:__________________________________       
Michael
                D. Crosbie

              Authorized
                Agent

               

            

    

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	
               

              STATE
                OF FLORIDA

              COUNTY
                OF _________________   

            	 
	
              The
                foregoing instrument was acknowledged before me this ____ day of
                March,
                2007, by Michael D. Crosbie, as Authorized Agent for WEST
                VILLAS, INC.,
                a
                Florida corporation, on behalf of the corporation, who is personally
                known
                to me or has produced ___________ (state) driver’s license or
                ___________________________as
                identification.

            
	
              My
                Commission Expires:

               

              (AFFIX
                NOTARY SEAL)

            	
              _________________________________

              Notary
                Public (Signature)

              _________________________________

              (Printed
                Name)

            

    

    

    

    
      	
              STATE
                OF FLORIDA

              COUNTY
                OF _________________    

            	 
	
              The
                foregoing instrument was acknowledged before me this ____ day of
                March,
                2007, by Michael D. Crosbie, as Authorized Agent for ORLANDO
                TENNIS VILLAGE, INC., a
                Florida corporation, on behalf of the corporation, who is personally
                known
                to me or has produced ___________ (state) driver’s license or
                ______________________as
                identification.

            
	
              My
                Commission Expires:

               

              (AFFIX
                NOTARY SEAL)

            	
              
                _________________________________

                Notary
                  Public (Signature)

                _________________________________

                (Printed
                  Name)

              

            

    

    

    

    
      	
              STATE
                OF FLORIDA

              COUNTY
                OF __________________    

            	 
	
              The
                foregoing instrument was acknowledged before me this ____ day of
                March,
                2007, by Michael D. Crosbie, as Authorized Agent for MAINGATE
                TOWERS, INC.,
                a
                Florida corporation, on behalf of the corporation, who is personally
                known
                to me or has produced ___________ (state) driver’s license
                or __________________________ 
                as
                identification.

            
	
              My
                Commission Expires:

               

              (AFFIX
                NOTARY SEAL)

            	
              
                _________________________________

                Notary
                  Public (Signature)

                _________________________________

                (Printed
                  Name)

              

            

    

    
 

    
      
        
           

        

        
        

      

      
        25

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A

    

    

    LEGAL
      DESCRIPTION 

    

    

    Starting
      at the Northwest corner of Section 36, Township 25 South, Range 26 East, Polk
      County, Florida, run South along the West Section line of said Section 36,
      a
      distance of 1326.97 feet to the Point of Beginning; thence run East along a
      line
      parallel to the North boundary line of said Section, a distance of 1301.71
      feet;
      thence run South along a line parallel to the West boundary line of said
      Section, a distance of 664.64 feet; thence run West to a point on the West
      boundary line of said Section 665.30 feet South of the Point of Beginning;
      thence run South on the West boundary line of said Section a distance of 1650
      feet; thence run West along a line parallel to the North boundary line of
      Section 35, Township 25 South, Range 26 East, a distance of 1390 feet; thence
      run North along a line parallel to the East boundary line of said Section a
      distance of 1650 feet; thence run East along a line parallel to the North
      boundary line of said Section a distance of 730 feet; thence run North along
      a
      line parallel to the East boundary line of said Section a distance of 335.30
      feet; thence run East along a line parallel to the North boundary line of said
      Section a distance of 330 feet; thence run North along a line parallel to the
      East boundary line of said Section a distance of 330 feet; thence run East
      along
      a line parallel to the North boundary line of said Section to the Point of
      Beginning.

    

    

    LESS
      AND
      EXCEPT

    Green
      Swamp Parkway

    A
      road
      right-of-way, 80.00 feet in width being 40.00 feet each side of the following
      described centerline:

    

    Commence
      at the Northwest corner of the Southwest 1⁄4 of the Northwest 1⁄4 of Section 36,
      Township 25 South, Range 26 East, Polk County, Florida, said point also being
      the Southwest corner of FOUR CORNERS PHASE TWO, as recorded in Plat Book 127,
      Page 14, of the Public Records of Polk County, Florida; thence North 89 degrees
      54 minutes 12 seconds East along the South line of said FOUR CORNERS PHASE
      TWO,
      867.48 feet to the Point of Beginning; thence South 00 degrees 00 minutes 00
      seconds West, 150.41 feet to the Point of Curvature of a Curve to the left
      having a radius of 1163.96 feet and a central angle of 25 degrees 11 minutes
      00
      seconds; thence Southeasterly along said curve 511.60 feet to the Point of
      Tangency; thence South 25 degrees 11 minutes 00 seconds West, 47.23 feet to
      the
      North line of PINES WEST PHASE 1, as recorded in Plat Book 114, Page 29, of
      the
      Public Records of Polk County, Florida, and the end of said
      right-of-way.

     

    
      ALSO
        LESS
        AND EXCEPT

      Harrell
        Road

      

      Begin
        at
        the Northwest corner of PINES WEST PHASE 3, as recorded in Plat Book 124,
        Page
        19, of the Public Records of Polk County, Florida; thence South 00 degrees
        01
        minutes 10 seconds West along the West line of said PINES WEST PHASE 3, a
        distance of 30.00 feet thence South 89 degrees 54 minutes 12 seconds West,
        392.22 feet, thence North 00 degrees 00 minutes 00 seconds East, 30.00 feet
        to
        the South line of FOUR CORNERS PHASE 2, as recorded in Plat Book 127, Page
        14,
        of the Public Records of Polk County, Florida; thence North 89 degrees 54
        minutes 12 seconds East, along said South line 394.23 feet to the Point of
        Beginning.

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      B

    

    

    PERMITTED
      EXCEPTIONS

    

    

    This
      Exhibit B is attached to a certain Mortgage by and between WEST VILLAS,
      INC.,
      a
      Florida corporation, ORLANDO TENNIS VILLAGE, INC.,
      a
      Florida corporation and MAINGATE TOWERS, INC.,
      a
      Florida corporation (collectively, “Mortgagor”) and STANFORD VENTURE CAPITAL
      HOLDINGS, INC.,
      a
      Delaware corporation (“Lender”), securing that certain Promissory Note of even
      date herewith executed by Mortgagor in the amount of $10,000,000.00 dated as
      of
      the date hereof.

    

    Those
      exceptions set forth in Schedule B of that certain policy of title insurance
      issued to Lender by Fidelity National Title Insurance Company on or about the
      date hereof pursuant to commitment number CD07-111218.

     

     

    
      
        
        

      

      
        B-1to be entered

    
      

    

    Exhibit
      10.140

     

    
 

    This
      instrument prepared by

    and
      return recorded instrument to:

    

    Berry
      J.
      Walker, Jr., Esquire

    Walker
      & Tudhope, P.A.

    1053
      Maitland Center Commons Blvd., Suite 200

    Maitland,
      FL 32751

    Phone
      Number: 407-478-1866

    Fax
      Number 407-478-1865

    

    

    

    

    

    Mortgage
      and Security Agreement

    

    

    THIS
      MORTGAGE AND SECURITY AGREEMENT
      (the
“Mortgage”),
      dated
January
      3, 2006,
      is
      executed and delivered by
      Reedy Creek Acquisition Company, LLC, a Florida Limited Liability
      Company,
      having a
      mailing address of 1053 Maitland Center Commons Blvd., Suite 200, Maitland,
      FL
      32751 (referred to herein as “Mortgagor”
      or as “Borrower”),
      to and
      in favor of does hereby assign to Bankers
      Credit Corporation, a Florida Corporation, (the
      “Mortgagee”),
      having its principal place of business at 1053 Maitland Center Commons Blvd.,
      Suite 200, Maitland, FL 32751 (referred to herein as “Mortgagee”),
      under
      the circumstances summarized in the following recitals:

    

    A Mortgagor
      has executed and delivered to Mortgagee a certain Real Estate Promissory Note
      of
      even date herewith in the principal amount of Seven
      Million and 00/100 dollars ($7,000,000.00) (hereinafter
      referred to as the “Note”).

