Document:

PROMISSORY NOTE

 

	U.S. $1,000,000.00	Miami, Florida
	 	November 29, 2012

 

1.          Parties:

 

1.1          Net Talk.Com, Inc., a Florida
corporation (the "Borrower")

 

1.2          1080 NW 163 DRIVE, LLC, a
Florida Limited Liability Company (the "Lender")

 

2.          Borrower's Promise to Pay:          For
value received Borrower promises to pay to the order of Lender, its successors or assigns One Million and 00/100 Dollars ($1,000,000.00)
(the "Principal") or so much thereof as may be advanced hereunder, plus interest (the "Interest") on the
Principal from time to time remaining unpaid.

 

3.          Interest:

 

3.1          Rate:          TWELVE PERCENT
(12%) per annum , such rates sometimes referred to as the "Applicable Interest Rate".

 

3.2          Interest Computation:
Interest shall be computed on the outstanding principal balance for the actual number of days which have elapsed from the date
of each advance, calculated on a basis of a 360-day year. Upon the occurrence of any default under the loan documents, (as defined
below and regardless of whether or not the maturity date of the indebtedness evidenced hereby (the "Loan") is accelerated,
all advances of the Loan shall bear interest at the lesser of (a) eighteen percent (18%) or (b) the highest rate allowed by law
(the "Default Rate").

 

4.          Payments:          Interest only
monthly at the Applicable Interest Rate. The first such monthly interest payment to be due and payable one month from the date
hereof and monthly thereafter until the Maturity Date.

 

5.          Maturity Date:          This Note
shall mature and the entire unpaid Principal and any accumulated unpaid Interest thereon shall be due and payable on  NOVEMBER
28, 2014 (the "Maturity Date").

 

6.          Additional Interest Rate Provisions:

 

6.1          All payments hereunder shall
be made in lawful money of the United States of America.

 

6.2          In the event that the interest
rates applicable under this Note (collectively the "Applicable Interest Rate") or the Default Rate exceeds the maximum
rate of interest allowed by applicable law, as amended from time to time, in any interest period during the initial term or any
extension of this Note, only the maximum rate of interest allowed shall then be charged but thereafter in any interest period or
periods during which the rate is less than the maximum rate allowed by applicable law, as amended from time to time, the Applicable
Interest Rate and the Default Rate shall be increased so that Lender, its successors or assigns, may collect interest in such amount
as may have been charged pursuant to the terms of this Note, but which was not charged because of the limitation imposed by law.

 

6.3          It is the intent of the parties
hereto that in no event shall the amount of interest due or payment in the nature of interest payable hereunder exceed the maximum
rate of interest allowed by applicable law, as amended from time to time, and in the event any such payment is paid by the Borrower
or received by the Lender, then such excess sum shall be credited as a payment of Principal, unless the Borrower shall notify the
Lender, in writing, that the Borrower elects to have such excess sum returned to it forthwith. The Lender may, in determining the
maximum rate of interest allowed under applicable law, as amended from time to time, take advantage of: (i) the rate of interest
permitted by Florida Statutes, Chapter 687.12 ("Interest rates; parity among licensed lenders or creditors") and 12 United
States Code, Section 85 and 86, and (ii) any other law, rule or regulation in effect from time to time, available to Lender which
exempts Lender from any limit upon the rate of interest it may charge or grants to Lender the right to charge a higher rate of
interest than that allowed by Florida Statutes, Chapter 687.

 

 

	Promissory Note	 
	File Number 12199	Initials: ______ ______

 

    	 

    	 

    

 

7.          Prepayment:          This promissory
note may only be prepaid in whole or in part during the first twelve (12) months of its existence, upon the payment of a
prepayment premium from the borrower to the holder hereof in an amount equal to the amount of interest that would have been earned
upon the portion so prepaid had it remained in existence for a full twelve (12) months from the date of this Promissory
Note, less any interest payments actually made during such twelve month period. Thereafter this promissory note may be prepaid
in whole or part without penalty at any time.