    

    B This
      Mortgage is intended to secure the payment of the unpaid principal balance
      of
      the Note, together with interest as therein provided and any other obligations
      of the Borrower pursuant to the Note, this Mortgage or any other documents
      executed simultaneously or contemporaneously therewith of even date herewith
      between Borrower and Mortgagee (the “Loan
      Documents”).

    

    C It
      is
      intended that this Mortgage may secure unpaid balances of loan advances made
      after this Mortgage is delivered to the Osceola
      County
      Clerk’s
      Office; provided, however, that the maximum amount of the unpaid indebtedness
      secured hereby (exclusive of interest thereon, and advances for the payment
      of
      taxes, assessments, insurance premiums or costs for the protection of the
      Mortgaged Property as hereinafter defined), shall not exceed twice the face
      amount of the Note secured hereby.

    

    NOW,
      THEREFORE,
      in
      consideration of the loan made by Mortgagee to Mortgagor, as evidenced by the
      Note, and for other valuable consideration, the receipt and sufficiency of
      which
      are hereby acknowledged, and for the purpose of securing:
      (i)
      all
      payments to be made by Mortgagor pursuant to the Note and this Mortgage, (ii)
      any
      amounts advanced or costs incurred by Mortgagee for the protection of the
      Mortgaged Property (as hereinafter defined) or the enforcement of this Mortgage,
      the Note or the Loan Documents, (iii)
      the
      repayment of any future advances, with interest thereon, made to Mortgagor
      by
      Mortgagee pursuant hereto, (iv)
      the
      performance and observance of each covenant and agreement of Mortgagor contained
      in this Mortgage, the Note or the Loan Documents, and (v)
      the
      payment and performance of Mortgagor under any other loans or agreements between
      Mortgagor and Mortgagee, Mortgagor does hereby grant, bargain, sell, convey,
      mortgage, assign, grant a security interest in and transfer unto Mortgagee,
      its
      successors and assigns, the following property (the “Mortgaged
      Property”):

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    (a) the
      land
      described in Exhibit
      “A”
      attached
      hereto, together with all buildings, structures, additions, improvements,
      facilities and fixtures and other property, now or hereafter located in, upon
      or
      under or based at, such land (the “Premises”);

    

    (b) all
      easements, rights of way or use, licenses, privileges, franchises, servitudes,
      tenements, hereditaments and appurtenances now or hereafter belonging or in
      anywise appertaining thereto, including, without limitation, all rights, title
      and interest of Mortgagor in any street, alley or sidewalk, open or proposed,
      and in front of, adjoining or adjacent or contiguous thereto;

    

    (c) the
      proceeds from any insurance or condemnation award pertaining thereto or
      compensation in lieu thereof, including, but not limited to, any award or
      compensation for the alteration of the grade of any street or any other injury
      to or decrease in the value of the Mortgaged

    Property;

    

    (d) all
      of
      Mortgagor’s right, title, interest, estate, claim or demand, either at law or in
      equity, in and to all architectural, engineering and similar plans,
      specifications, drawings, renderings, profiles, studies, shop drawings, reports,
      plats, permits and allocations, agreements for utilities, bonds and sureties,
      relating to the Premises or the improvements or appurtenant facilities erected
      or to be erected upon or about the Premises;

    

    (e) all
      proceeds of the conversion, voluntary or involuntary, of any of the foregoing
      into cash or liquidated claims, including, without limitation, the proceeds
      of
      insurance;

    

    (f) all
      contracts and other agreements for the sale of all or any part of the Premises
      or the improvements thereon now or hereafter entered into by Mortgagor, and
      all
      rights, title
      and
      interest of Mortgagor thereunder, including, without limitation, all rights,
      title and interest of Mortgagor in cash or securities deposited thereunder
      to
      secure performance by the contract purchasers of their obligations thereunder,
      and including, without limitation, the right to receive and collect the proceeds
      thereof;

    

    (g) all
      of
      Mortgagor’s rights, powers and privileges (but not the burdens and obligations)
      under any construction contract or architect’s (or engineer’s) agreement now or
      hereafter entered into by Mortgagor, and all bonds and surety agreements, if
      any, related thereto;

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
                                
      (h) all
      contracts and other agreements, if any, relating to the sale, lease, brokerage,
      development, management, maintenance and/or operation of the Mortgaged Property
      (or of any part thereof) or otherwise pertaining thereto;

    

    (i) all
      rights of Mortgagor under any commitment for any other loan secured by the
      Mortgaged Property;

    

    (j) all
      rights, title and interest of Mortgagor in all trade names, trademarks and/or
      service marks hereinafter used in connection with Mortgaged Property and all
      contract rights and contracts, general intangibles, actions and rights of
      action, deposits, prepaid expenses, permits, licenses owned by Mortgagor and
      used in connection with or related to the Mortgaged Property;

    

    (k) all
      machinery, apparatus, equipment, fittings, fixtures and articles of personal
      property of every kind and nature whatsoever, other than consumable goods,
      now
      or hereafter located in or upon the Premises or any part thereof owned by
      Mortgagor and used or usable in connection with any present or future operation
      of the Premises (hereinafter collectively called “Equipment”),
      including, but without limiting the generality of the foregoing, all heating,
      lighting, laundry, incinerating, plumbing, lifting, cleaning, fire-prevention,
      fire-extinguishing, refrigerating, ventilating, communications, recreation,
      air
      conditioning and air cooling equipment or apparatus, engines, pipes, pumps,
      tanks, motors, conduits, shades, awnings, screens, storm doors and windows,
      stoves, wall beds, refrigerators, attached cabinets, partitions, ducts and
      compressors, and all of the right, title and interest of Mortgagor in and to
      any
      equipment which may be subject to any conditional bill of sale, chattel mortgage
      or security interest superior to the lien and security interest

    established
      by this Mortgage;

    

    (l) all
      proceeds, additions, replacements and substitutions of and to any of the
      foregoing.

    

    TO
      HAVE AND TO HOLD
      the
      Mortgaged Property unto Mortgagee, its successors and assigns,
      forever.

    

    AND
      IT IS HEREBY COVENANTED,
      that
      this Mortgage is given and the Mortgaged Property is to be held upon and subject
      to the terms, provision and conditions herein set forth.

    

    Section
      2
       Representations
      and Warranties.
      Mortgagor represents and warrants that (i)
      Mortgagor is lawfully seized with good and marketable title in fee simple
      absolute to the Premises free and clear of all liens and encumbrances
      whatsoever, except taxes and assessments, general and special, not delinquent,
      zoning ordinances, and except for those matters set forth in the title insurance
      commitment issued incidental to the making of the loan (hereinafter
“Permitted
      Prior Encumbrances”),
      and
      has good and marketable title to all personal property included in the Mortgaged
      Property, subject only to the Permitted Prior Encumbrances; (ii)
      it has
      full right, power and authority to bargain, sell, mortgage and convey the
      Mortgaged Property as herein provided; and (iii)
      except
      as expressly provided above, it will warrant and defend to Mortgagee such title
      to the Mortgaged Property and the lien and interest of Mortgagee therein and
      thereon against all claims and demands whatsoever and will maintain the priority
      of the lien of, and the security interest granted by, this Mortgage upon the
      Mortgaged Property until the Note is fully paid. Mortgagor further warrants
      that
      construction of the improvements and the use and operation of the Mortgaged
      Premises as contemplated by Mortgagor’s loan application and the Loan Documents
      are permitted by all applicable building, environmental and zoning laws,
      statutes, resolutions and ordinances.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Section
      3
       After-acquired
      Property.
      All
      property of every kind acquired by Mortgagor after the date hereof, and located
      at, on or under the Premises, shall, without further mortgage, conveyance or
      assignment, become subject to the lien of this Mortgage as fully as though
      now
      owned by Mortgagor and specifically described herein. Nevertheless, Mortgagor
      shall take such actions and execute and deliver such additional instruments
      as
      Mortgagee shall reasonably require to further evidence or confirm the subjection
      to the lien of this Mortgage of any such property.

    

    Section
      4 
      Payment
      of Indebtedness.
      Borrower will pay the indebtedness secured hereby in the manner and at the
      times
      provided in the Note, and, until the Note is fully paid, will comply with all
      the covenants, terms and provisions contained herein, in the Loan Documents
      and
      in the loan application and conditions of approval (or any modification or
      amendments thereto). 