 

The aforedescribed prepayment premium shall
be due and payable by the borrower to the holder hereof, regardless of whether the prepayment is voluntary or involuntary, by reason
of default and acceleration and regardless of whether the holder hereof collects default interest or not.

 

8.          Application of Payments:          So
long as no default has occurred in this Note, all payments hereunder shall first be applied to Interest, then to Principal. Upon
default in this Note, all payments hereunder shall first be applied to costs, then to Interest, and the remainder to Principal.

 

9.          Other Instruments:          The
term "Loan Documents" shall mean all and any of the documents now or hereafter executed by Borrower, by others, or by
Borrower and others, in favor of Lender, which wholly or partly secure or are executed in connection with this Note, including,
but not limited to any loan commitment given by Lender to Borrower.

 

10.          Place of Payment:          All
payments hereunder shall be made at Lender's Offices at 1541 Sunset Drive - Suite 302, South Miami, FL 33143, or such other
place as Lender may from time to time designate in writing.

 

11.          Default:

 

11.1          If any payment of Principal,
Interest, or other sum due Lender hereunder or under any of the Loan Documents is not paid within fifteen (15) days of the date
as and when due, or if any other default occurs under any of the Loan Documents, or if any obligation of Borrower under any of
the Loan Documents is not fully performed, then this Note shall be in default.

 

11.2          Upon default in this Note,
the Lender, at its option, may declare the entire unpaid Principal balance of this Note, together with accrued Interest, to be
immediately due and payable without notice or demand.

 

11.3          In addition to payments of
Interest and Principal, if there is a default in this Note the Lender shall be entitled to recover from the Borrower all of the
Lender's reasonable costs of collection, including the Lender's attorney, paralegal, and legal assistant fees and court costs (whether
for services incurred in collection, litigation, bankruptcy proceedings, appeals or otherwise), and all other costs incurred in
connection therewith, including but not limited to preparation of default letters or notices related thereto.

 

11.4          Upon default in this Note,
the unpaid principal balance (together with all sums due hereunder) shall thereafter bear interest at the lessor of (a) the maximum
rate allowed by law or (b) eighteen percent (18%), "the default rate" and Post-judgment interest shall accrue on the
unpaid balance of any judgment entered on this promissory note at the default rate provided herein, pursuant to Section 55.03(1),
Florida Statutes, as amended from time to time.

 

11.5          The default rate of interest
will prevail after judgment pursuant to Section 55.03, Florida Statutes, as amended from time to time.

 

12.          Late Charge:          A late charge
of five percent (5%) of any payment required hereunder shall be imposed on each and every payment, other than the final lump sum
principal payment, due hereunder, not received by the Lender within ten (10) days after it is due. The late charge is not a penalty,
but liquidated damages to defray administrative and related expenses due to such late payment. The late charge shall be immediately
due and payable and shall be paid by the Borrower to the Lender without notice or demand. This provision for a late charge is not
and shall not be deemed a grace period, and Lender has no obligation to accept a late payment. Further, the acceptance of a late
payment shall not constitute a waiver of any default then existing or thereafter arising in this Note.

 

13.          Waivers:          The Borrower
and any endorsers, sureties, guarantors and all others who are, or may become liable for the payment hereof severally: (a) waive
presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note,
and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, (b) waive any exemption of disposable earnings from attachment or garnishment under Florida Statutes, Section 222.11, (c)
consent to all extensions of time, renewals, postponements of time of payment of this Note or other modifications hereof from time
to time prior to or after the maturity date hereof, whether by acceleration or in due course, without notice, consent or consideration
to any of the foregoing, (d) agree to any substitution, exchange, addition, or release of any of the security for the indebtedness
evidenced by this Note or the addition or release of any party or person primarily or secondarily liable hereon, (e) agree that
the Lender shall not be required first to institute any suit, or to exhaust its remedies against the undersigned or any other person
or party to become liable hereunder or against the security in order to enforce the payment of this Note and (f) agree that, notwithstanding
the occurrence of any of the foregoing (except by the express written release by Lender of any such person), the undersigned shall
be and remain, jointly and severally, directly and primarily liable for all sums due under this Note.