    

    Section
      5
       Future
      Advance Mortgage.
      This
      Mortgage is intended to secure the unpaid balances of loan advances to be made
      under the Note after this Mortgage has been delivered to the Office of the
      Marion
      County
      Clerk
      for recordation. The maximum amount of the unpaid indebtedness secured hereby,
      exclusive of interest thereon and advances made for the payment of taxes,
      assessments, insurance premiums and costs incurred for the protection of the
      Mortgaged Property, which may be outstanding at any time is the amount set
      forth
      in Paragraph C on page 1 hereof.

    

    Section
      6
       Commercial
      Code and Financing Statement.
      This
      Mortgage constitutes a security agreement and creates a security interest as
      to
      all or any part of the Mortgaged Property which is of a nature that a security
      interest therein can be perfected under the Uniform Commercial Code from time
      to
      time in effect in the State in which the Mortgaged Property is located. This
      Mortgage also constitutes a financing statement with respect to any and all
      property included in the Mortgaged Property which are or may become
      fixtures.

    

    Section
      7
       Maintenance
      and Use of Mortgaged Property.
      Mortgagor , at its expense, shall keep the Mortgaged Property in good order
      and
      in a clean and safe condition (ordinary wear and tear excepted) and shall make
      all necessary or appropriate repairs, replacements and renewals thereof,
      interior, exterior, structural and non-structural, ordinary and extraordinary,
      foreseen and unforeseen. Mortgagor will not do, or permit to be done, any act
      or
      thing which might impair the value or usefulness of the Mortgaged Property
      or
      any part thereof, will not commit or permit any waste of the Mortgaged Property
      or any part thereof, and will not permit any unlawful occupation, business
      or
      trade to be conducted on the Mortgaged Property or any part thereof. Mortgagor
      shall also, at its expense, promptly comply with all rights of way, privileges,
      franchises, servitudes, licenses, easements, tenements, hereditaments, and
      appurtenances being a part of, or burdening, the Mortgaged
      Property.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Section
      8 
      Compliance
      with Legal and Insurance Requirements.
      Mortgagor, at its expense, shall promptly comply with all Legal Requirements
      and
      Insurance Requirements, and shall procure, maintain and comply with all permits,
      licenses and other authorizations required for the construction, installation,
      operation, maintenance and use of the Mortgaged Property. As used in this
      Section 8, “Legal
      Requirements”
means
      all laws, statutes, codes, acts, ordinances, resolutions, orders, judgments,
      decrees, injunctions, rules, regulations, permits, licenses, authorizations,
      directions and requirements of all governmental entities, departments,
      commissions, boards, courts, authorities, agencies, officials and officers,
      which now or at any time hereafter may be applicable to the Mortgaged Property
      or any part thereof, or any use or condition of the Mortgaged Property or any
      part thereof, and “Insurance
      Requirements”
means
      all provisions of any insurance policy covering or applicable to the Mortgaged
      Property or any part thereof, all requirements of the issuer of any such policy,
      and all orders, rules, regulations and other requirements of the National Board
      of Fire Underwriters (or any other body exercising similar functions) applicable
      to or affecting the Mortgaged Property or any part thereof, or any use or
      condition thereof. Mortgagor may, at its expense, and after prior written notice
      to Mortgagee, contest in good faith by appropriate legal proceedings any Legal
      Requirement and postpone compliance therewith pending the resolution or
      settlement of such contest provided that (i)
      such
      postponement does not, in the opinion of Mortgagee, adversely affect the
      condition, or value of, or the lien of this Mortgage as to any part of the
      Mortgaged Property, and (ii)
      Mortgagor shall deposit in escrow with Mortgagee pending such contest monies
      sufficient in amount to cover the cost of compliance of any Legal Requirement
      so
      contested.

    

    Section
      9
       Alteration,
      Additions and Demolition.
      Mortgagor may, at its expense, make from time to time any additions,
      modifications or improvements to the Mortgaged Property to the extent and in
      the
      manner set forth in the Loan Documents. All additions, modifications and
      improvements so made by Mortgagor shall become or be deemed to constitute a
      part
      of the Mortgaged Property. No building or improvements or any part thereof
      may
      be removed or demolished without the prior written consent of
      Mortgagee.

    

    Section
      10
       Payment
      of Taxes and Other Governmental Charges.
      Mortgagor shall pay promptly when due all taxes, assessments (whether general
      or
      special), and other governmental charges of any kind whatsoever, foreseen or
      unforeseen, ordinary or extraordinary, that now or may at any time hereafter
      be
      imposed, assessed or levied against or with respect to the Note, this Mortgage,
      or the Mortgaged Property or any part thereof (including, without limitation,
      any taxes levied upon or with respect to the revenues, income or profits of
      Mortgagor from the Mortgaged Property) or upon Mortgagee’s interest therein
      (without regard to any law heretofore or hereafter enacted imposing payment
      of
      the whole or any part thereof upon Mortgagee).

    

    Mortgagor
      may, at its expense, and after prior notice to Mortgagee, by appropriate
      proceedings, diligently prosecute, contest in good faith the validity or amount
      of any such taxes, assessments and other charges and, during the period of
      such
      contest, permit the items so contested to remain unpaid. However, if at any
      time
      Mortgagee shall notify Mortgagor that, in its opinion, by nonpayment of any
      such
      items the lien of the Mortgage as to any part of the Mortgaged Property will
      be
      adversely affected, Mortgagor shall promptly pay such taxes, assessments or
      charges. During the period when the taxes, assessments or other charges so
      contested remain unpaid, Mortgagor shall deposit in escrow with Mortgagee monies
      equal in amount to the amount of such contested taxes, assessments or
      charges.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Section
      11
      Required
      Insurance Coverage.
      

    

    a     Mortgagor
      shall keep the buildings, improvements and Equipment constituting the Mortgaged
      Property continuously insured for the benefit of Mortgagee against loss or
      damage by fire and other hazards included in a standard fire insurance policy
      with extended coverage endorsement in an amount equal to the greater of
(i)
      the then
      replacement value of the Mortgaged Property with an inflation rider (excluding
      such amounts as are not insured by standard fire insurance policies, such as
      excavations, underground foundations, piping, underground utilities, footings
      below ground level and architects’ fees relating to repair or restoration
      resulting from damage covered by such insurance), or (ii)
      the sum
      of the total unpaid principal balance of the Note outstanding plus interest
      for
      the next succeeding twelve month period; but in no event shall the amount of
      such insurance be less than that required to avoid co-insurance. The loss
      deductible provision for any such insurance shall not exceed One Thousand and
      no/100 Dollars ($1,000.00).

    

    b     Mortgagor
      shall obtain and continuously maintain single limit comprehensive general
      accident and public liability insurance in minimum amounts of One Million and
      no/100 Dollars ($1,000,000.00) with a loss deductible clause not to exceed
      Five
      Thousand and no/100 Dollars ($5,000.00) and naming Mortgagee as an additional
      insured, and Mortgagee may, in its discretion, require such increases in
      coverage as it deems necessary or advisable as a result of the operations
      conducted by Mortgagor on the Mortgaged Property and/or the insurance coverage
      carried by other entities conducing similar operations.

    

    c     All
      insurance required to be obtained and maintained pursuant to this Mortgage
      shall
      be obtained from generally recognized, responsible insurance companies qualified
      or licensed to transact business in the State in which the Mortgaged Property
      is
      located and otherwise satisfactory to Mortgagee. Each policy of insurance shall
      not be subject to cancellation or substantial modification without at least
      thirty (30) days prior written notice to Mortgagee.

    

    d     Mortgagor
      shall deposit with Mortgagee all such policies of insurance or, at the option
      of
      Mortgagee, binders, certificates or other evidence satisfactory to Mortgagee
      that (i)
      the
      insurance required hereby has been obtained and is in full force and effect,
      and
(ii)
      all
      premiums thereon have been paid in full. Prior to the expiration of any such
      insurance, Mortgagor shall furnish Mortgagee with evidence satisfactory to
      Mortgagee that such insurance has been renewed or replaced and that all premiums
      thereon have been paid in full, and all insurance policies required hereby
      are
      in full force and effect.