 

 

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14.          Set-Offs:          The Borrower
and any endorsers, sureties, guarantors, and all others who are, or who may become liable for the payment hereof, severally expressly
grant to the Lender a continuing first (1st) lien security interest in and authorize and empower the Lender, at its sole discretion,
at any time after the occurrence of a default hereunder to appropriate and, in such order as Lender may elect, apply to the payment
hereof or to the payment of any and all indebtedness, liabilities and obligations of such parties to the Lender or any of Lender's
affiliates (whether such indebtedness, liabilities and obligations are or will be joint or several, direct or indirect, absolute
or contingent, liquidated or unliquidated, matured or unmatured, including, but not limited to, any letter of credit issued by
Lender for the account of any such parties), any and all money, general or specific deposits, or collateral of any such parties
now or hereafter in the possession of the Lender.

 

15.          Submission to Jurisdiction:          Borrower,
and any endorsers, sureties, guarantors and all others who are, or who may become liable for the payment hereof severally, irrevocably
and unconditionally (a) agree that any suit, action, or other legal proceeding arising out of or relating to this Note may be brought,
at the option of the Lender, in a court of record of the State of Florida in Miami-Dade County, in the United States District Court
for the Southern District of Florida, or in any other court of competent jurisdiction; (b) consent to the jurisdiction of each
such court in any such suit, action or proceedings; and (c) waive any objection which it or they may have to the laying of venue
of any such suit, action, or proceeding in any of such courts.

 

16.          Miscellaneous Provisions:

 

16.1          The term Lender as used herein
shall mean any holder of this Note.

 

16.2          Time is of the essence in this
Note.

 

16.3          The captions of sections of
this Note are for convenient reference only, and shall not affect the construction or interpretation of any of the terms and provisions
set forth in this Note.

 

16.4          All notices, demands, requests
and other communications required under this Note shall be given in writing delivered by hand or mail, and shall be conclusively
deemed to have been received when, upon receipt or refusal of such receipt, by United States first class mail, return receipt requested,
postage prepaid, addressed to the party for whom it is intended at the following address: For Lender at 1541 Sunset Drive -
Suite 302, South Miami, FL 33143, and for Borrower at 1080 NW 163 Drive, Miami, FL 33169. Any party may designate a change
of address by written notice to the other party, received by such other party at least ten (10) days before such change of address
is to become effective.

 

16.5          This Note shall be construed,
interpreted, enforced and governed by and in accordance with the laws of the State of Florida (excluding the principles thereof
governing conflicts of law), and federal law, in the event federal law permits a higher rate of interest than Florida law.

 

16.6          If any provision or portion
of this Note is declared or found by a court of competent jurisdiction to be unenforceable or null and void, such provision or
portion thereof shall be deemed stricken and severed from this Note, and the remaining provisions and portions thereof shall continue
in full force and effect.

 

16.7          This Note may not be amended,
extended, renewed or modified nor shall any waiver of any provision hereof be effective, except by an instrument in writing executed
by an authorized officer of the Lender and Borrower. Any waiver of any provision hereof shall be effective only in the specific
instance and for the specific purpose for which given.

 

17.          Waiver or Trial by Jury:          BORROWER
AND LENDER (BY ACCEPTANCE OF THIS INSTRUMENT) HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS NOTE OR ANY LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS(WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BORROWER AND LENDER ENTERING
INTO THE SUBJECT LOAN TRANSACTION.

 

 

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THE PROPER FLORIDA
DOCUMENTARY STAMP TAX HAS BEEN PAID ON THIS NOTE AND EVIDENCE OF SUCH PAYMENT APPEARS ON THE MORTGAGE SECURING THIS NOTE.