    

    e     Mortgagor
      hereby assigns to Mortgagee all of Mortgagor’s rights, title and interest in and
      to all such policies of insurance and in and to any insurance proceeds resulting
      therefrom to the full extent of the indebtedness secured hereby, and further
      authorizes and directs the insurer to pay any and all such proceeds directly
      to
      Mortgagee. Mortgagee may, at its option, collect, adjust and compromise any
      claims under any such insurance policies. In the event of a foreclosure of
      the
      Mortgage, the purchaser of the Mortgaged Property shall succeed to all the
      rights of Mortgagor (including any right to unearned premiums) in and to all
      policies of insurance assigned to Mortgagee pursuant hereto.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    f    Mortgagor
      shall maintain or cause to be maintained in connection with the Mortgaged
      Property any worker’s compensation coverage required by the laws of the State of
      Florida.

    

    Section
      12 
       Taxes
      and Insurance Premiums.
      

    

    a     In
      order
      to more fully protect the security of this Mortgage, if Mortgagee shall so
      elect
      at any time after the occurrence of any Event of Default or an event which
      with
      notice or lapse of time or both would constitute an Event of Default (as defined
      in Section 20), Mortgagor shall pay to Mortgagee, together with and in addition
      to each payment of interest required by the Note, one-twelfth (1/12th) of the
      amount (as estimated by Mortgagee) of the annual taxes and annual insurance
      premiums next becoming due and payable with respect to the Mortgaged Property
      and the policies of insurance referred to in this Mortgage, and Mortgagor shall
      also pay to Mortgagee on demand therefor the amount by which the actual taxes
      and insurance premiums exceed payments actually made pursuant hereto. Any unpaid
      balance of advances by Mortgagee for taxes and/or insurance premiums shall
      bear
      interest at the Default Rate (as hereinafter defined) and, together with such
      interest, shall be secured by this Mortgage.

    

    b     So
      long
      as Mortgagor is not in default hereunder, Mortgagee shall apply all of the
      payments received by it pursuant to this Section to the relevant taxes and
      insurance premiums, but nothing herein shall obligate Mortgagee to apply such
      payments more often than semi-annually on account of taxes or more often than
      annually on account of insurance premiums; provided, however, that if, before
      any such payments have been so applied to the payment of taxes and/or insurance
      premiums, Mortgagor shall be in default hereunder, Mortgagee may, at its sole
      option, apply any or all such amounts towards the payment of principal and/or
      interest in default. Mortgagor shall transmit to Mortgagee all relevant bills,
      notices or invoices for taxes and assessments or insurance premiums promptly
      after receipt thereof by Mortgagor. Mortgagee shall not be considered to be
      a
      fiduciary with respect to any amounts paid to or received by it pursuant to
      the
      terms of this Section and shall not be liable for the payment of interest on
      all
      or any part of such funds.

    

    Section
      13  
      Disposition
      of Mortgaged Property; Liens and Encumbrances.
      Except
      in the ordinary course of business (which includes the development and sale
      of
      residential lots), Mortgagor shall not sell, convey, assign, transfer, lease,
      or
      dispose of all or any part of the Mortgaged Property, or any interest therein,
      or enter into any agreement for any of the foregoing, in each case without
      the
      prior written consent of Mortgagee. Mortgagor shall not directly or indirectly
      create or permit to remain, and will promptly discharge, any mortgage, lien,
      encumbrance or charge on, pledge or, security interest in or conditional sale
      or
      other title retention agreement with respect to all or any part of the Mortgaged
      Property, or any interest therein, or any revenues, income or profit or other
      sums arising from the Mortgaged Property or any part thereof (including, without
      limitation, any lien, encumbrance or charge as a result of operation of law)
      other than (i)
      the lien
      and security interest of this Mortgage; (ii)
      liens
      for taxes, assessments and other governmental charges which are not at the
      time
      required to be paid pursuant to Section 10 hereof; (iii)
      liens
      attaching thereto to the extent permitted by Section 16 hereof; (iv)
      the
      Permitted Prior Encumbrances specified in Section 1 hereof, if any; and
(v)
      the
      Permitted Prior Encumbrances.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Section
      14 
       Mechanics’
      and Other Liens.
      Mortgagor shall not permit any mechanics’ or other liens to be filed or to exist
      against the Mortgaged Property or any part thereof, and Mortgagor shall, within
      forty-five (45) days after notice of the filing of any such lien, cause the
      same
      to be discharged of record by payment, deposit, bond, order of a Court of
      competent jurisdiction or otherwise.

    

    Section
      15 
       No
      Claims Against Mortgagee.
      Nothing
      contained in this Mortgage shall be construed as a request by Mortgagee,
      expressed or implied, for the performance of any labor or services or the
      furnishing of any materials or other property with respect to the Mortgaged
      Property or any part thereof, or be construed to give Mortgagee any right,
      power
      or authority to contract for or permit the performance of any labor or services
      or the furnishing of any materials or other property with respect to the
      Mortgaged Property or any part thereof, or to be construed to give the Mortgagor
      any right, power or authority to contract for or permit the performance of
      any
      labor or services or the furnishing of any materials or other property on behalf
      of Mortgagee, or in such manner as to provide the basis for any claim either
      against Mortgagee or that any lien based on the performance of such labor or
      services or the furnishing of any such material or other property is prior
      to
      the lien of this Mortgage.

    

    Section
      16 
       Damage,
      Destruction, Eminent Domain.
      

    

    a     Mortgagor
      shall promptly notify Mortgagee in writing of any damage to or destruction
      of
      any part of the Mortgaged Property, including a description of the nature,
      extent and date of the damage, the estimated cost of repair, and estimated
      net
      proceeds of insurance. Mortgagor shall promptly notify Mortgagee in writing
      of
      any proposed, threatened or actual taking or injury to any part of the Mortgaged
      Property pursuant to the use of the power of eminent domain, including a
      description of the nature, extent and date of the taking or proposed taking
      and
      the estimated net proceeds of the condemnation award, or price for conveyance
      under threat of condemnation. 

    

        ) Mortgagor
      hereby assigns to Mortgagee all of Mortgagor’s right, title and interest in and
      to any and all such proceeds of insurance and/or eminent domain awards
      (including any amount paid for a conveyance under threat of condemnation),
      and
      all such proceeds shall be paid to Mortgagee for application to Mortgagee’s
      costs of collection, any amounts then due pursuant to the note, the Loan
      Documents or this Mortgage, and then to the prepayment without premium of
      principal of the Note; provided, however, that subject to paragraph (c) below,
      and so long as no Event of Default (as defined hereinafter), or event which
      with
      notice or lapse of time or both would constitute an Event of Default (as defined
      hereinafter), or event which with notice or lapse of time or both would
      constitute an Event of Default, has occurred, the Mortgage shall permit all
      or
      any part of such insurance proceeds to be used for the purpose of repairing,
      replacing, restoring and rebuilding the Mortgaged Property as nearly as
      practicable to the value, condition and character thereof immediately prior
      to
      such damage or destruction, with such changes or alterations, however, as
      Mortgagor may deem necessary for proper use or operation of the Mortgaged
      Property and as may be approved by Mortgagee , in accordance with Section 18
      (e)
      hereof.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    c     If
      (i)
      any
      building being part of the Mortgaged Property is damaged or destroyed to such
      an
      extent that (a)
      it
      cannot be reasonably repaired, replaced or restored within a period of three
      (3)
      months to the condition thereof immediately preceding such damage or
      destruction, or (b)
      normal
      use and operation of the Mortgaged Property is prevented for a period of three
      (3) months, then, in any of such events, Mortgagee may at its sole option,
      and
      within thirty (30) days after receiving notice of any such events, declare
      the
      entire indebtedness secured hereby to be due and payable on a date not earlier
      than thirty (30) days after the date of such declaration, and thereupon the
      entire amount of said indebtedness shall be due and payable without premium
      on
      such date, and shall thereafter bear interest at the Default Rate (as
      hereinafter defined).

    

    d     All
      prepayments of principal pursuant to paragraph (b) of this Section shall be
      made
      without premium or penalty in the inverse order of the maturity thereof, and
      shall not reduce the periodic installments thereafter becoming due.

    

    e     Unless
      any damage or destruction results in the exercise by Mortgagee of its option
      pursuant to paragraph (c) of this Section, Mortgagor shall, regardless of the
      adequacy or availability of insurance proceeds, if any, promptly commence and
      complete the restoration, repair, replacement and rebuilding of the Mortgaged
      Property as nearly as practicable to the value, condition and character thereof
      immediately prior to such damage or destruction. Unless any taking results
      in
      the exercise by Mortgagee of its option pursuant to paragraph (c) of this
      Section, Mortgagor shall, regardless of the adequacy or availability of proceeds
      of condemnation therefore, if any, promptly commence and complete the
      restoration, repair, replacement and rebuilding of the Mortgaged Property as
      nearly as practicable to the value, condition and character thereof immediately
      prior to such taking. If no Event of Default as hereinafter defined or event
      which with notice, lapse of time, or both would constitute an Event of Default
      has occurred, Mortgagee shall make any insurance proceeds available for any
      such
      repair or restoration, and shall disburse such funds as work progresses in
      accordance with and subject to Mortgagee’s then normal and customary
      construction loan disbursement practices and procedures, provided that Mortgagee
      may require Mortgagor to deposit with Mortgagee, for disbursement prior to
      the
      disbursement of any such insurance proceeds, the amount in addition to such
      available net proceeds of insurance that will be required (in Mortgagee’s
      judgment) to complete such repair or restoration, or to provide Mortgagee with
      evidence satisfactory to Mortgagee that such additional funds are available
      for
      such purposes.

    

    Section
      17   Leases.
      Mortgagor shall not enter into any lease of all or any part of the Mortgaged
      Property (“Lease”)
      except
      with the prior written consent of Mortgagee and pursuant to lease terms in
      form
      and substance satisfactory to Mortgagee. Unless otherwise provided by written
      instrument signed by Mortgagee, any and all Leases shall be subordinated to
      the
      Mortgage. This Mortgage constitutes an absolute and present assignment of all
      rentals, income and other revenues payable under or derived from any and all
      Leases, subject only to the conditional license granted by Mortgagee to
      Mortgagor to collect such rentals, income and revenues during such times as
      no
      Event of Default shall have occurred hereunder. 

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Mortgagor
      will perform, fulfill, comply with the right or power to, as against Mortgagee
      without its consent, cancel, terminate, abridge or modify any Lease, accept
      a
      surrender thereof or accept prepayments of installments of rent or other sums
      due or to become due thereunder.

    

    Section
      18 
       Inspection.
      Mortgagee, its agents and employees, shall have the right to enter upon and
      inspect the Mortgaged Property at any and all reasonable times for the
      protection of its interest in the Mortgaged Property and for such other purposes
      as may in Mortgagee’s sole discretion be necessary or desirable in connection
      with the exercise of its rights hereunder or under the Loan
      Documents.

    

    Section
      19 
       Indemnification.
      Mortgagor will protect, indemnify and save harmless Mortgagee, its officers,
      directors, agents, and employees, from and against any and all liabilities,
      obligations, claims, damages, penalties, causes of action, costs and expenses
      (including without limitation, reasonable attorneys’ fees and expenses) imposed
      upon, incurred by or asserted against Mortgagee or any of such persons by reason
      of (a)
      ownership of any interest in the Mortgaged Property or any part thereof,
(b)
      any
      accident, injury to or death of person or loss of or damage to property
      occurring on or about the Mortgaged Property or any part thereof or the
      adjoining sidewalks, curbs, vaults and vault space, if any, streets or ways,
      (c)
      any use,
      disuse or condition of the Mortgaged Property or any part thereof, or the
      adjoining sidewalks, curbs, vaults and vault space, if any, or any streets
      or
      ways, (d)
      any
      failure on the part of Mortgagor to perform or comply with any of the terms
      hereof or of the Loan Documents or any inaccuracy of any representation or
      warranty made by Mortgagor herein or in the Loan Documents, (e)
      any
      necessity to defend any of the rights, title or interest conveyed by this
      Mortgage, (f)
      the
      performance of any labor or services or the furnishing of any materials or
      other
      property in respect to the Mortgaged Property or any part thereof, or
(g)
      any
      subsidence or erosion of any part of the surface of the Mortgaged Premises,
      including any shoreline or any bank of any river, stream, creek, lake, ocean
      or
      other water source. If any action, suit or proceeding is brought against
      Mortgagee , or any of its officers, directors, agents or employees, for any
      reason, Mortgagor, upon the request of such party, will, at Mortgagor’s expense,
      cause such action, suit or proceeding to be resisted and defended by counsel
      satisfactory to Mortgagee or such person. Any amounts payable to an indemnified
      party under this Section which are not paid within ten (10) days after written
      demand therefor shall bear interest at the Default Rate (as hereinafter defined)
      from the date of such demand, and such amounts, together with such interest,
      shall be indebtedness secured by this Mortgage. The obligations of Mortgagor
      under this Section shall survive any defeasance of the Mortgage.

    

    Section
      20  
      Events
      of Default.
      Any one
      or more of the following events shall be an “Event
      of Default”
under
      this Mortgage:

    

    a     failure
      by Mortgagor to pay any installment of principal, interest or premium under
      the
      Note or any other indebtedness secured hereby as and when the same becomes
      due
      and payable;

    

    b     failure
      by Mortgagor to observe or perform any other term, covenant or agreement
      contained herein, in the Loan Documents, in the loan application or the
      conditions of approval thereof, or in any other instrument held by Mortgagee
      as
      security for the Note; provided, however, that if the failure is other than
      the
      payment of money, or maintenance of insurance, and such failure: (i)
      is not
      intentional or grossly negligent on the part of Mortgagor, (ii)
      does not
      involve a breach of Section 15 or Section 16 of this Mortgage, and
(iii)
      does not
      constitute an emergency in the sole opinion of Mortgagee, such failure shall
      not
      constitute an Event of Default if: (i)
      Borrower
      institutes curative action and pursues such action to completion within thirty
      (30) days after written notice thereof has been given to Borrower by Mortgagee;
      or (ii)
      the
      failure can be corrected, but not within thirty (30) days after written notice
      thereof has been given to Borrower by Mortgagee, and Borrower has within the
      aforesaid thirty (30) days instituted curative action and diligently and
      continuously pursues such action to completion, provided that such failure
      shall
      become an Event of Default if it is not cured within ninety (90) days after
      such
      notice;

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    c     Mortgagor
      or any guarantor shall: (i)
      admit in
      writing its or his inability to pay its or his debts generally as they become
      due; (ii)
      have an
      order for relief entered in any case commenced by or against it or him under
      the
      Federal bankruptcy laws, as now or hereafter in effect; (iii)
      commence
      a proceeding under any other Federal or state bankruptcy, insolvency,
      reorganization or other similar law, or have such a proceeding commenced against
      it or him and either have an order of insolvency or reorganization entered
      against it or him or have the proceeding remain undismissed and unstayed for
      sixty (60) days; (iv)
      make an
      assignment for the benefit of its or his creditors; or (v)
      have a
      receiver or trustee appointed for it or him or for the whole or any substantial
      part of its or his property or for all or any part of the Mortgaged
      Property;

    

    d     failure
      by Mortgagor or any guarantor to pay any indebtedness or to observe or perform
      any terms, covenants or provisions contained in any note, mortgage, agreement
      or
      other obligation to Mortgagee;

    

    e     Mortgagor
      shall cease to exist or to be qualified to do or transact business in the State
      in which the Mortgaged Property is located or be dissolved or shall be party
      to
      a merger or consolidation, shall issue stock of any type or series (if a
      corporation), or shall sell all or substantially all of it assets, or the death
      of any individual being a Borrower or guarantor;