 

	 	NET TALK.COM, INC, a Florida Corporation
	 	 
	 	By:	/s/ Anastasios Kyriakides
	 	 	 Anastasios Kyriakides, President
	 	 
	 	(Corporate Seal)

 

State of Florida

County of Broward

 

The foregoing instrument was acknowledged before me this 29
day of November, 2012 by Anastasios Kyriakides, President of NET TALK.COM, INC, a Florida Corporation, on behalf of the corporation. 
He [_] is personally known to me or [X] has produced a driver's license as identification.

 

	 	 
	[Notary Seal]	Notary Public
	 	 	 
	 	Printed Name:	Michael Lyons
	 	 	 
	 	My Commission Expires:	October 31, 2013

 

	Promissory Note - Page 4	 
	File No. 12199	Initials: ______ _____Prepared by and return to:

Michael D. Lyons, Esq.

Lyons and Smith, P.A.

1230 NW 7th Street

Miami, FL 33125-3702

305-324-1100

File Number: 12199

 

	[Space Above This Line For Recording Data]

 

THIS IS A BALLOON MORTGAGE AND THE FINAL
PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE DUE UPON MATURITY IS $1,000,000.00, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL
ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE.

 

MORTGAGE AND SECURITY AGREEMENT

 

THIS MORTGAGE AND SECURITY AGREEMENT (the
"Mortgage"), made November 29, 2012 , between Net Talk.Com, Inc., a Florida corporation (the "Mortgagor")
as mortgagor and debtor, whose address is 1080 NW 163 Drive, Miami, FL 33169, and 1080 NW 163 DRIVE, LLC, a Florida Limited
Liability Company, (the "Mortgagee") as mortgagee and secured party, whose address is 1541 Sunset Drive - Suite
302, South Miami, FL 33143.

 

ARTICLE I

 

DEFINITIONS, HEADINGS, RULES OF CONSTRUCTION
AND SECURITY AGREEMENT

 

1.1.          Definitions.
As used in this Mortgage and in the exhibits attached hereto, the following terms shall have the following meanings herein specified,
such definition to be applicable equally to the singular and plural forms of such terms:

 

(a)          Default
Rate: The Default Rate as defined in the Note.

 

(b)          Environmental
Law: Any law, enactment, statute, code, ordinance, order, rule, regulation, judgment, decree, writ, injunction, franchise,
permit, certificate, license, authorization, or other direction or requirement of any Governmental Authority, as same may be amended
from time to time, whether now in existence or established or hereafter enacted, promulgated, adopted, entered or issued, both
within and outside the present contemplation of the parties hereto, relating to pollution or protection of the environment, including
but not limited to (I) the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA), 42 U.S.C.
§ 9601-9657, (ii) the Superfund Amendments and Reauthorization Act of 1986 ("SARA"), Public Law 99-499, 100 Stat.
1613, (iii) the Resource Conservation and Recovery Act, 42 U.S.C. § 6901-6987, (iv) the Florida Resource Recovery and Management
Act, Fla. Stat. § 403.702-403.7893, (v) the Pollutant Spill Prevention and Control Act, Fla. Stat. § 376.011-376.21,
(vii) any common law of nuisance or trespass, (viii) any law, rule or regulation relating to emissions, discharges, releases or
threatened releases of pollutants, contaminants or chemicals, or industrial, toxic or other Hazardous Substance or waste into the
environment (including without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), and (ix)
any law otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of pollutants, contaminants or chemicals or industrial, toxic or other Hazardous Substances or wastes, and (x) any other designations
as toxins, pollutants or contaminants by any other Governmental Authority (including, without limitation, the United States Environmental
Protection Agency). 

 

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(c)          Events
of Default: Those Events described hereinafter and in the Note secured hereby, if this mortgage secures a note.

 

(d)          Fixtures:
All goods now or hereafter incorporated into any structure now or hereafter erected upon or under the Land, in the event of lumber,
bricks, tile, cement, glass, metalwork, elevators, electrical systems, plumbing system, air conditional and heating systems, mechanical
systems and the like whether or not permanently affixed, which, to the fullest extent permitted by applicable law in effect from
time to time, shall be deemed fixtures and part of the Land.