    

    f     if
      any
      share of stock of Mortgagor are issued, sold, transferred, conveyed, assigned,
      mortgaged, pledged, or otherwise disposed of so as to result in change of
      control of Mortgagor, whether voluntarily or by operation of law, and whether
      with or without consideration, or any agreement for any of the foregoing is
      entered into; or, if Mortgagor is a partnership, any general or limited
      partnership interest or other equity interest in the partnership is sold,
      transferred, assigned, conveyed, mortgaged, pledged, or otherwise disposed
      of so
      as to result in change of control of Mortgagor, whether voluntarily or by
      operation of law, and whether with or without consideration, or any agreement
      for any of the foregoing is entered into; 

    

    g     any
      shares of stock of any corporation that is a general partner of Mortgagor or
      a
      general partner of a partnership that is a general partner of Mortgagor are
      issued, sold, transferred, assigned, conveyed, mortgaged, pledged or otherwise
      disposed of so as to result in change of control of the general partner of
      Mortgagor, whether voluntarily or by operation of law, and whether with or
      without consideration, or any agreement for any of the foregoing is entered
      into, executed or delivered, or any general partnership interest in any general
      partnership that is itself a general partner of Mortgagor is sold, transferred,
      assigned, conveyed, mortgaged, pledged or otherwise disposed of, whether
      voluntarily or by operation of law, and whether with our without consideration,
      or any agreement for any of the foregoing is entered into;

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    h     if
      any
      statement or representation contained in the loan application or any financial
      statements or other materials furnished to Mortgagee prior or subsequent to
      the
      making of the loan secured hereby are discovered to have been false or incorrect
      or incomplete; 

    

    i    an
      action
      for foreclosure or marshaling of liens is commenced against all or any part
      of
      the Mortgaged Property; or

    

    j     a
      default
      or Event of Default occurs under any other mortgage or security agreement
      encumbering all or any part of the Mortgaged Property, or in any agreement
      or
      document executed contemporaneously with this Mortgage.

    

    Section
      21  
       Right
      to Cure.
      If
      Mortgagor shall fail to make any payment or perform any act required to be
      made
      or performed under this Mortgage or the Loan Documents, Mortgagee, without
      demand upon Mortgagor and without waiving or releasing any obligation or
      default, may (but shall be under no obligation to) make such payment or perform
      such act for the account and at the expense of Mortgagor and may enter upon
      the
      Mortgaged Property or any part thereof for such purpose and take all such action
      thereon as, in its sole opinion, may be necessary or appropriate therefor,
      all
      without prejudice to any other rights or remedies available to Mortgagee. All
      payments so made by Mortgagee and all costs, fees and expenses incurred in
      connection therewith or in connection with the performance by Mortgagee of
      any
      such act, together with interest thereon at the Default Rate (as hereinafter
      defined) from the date of payment or incurrence, shall constitute additional
      indebtedness secured by this Mortgage and shall be paid by Mortgagor to
      Mortgagee on demand.

    

    Section
      22  
       Remedies.
      If an
      Event of Default shall have occurred, Mortgagee may exercise any or all or
      any
      combination of the remedies conferred upon or reserved to it under this
      Mortgage, the Note, the Loan Documents or any instrument collateral thereto,
      or
      now or hereafter existing at law, or in equity or by statute. Without
      limitation, Mortgagee may (a)
      declare
      the entire unpaid principal balance of the indebtedness secured hereby to be
      immediately due and payable, without notice of demand, the same being expressly
      waived by Mortgagor , and upon such declaration the entire indebtedness secured
      hereby shall become immediately due and payable and shall thereafter bear
      interest at the maximum rate allowed by law, but not to exceed eighteen percent
      (18%) per annum (the “Default
      Rate”);
      (b)
      proceed
      at law or equity to collect all indebtedness secured by this Mortgage then
      due
      hereunder, whether at maturity or by acceleration; (c)
      foreclosure the lien of this Mortgage as against all or any part of the
      Mortgaged Property; and (d)
      exercise
      any rights, powers and remedies it may have as a secured party under the Uniform
      Commercial Code of the State in which the Mortgaged Property is located
      including, without limitation, the option of proceeding as to both personal
      property and fixtures in accordance with Mortgagee’s rights with respect to real
      property.

    

    Section
      23  
       Waiver
      of Appraisement; Valuation.
      Mortgagor hereby waives, to the full extent that it may lawfully do so, the
      benefit of all appraisement, valuation, stay and extension laws now or hereafter
      in force and all rights of marshaling of assets in the event of any sale of
      the
      Mortgaged Property, any part thereof or any interest therein, and any court
      having jurisdiction to foreclose the lien hereto may sell the Mortgaged Property
      (real or personal, or both) as an entirety or in such parcels, lots, manner
      or
      order as Mortgagee in its sole discretion may elect.

     

    
 

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    Section
      24 
       Appointment
      of Receiver.
      If an
      Event of Default shall have occurred, Mortgagee shall be entitled, to the extent
      permitted by law, as a matter of right and without regard to the value or
      condition of the Mortgaged Property or the adequacy thereof as security and
      by
      proceedings with notice to Mortgagor, to the appointment of a receiver for
      all
      or any part of the Mortgaged Property, whether such receivership is incidental
      to a proposed sale of the Mortgaged Property or otherwise.

    

    Section
      25 
       Possession,
      Management and Income; Assignment.
      If an
      Event of Default shall have occurred, Mortgagee, to the extent permitted under
      applicable law, and without notice to Mortgagor, may enter upon and take
      possession of the Mortgaged Property or any part thereof by force, summary
      proceedings, ejectment or otherwise, and may remove Mortgagor and all other
      persons and any and all property therefrom and may hold, operate and manage
      the
      same and receive all revenues, income or profits accruing with respect thereto
      or any part thereof. Mortgagee shall be under no liability for or by reason
      of
      any such taking of possession, entry, removal or holding, operation or
      management, or for the failure to do so.

    

    Section
      26  
      Remedies
      Cumulative.
      Each
      right, power and remedy of Mortgagee provided for in this Mortgage, in the
      Loan
      Documents or now or hereafter existing at law or in equity or by statute or
      otherwise, shall be cumulative and concurrent and shall be in addition to every
      other right, power or remedy provided for in this Mortgage, in the Loan
      Documents or now or hereafter existing at law or in equity or by statue or
      otherwise, and the exercise or beginning of the exercise or partial exercise
      by
      Mortgagee of any one or more of such rights, powers or remedies shall not
      preclude the simultaneous or later exercise by Mortgagee of any or all of such
      other rights, powers or remedies.

    

    Section
      27 
       Provisions
      Subject to Applicable Law.
      All
      rights, powers and remedies provided herein may be exercised only to the extent
      that the exercise thereof does not violate any applicable law, and are intended
      to be limited to the extent necessary so that they will not render this Mortgage
      invalid, unenforceable or not entitled to be recorded, registered or filed
      under
      any applicable law.

    

    Section
      28 
       No
      Waiver by Mortgagee.
      No
      failure by Mortgagee to insist upon the strict performance of any term hereof
      or
      to exercise any right, power or remedy consequent upon a breach thereof shall
      constitute a waiver of any such term or of any such breach. No waiver of any
      breach shall affect or alter this Mortgage, which shall continue in full force
      and effect with respect to any other then existing or subsequent
      breach.

    

    Section
      29 
       Right
      to Sue for Installments.
      Mortgagee shall have the right from time to time to sue for any sums required
      to
      be paid pursuant to the terms of this Mortgage (whether principal, interest,
      taxes, insurance premiums or otherwise) as the same become due, without regard
      to whether or not the principal or any other sums secured hereby shall then
      be
      due and payable, and without prejudice to the right of Mortgagee to accelerate
      the indebtedness secured hereby or to commence an action for foreclosure or
      any
      other action for a default or defaults by Mortgagor existing at the time such
      earlier action was commenced.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Section
      30 
       Additional
      Security.
      Without
      impairment of the lien and rights created by this Mortgage, Mortgagee may accept
      additional security for the indebtedness secured by this Mortgage from Mortgagor
      or (without notice to or the consent of Mortgagor) from any other person or
      persons. Mortgagee may release or subordinate any part of the security for
      the
      indebtedness secured by this Mortgage without in any way impairing or affecting
      the validity or priority of this Mortgage as to the Mortgaged Property not
      specifically released. Mortgagee may resort to the security created by this
      Mortgage or to such additional security in such manner and order as Mortgagee
      may elect, in each case without affecting the lien hereof and the rights
      conferred hereunder.