 

(e)          Future
Advances: Any loan of money from Mortgagee to Mortgagor made within twenty (20) years from the date hereof. The total amount
of such loan or loans may decrease or increase from time to time, but the total unpaid aggregate balance secured by this Mortgage
at any one time, shall not exceed two times the original principal amount of the loan secured hereby, plus interest thereon, and
any disbursements made for the payment of the Impositions (whether taxes, levies or otherwise), insurance or other liens on the
Mortgage Property, with interest on such disbursements. The Mortgagee has no obligation, whatsoever, to make a Future Advance.

 

(f)           Governmental
Authority: Any (domestic or foreign) federal, state, county, municipal or other governmental department, entity, authority,
commission, board, bureau, court, agency or any instrumentality of any of them.

 

(g)          Governmental
Requirement: Any law, enactment, statute, code, ordinance, order, rule, regulation, judgment, decree, writ, injunction, franchise,
permit, certificate, license, authorization, or other direction or requirement of any Governmental Authority now existing or hereafter
enacted, adopted, promulgated, entered, or issued applicable to Mortgagee, Mortgagor or the Mortgaged Property, including, without
limitation, any Environmental Law.

 

(h)          Guarantor:
Jointly and severally and any Persons now or hereafter guarantying the Obligations or any part thereof (collectively referred to
as the "Guarantor").

 

(i)           Guaranty:
Any guaranty of payment, performance or completion executed by any Guarantor in favor of Mortgagee with respect to the Obligations.
In the event this mortgage is given for purposes of securing a guaranty or obligation other than a Note, then when the context
permits, the term "Note" shall be extended to include a Guaranty or other obligation given by Mortgagor to Mortgagee.

 

(j)           Hazardous
Substances: Any hazardous, toxic or dangerous waste, substance or material including, but not limited to, any elements or compounds
which are now or hereafter (i) identified in § 101(14) of the CERCLA, 42 U.S.C. § 9601(14), and as set forth in 40 C.F.R.
§ 302, as the same may be amended from time to time, (ii) determined to be toxic, a pollutant or contaminant, under any Environmental
Law, (iii) contained in the list of hazardous substances adopted by the United States Environmental Protection Agency, (iv) defined
as "petroleum" and "petroleum products" as defined in Fla. Stat. §376.301, as same may be amended from
time to time, and for (v) asbestos, radon, polychlorinated biphenyls and such other elements, compounds, materials, substances
or waste, which are otherwise dangerous, hazardous, harmful or deleterious to human or animal health or safety, or the environment.

 

(k)          Impositions:
All (i) real estate and personal property taxes and other taxes and assessments, public or private; utility rates and charges including
those for water and sewer; all other governmental and non-governmental charges and any interest or costs or penalties with respect
to any of the foregoing; and charges for any public improvement, easement or agreement maintain for the benefit of or involving
the Mortgaged Property, general and special, ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever
that at any time prior to or after the execution of this Mortgage may be assessed, levied or imposed upon the Mortgaged Property
or the Rent or income received therefrom, or any use or occupancy thereof, (ii) other taxes, assessments, fees and governmental
and non-governmental charges levied, imposed or assessed upon or against Mortgagor or charges levied, imposed or assessed upon
or against Mortgagor or any of its properties, and (iii) taxes levied or assessed upon this Mortgage, the Note, and the other Obligations
or any of them. 

 

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(l)           Improvements:All
buildings, structures, appurtenances and improvements, including all additions thereto and replacements and extensions thereof,
now constructed or hereafter to be constructed under, on or above the Land, which term includes any part thereof.

 

(m)         Junior
Mortgage: Any mortgage permitted by Mortgagee which now or hereafter encumbers all or any portion of the Mortgaged Property
and which is junior or subordinate to the lien of this Mortgage, which term shall collectively refer to all such mortgages and
the note or notes secured thereby.