    

    Section
      31 
       Notices.
      Any
      notice, demand or request required or permitted by this Mortgage shall be in
      writing and shall be deemed to have been sufficiently given at the earlier
      of
      either: (i) when
      personally delivered or (ii)
      at 6:00
      p.m. on the second business day after the day on which it is deposited in the
      United States certified or registered mail, postage prepaid, and addressed
      to
      the address of the party to whom such notice is directed as such address is
      set
      forth at the beginning of this Mortgage, and, in the case of Mortgagee, to
      the
      attention of the Legal Department, or at such other address as any party may
      from time to time notify the other by notice in writing as
      aforesaid.

    

    Section
      32 
       Reimbursement
      of Attorneys’ Fees and Expenses.
      If
      Mortgagee becomes a party to any action, wherein Mortgagee must establish or
      defend the validity or priority of this Mortgage, or if Mortgagee should incur
      expenses (including attorneys’ fees) in connection with the enforcement of this
      Mortgage, the Note, the Loan Documents or any other instrument or document
      collateral thereto, Mortgagor shall reimburse Mortgagee for any and all such
      costs or expenses, together with interest thereon, at the Default Rate from
      the
      date such costs and expenses are incurred, on demand, and all of said amounts,
      including interest, shall constitute indebtedness secured by this Mortgage
      to
      the extent permitted by law.

    

    Section
      33 
       Discharge
      of Mortgage.
      If the
      Note shall have been fully paid and all other sums payable under this Mortgage
      and the Loan Documents by Mortgagor shall have been paid and Mortgagor shall
      have complied with all the terms, conditions and requirements hereof and of
      the
      Loan Documents, then this Mortgage shall be null and void and of no further
      force and effect.

    

    Section
      34 
       Recordation.
      Mortgagor, at its expense, shall cause this Mortgage, any instruments
      supplemental hereto, and financing statement, including all necessary
      amendments, supplements, and appropriate continuation statements, registered
      and
      filed, in such manner and in such places as may be required in order to
      establish, preserve and protect the lien of this Mortgage as a valid, first
      mortgage lien on all real property and fixtures included in the Mortgaged
      Property and a valid, perfected first priority security interest in all fixtures
      included in the Mortgaged Property (including in each such case, without
      limitation, any such properties acquired after the execution hereof). If
      requested by Mortgagee, but in each case not more than once in each calendar
      year, Mortgagor, at its expense, will furnish Mortgagee an opinion of counsel
      satisfactory to Mortgagee specifying the action required and taken by Mortgagor
      to comply with this Section 36 since the date of this Mortgage or the date
      of the most recent such opinion (or stating that no such action is or was
      necessary) and specifying all action which will be required to be required
      to be
      taken in the next succeeding twelve month period.

     

    
 

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Section
      35 
       Further
      Assurances.
      Mortgage will properly execute and deliver, or cause to be executed and
      delivered from time to time, at the request of Mortgagee, all such further
      deeds, conveyances, mortgages, security agreements, financing statements,
      assignments of leases now existing or hereafter entered into, transfers and
      such
      other assurances as Mortgagee shall require for better assuring, mortgaging,
      pledging, assigning and confirming unto Mortgagee all and singular the Mortgaged
      Property and the title thereto.

    

    Section
      36 
       Estoppel
      Affidavits.
      Mortgagor, within ten (10) days after written request from Mortgagee, shall
      furnish a written statement, duly acknowledged, setting forth the unpaid
      principal of, and interest on the indebtedness secured hereby and whether or
      not
      any offsets or defenses exist against such principal and interest.

    

    Section
      37 
       Amendments,
      Changes and Modifications.
      Except
      as otherwise provided in this Mortgage, this Mortgage may not be effectively
      amended, changed, modified, altered or terminated without the prior written
      consent of Mortgagee.

    

    Section
      38 
       Application
      of Interest to Reduce Principal Sums Due.
      In the
      event that any charge, interest or late charge is above the maximum rate
      permitted by law, then any excess amount over the lawful rate shall be applied
      by Mortgagee to reduce the principal sums outstanding under the Note or any
      other amounts due Mortgagee under the Note, Loan Documents or this Mortgage,
      in
      such sequence as Mortgagee may select at its option.

    

    Section
      39 
       Binding
      Effect.
      This
      Mortgage shall inure to the benefit of and be binding upon Mortgagor, its
      successors and assigns, and Mortgagee, its successors and assigns, provided
      that
      this Mortgage may not be assigned by Mortgagor without the prior written consent
      of Mortgagee.

    

    Section
      40 
       Severability.
      If any
      term or provision of this Mortgage shall be held to be in no way be affected
      thereby, each of which shall be deemed to be effective to the full extent
      permitted by law.

    

    Section
      41 
       Captions.
      The
      captions or headings herein shall be solely for convenience of reference and
      in
      no way define, limit or describe the scope or intent of any provisions or
      sections of this Mortgage.

    

    Section
      42 
      Counterparts.
      This
      Mortgage may be executed in any number of counterparts, each of which shall
      be
      regarded as an original and all of which shall constitute but one and the same
      instrument; it shall not be necessary in proving this Mortgage to produce or
      account for more than one such counterpart.

     

    

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
 

                   
      Section 43
       Joint
      and Several Liability.
      If
      Mortgagor consists of more than one party, each of the undersigned shall be
      jointly and severally liable for the performance of all of the obligations,
      covenants and agreements of Mortgagor contained herein.

    

    Section
      44 
       No
      Setoffs.
      Mortgagor acknowledges that the indebtedness secured hereby was incurred in
      good
      faith for full value received, and Mortgagor has no defenses, setoffs or
      counterclaims thereto.

    

    Section
      45
       Definitions.
      Whenever in this instrument the context so admits or requires, the terms
“Mortgagor”
and
      “Mortgagee”
shall
      be construed as including their respective heirs, legal representatives,
      successors and assigns, as the case may be (provided, however, that nothing
      herein shall be construed to permit the assignment of this Mortgage by
      Mortgagor); and the pronoun as used herein to refer to either Mortgagor or
      Mortgagee in the third person, singular number and masculine gender, shall
      be
      construed as meaning the person, number and gender appropriate to the first
      designation to the respective parties hereto.

    

    Section
      46 
       Future
      Advances.
      It is
      the intent hereof to secure payment of the Note, whether the full amount thereof
      shall have been advanced to Mortgagor at the date hereof or at a later date,
      all
      sums evidenced thereby, and all advances paid, and readvanced thereunder and
      evidenced thereby. Mortgagee may, at the sole option of Mortgagee, from time
      to
      time make future advances to Mortgagor, which advances shall be secured by
      this
      Mortgage; provided, however, that the total principal sum secured hereby and
      remain unpaid, including any such advances, shall not at any time exceed twice
      the initial amount of the Note secured hereby. All such future advances shall
      be
      made within twenty (20) years from the date hereof and all indebtedness created
      by virtue of such future advances shall be and are secured hereby. All
      provisions of this Mortgage shall apply to any future advances made pursuant
      to
      the provisions of this paragraph. Nothing herein contained shall limit the
      amount secured by this Mortgage, if such amount is increased by advances made
      by
      Mortgagee as herein elsewhere provided and authorized for the protection of
      the
      security of Mortgage.

    

    Section
      47 
       Hazardous
      Waste.
      Mortgagor hereby represents and warrants to Mortgagee:

    

    a     that
      no
      oil, petroleum or chemical liquids or solids, liquid or gaseous products, or
      hazardous or toxic substances, within the meaning of any applicable statute
      or
      regulation, are presently stored or otherwise located on or under the Mortgaged
      Property or on or under any adjacent and contiguous real property owned by
      Mortgagor or any related entity or affiliate substance has occurred on the
      Mortgaged Property or on any adjacent and contiguous real property owned by
      Mortgagor or any related entity or affiliate of Mortgagor; 

    

    b     that
      no
      part of the Mortgaged Property or any adjacent and contiguous real property
      owned by Mortgagor or any related entity or affiliate of Mortgagor, including
      the groundwater located thereon, is presently contaminated by such hazardous
      or
      toxic substance;

    

    c     that
      Mortgagor has not received any notice from any governmental agency or authority
      or from any tenant under a lease with respect to any such release of hazardous
      or toxic materials onto the Mortgaged Property or adjacent parcels of real
      estate. Mortgagor further covenants and agrees with Mortgagee that throughout
      the term of the Note;

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    d     all
      hazardous or toxic substances, within the definition of any applicable statue
      or
      regulation, which may be used by any person for any purpose upon the Mortgaged
      Property, shall be used or stored thereon only in a safe and approved manner,
      in
      accordance with all industrial standards and all laws, regulations and
      requirements for such storage promulgated by any applicable governmental agency
      or authority; 

    

    e     the
      Mortgaged Property will not be used for the purpose of storing such substances;
      

    

    f     the
      Mortgaged Property will not be used for the purpose of storing such substances;
      and 

    

    g     no
      such
      storage or use will otherwise be allowed on the Mortgaged Property which will
      cause, or which will increase the likelihood of causing, the release of such
      hazardous or toxic substances onto the Mortgaged Property. Mortgagor hereby
      agrees to indemnify and save and hold Mortgagee harmless of and from all loss,
      cost (including reasonable attorneys’ fees), liability and damage whatsoever
      incurred by Mortgagee arising out of or by reason of any violation of any
      applicable statue or regulation for the protection of the environment which
      occurs upon the Mortgaged Property, or by reason of the imposition of any
      governmental lien for the recovery of environmental clean-up costs expended
      by
      reason of such violation; provided, however, that to the extent that Mortgagee
      is strictly liable under any such statute or regulation, Mortgagor’s obligation
      to Mortgagee under this indemnity shall likewise be without regard to fault
      on
      the part of Mortgagor with respect to the violation of law which results in
      liability to Mortgagee. A default under this paragraph shall constitute an
      Event
      of Default under this Mortgage.

    

    Section
      48 
       JURY
      TRIAL.
      BY ACCEPTANCE HEREOF, MORTGAGOR AGREES THAT NEITHER MORTGAGOR, NOR ANY ASSIGNEE,
      SUCCESSOR, HEIR OR LEGAL REPRESENTATIVE OF MORTGAGOR (ALL OF WHOM ARE
      HEREINAFTER REFERRED TO AS THE “PARTIES”) SHALL SEEK A JURY TRIAL IN ANY
      LAWSUIT, PROCEEDINGS, COUNTERCLAIM OR ANY OTHER LITIGATION PROCEDURE BASED
      UPON
      OR ARISING OUT OF THIS MORTGAGE 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 HERETO, AND THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS.
      NO
      PARTY HERETO HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT
      THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL
      INSTANCES.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Mortgage and Security Agreement the day and
      year first above written.

    

    Reedy
      Creek Acquisition Company, LLC, 

    A
      Florida Limited Liability Company:

    

    

    By:
      __________________________________________

    Malcolm
      J. Wright, Manager/Managing Member

    

    Signed
      in the presence of the following witnesses:

    

    

    __________________________________  _____________________________________

    Signature                                                                           
      Signature

    

    __________________________________  _____________________________________

    Print
      Name of
      Witness                                                  
 Print
      Name of Witness

    

    STATE
      OF FLORIDA

    COUNTY
      OF ORANGE

    

    The
      foregoing instrument was acknowledged before me this January
      3, 2006,
      by
Malcolm
      J. Wright as the Manager or Managing Member of Reedy Creek Acquisition Company,
      LLC, a Florida Limited Liability Company, on behalf of the
      company.
      He/She
”
      is
      personally known to me; or ”
      has
      produced ___________________________ as identification.

    

    Notary
      Seal:

    ____________________________________

    Notary
      Public

    

    My
      Commission Expires:

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
      “A” - LEGAL DESCRIPTION

    

    PARCEL
      ONE:

    

    LOTS
      3 AND 4, IN THE SOUTHWEST 1/4 OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST,
      OSCEOLA COUNTY, FLORIDA; LESS THAT PART OF SAID LOT 3 LYING SOUTH OF A LINE
      1819.04 FEET NORTH OF AND PARALLEL WITH THE SOUTH BOUNDARY OF SAID SOUTHWEST
      1/4, ALL IN THE MAP OF FLORIDA FRUIT & TRUCK LAND CO. SUBDIVISION, ACCORDING
      TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK "B" PAGE 68, OF THE PUBLIC RECORDS
      OF OSCEOLA COUNTY, FLORIDA.

    

    PARCEL
      TWO:

    

    THE
      WEST 1/2 OF THE EAST 1/2 OF THE SOUTHWEST 1/4 OF SECTION 2, TOWNSHIP 25 SOUTH,
      RANGE 27 EAST, LESS AND EXCEPT THE SOUTH 1336.22 FEET THEREOF, AND LESS THE
      NORTH 435.6 FEET OF THE WEST 100 FEET THEREOF, ALL LYING AND BEING IN OSCEOLA
      COUNTY, FLORIDA.

    

    TOGETHER
      WITH THE FOLLOWING EASEMENTS FOR INGRESS AND EGRESS:

    

    Parcel
      A:

    

    That
      portion of the following described land, lying North of State Road No. 530;
      from
      the Southwest corner of the West 1/2 of the East 1/2 of the Southwest 1/4 of
      Section 2, Township 25 South, Range 27 East, Osceola County, Florida, run North
      89°43'13"
      East, along the South line of said Section 2, 305.00 feet to the Point of
      Beginning; run thence North 00°01'20" East, parallel to the West line of said
      West 1/2 of the East 1/2 of the Southwest 1/4, 850.00 feet; run thence North
      89°43'13" East, 50.00 feet; run thence South 00°01'20" West 850.00 feet to the
      South line of said Section 2; run thence South 89°43'13" West, 50.00 feet to the
      Point of Beginning.

    

    Parcel
      B:

    

    A
      strip of land 25.0 feet in width each side of the following described line:
      From
      the Southwest corner of the West 1/2 of the East 1/2 of the Southwest 1/4 of
      Section 2, Township 25 South, Range 27 East, Osceola County, Florida, run North
      89°43'13" East, along the South line of Section 2, 330.0 feet; run thence North
      00°01'20" East, parallel to the West line of said West 1/2 of the East 1/2 of
      the Southwest 1/4, 850.0 feet to the Point of Beginning; continue North
      00°01'20" East, 114.39 feet to the Point of a Curve of a 75.00 foot radius curve
      to the left, having a central angle of 68°01'20"; run thence along said curve,
      89.04 feet to the Point of Tangent; run thence North 68°00'00" West, 198.67 feet
      to the Point of a Curve of a 110.0 foot radius curve to the right, having a
      central angle of 68°01'20"; run thence along said curve, 130.59 feet to the
      Point of Tangent; run thence North 00°01'20" East, 124.34 feet to the end of
      said line.

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    TOGETHER
      WITH all rights to Signage Easement reserved in that certain Deed recorded
      at
      Official Records Book 550, Page 777, of the public records of Osceola County,
      Florida.

    

    

    PARCEL
      THREE:

    

    Begin
      at the Southeast corner of the Northwest 1/4 of Section 2, Township 25 South,
      Range 27 East, Osceola County, Florida, and run N 00°26'22" E, along the East
      Boundary of said Northwest 1/4, 500.02 feet; thence run S 89°51'41" W, 819.46
      feet; thence S 00°01'20" W, 450.00 feet; thence N 89°51'41" E, along a line
      50.00 feet North of and parallel with the South Boundary of said Northwest
      1/4
      of said Section 2, 296.13 feet to a point of a Curvature of a non-tangent curve
      concave Easterly, having a radius of 840.00 feet; thence Southeasterly along
      said curve to a point on the South line of said Northwest 1/4 of said Section
      2,
      lying S 89°51'41" W, 512.10 feet from said Point of Beginning; run thence N
      89°51'41" E, 512.10 feet to the Point of Beginning.

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