 

(n)          Land:
The real property described on Exhibit "A" attached hereto and made a part hereof, together with all rights, privileges,
tenements, hereditaments, rights of way, easements, appendages, projections, appurtenances, water rights, including riparian and
littoral rights, streets, ways, alleys and strips and gores of land now or hereafter in any way belonging, adjoining, crossing
or pertaining to the Land.

 

(o)          Leases:Any
and all leases, subleases, licenses, concessions or granted of other possessory interests, together with the security therefor,
now or hereafter in force, oral or written, covering or affecting the Mortgaged Property or any part thereof.

 

(p)          Loan:$1,000,000.00,
as evidenced by the Note.

 

(q)          Loan
Commitment: The loan commitment, if any, given by Mortgagee to Mortgagor, the terms of which are incorporated herein by reference.

 

(r)           Loan
Documents: Any document or instrument executed, submitted or to be submitted by Mortgagor or others in connection with the
Loan, including, but not limited to the (i) Note, (ii) Mortgage, (iii) the Loan Commitment, (iv) Guaranty, (v) Financing Statements
and (vi) any other document or instrument executed in connection with the Loan.

 

(s)          Mortgaged
Property: The Land, Improvements, Fixtures, Leases, Rents, Antennas, Wiring, and Personal Property (as defined herein) together
with:

 

  (i)          All
judgments, awards of damages and settlements hereafter made resulting from condemnation proceedings or the taking of the Mortgaged
Property or any part thereof under the power of eminent domain, or by agreement in lieu thereof, or for any damage thereto caused
by any governmental action (whether by such taking or otherwise), such as without limitation, any aware for change of grade of
streets;

 

  (ii)         All
judgments, awards and settlements hereafter made, and all insurance proceeds hereafter paid for any damage to the Mortgaged Property,
and all unearned insurance premiums on any insurance policies maintained by the Mortgagor pursuant to this Mortgage;

 

  (iii)        All
awards and refunds hereafter made with respect to any Imposition; and

 

  (iv)        The
estate, right, title, interest, privilege, claim or demand whatsoever of Mortgagor, now or hereafter either at law or in equity,
in and to the Mortgaged Property.

 

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The term Mortgaged Property includes any
part of the foregoing property described as Mortgaged Property, and all proceeds, products, replacements, improvements, betterments,
extensions, additions, substitutions, renewals, accessories and appurtenances thereto and thereof.

 

(t)           Mortgagee:1080
NW 163 DRIVE, LLC, a Florida Limited Liability Company

(u)          Mortgagor:Net
Talk.Com, Inc., a Florida corporation

(v)          Note:
The promissory note dated of even date herewith from Borrower in favor of Mortgagee, in the amount of $1,000,000.00, and
by this reference made a part hereof to the same extent as though set out in full herein, and any other note given to Mortgagee
evidencing a Future Advance as any of said notes from time to time hereafter be modified, amended or extended or renewed.

 

(w)         Obligations:

 

  (i)          Any
and all of the indebtedness, liabilities, covenants, promises, agreements, terms, conditions and other obligations of every nature
whatsoever, whether joint or several, direct or indirect, absolute or contingent, liquidated or unliquidated, of Mortgagor and
Guarantor, or any of them, to Mortgagee, evidenced by, secured by, under and as set forth in the Note, this Mortgage, the Guaranty,
or the other Loan Documents:

 

  (ii)         Any
and all other indebtedness, liabilities and obligations of every nature whatsoever (whether or not otherwise secured or to be secured)
of Mortgagor (whether as maker, endorser, surety, guarantor or otherwise) to Mortgagee or any of Mortgagee's affiliates, whether
now existing or hereafter created or arising or now owned or howsoever hereafter acquired by Mortgagee or any of the Mortgagee's
affiliates, whether such indebtedness, liabilities and obligations are or will be joint or several, direct or indirect, absolute
or contingent, liquidated or unliquidated, matured or unmatured, including but not limited to, any letter of credit issued by Mortgagee
for the account of Mortgagor; together with all expenses, attorneys' fees, paralegals' fees and legal assistants' fees incurred
by Mortgagee in the preparation, execution, perfection or enforcement of any document relating to any of the foregoing; and

 

  (iii)        Any
and all future advances.

 

(x)          Permitted
Title Exceptions: Those matters, if any, described in Schedule B to the Title Insurance Policy insuring Mortgagee's interest
in this Mortgage.

 

(y)          Person:
Any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
government, or agency or political subdivision thereof, or any other form of entity.

 

(z)           Personal
Property: All of the following property of Mortgagor whether now owned or existing, or hereafter acquired or arising, whether
located in, on, pertaining to, used or intended to be used in connection with or resulting or created from the ownership, development,
or management of the Land;

 

  (i)          All
Improvements, including but not limited to the antennas, racks, wiring, connections and component systems (to the extent same are
not deemed to be real property) and landscaping;

 

  (ii)         All
Fixtures (to the extent same are not deemed to be real property) and goods to become Fixtures;

 

  (iii)        All
Leases and Rents (to the extent same are not deemed to be real property);

 

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  (iv)        All
Judgments, awards of damages and settlement from any condemnation or eminent domain proceedings regarding the Land, the Improvements
or any of the Mortgaged Property;

 

  (v)         All
insurance policies required by this Mortgage, the unearned premiums therefor and all loss proceeds thereof;

 

  (vi)        All
(a) contracts directly related to mortgaged property such as management contracts, construction contracts, architectural contracts,
service contracts, engineering contracts, advertising contracts, contracts for purchase and sale of any of the Mortgage Property,
purchase orders, equipment leases; (b) monies in escrow accounts, reservation agreements, prepaid expenses, deposits and down payments
with respect to the sale or rental of any of the Mortgaged Property; (c) options and agreements with respect to additional real
property for use or development of the Mortgaged Property, and (d) end-loan commitments, abstracts of title, all brochures, advertising
materials, condominium documents and prospectuses directly related to the Mortgaged Property; and

 

  (vii)       All
proceeds, products, replacements, additions, betterments, extensions, improvements, substitutions, renewals and accessions of any
and all of the foregoing.

 

(aa)        Rents:All
of the rents, royalties, issues, revenues, income, profits, security deposits and other benefits whether past due, or now or hereafter
arising from the Mortgaged Property and the occupancy, use and enjoyment thereof.

 

1.2           Rules
of Construction: The use of any gender shall include all other genders. The singular shall include the plural and the plural
shall include the singular. The word "or" is not exclusive and the use of the word "and" may be conjunctive
or disjunctive in the sole and absolute discretion of Mortgagee. The captions of Articles, Sections and Subsections of this Mortgage
are for convenient references only, and shall not affect the construction or interpretation of any of the terms and provisions
set forth herein.

 

1.3           Security
Agreement: This Mortgage constitutes a "Security Agreement" within the meaning of and shall create a security interest
under the Uniform Commercial Code Secured Transactions as adopted by the State of Florida, with respect to the fixtures, leases,
rents and Personal Property. A carbon, photographic or other reproduction of this Mortgage, or of any financing statement shall
be sufficient as a financing statement. The debtor's address and the secured party's address is set forth in the introduction to
this Mortgage.

 

ARTICLE II

 

GRANT

 

2.1           Grant:For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledge, and to secure the payment, observance,
performance and discharge of the Obligations, Mortgagor does by these presents give, transfer, grant, bargain, sell, alien, remise,
release, assign, mortgage, hypothecate, deposit, pledge, set over, confirm, convey and warrant unto Mortgagee all estate, right,
title and interest of Mortgagor in and to the Mortgaged Property, whether now owned or held or hereafter acquired by Mortgagor,
subject, however, to the Permitted Title Exceptions, to have and to hold the Mortgaged Property unto Mortgagee, its successors
and assigns forever.

 

2.2           Condition
of Grant: Subject to the provisions of this Mortgage, the condition of these presents is such that if Mortgagor shall pay,
observe, perform and discharge the Obligations, or cause same to be paid, observed, performed and discharged in strict accordance
with the terms thereof, then this Mortgage and the estates, interests, rights and assignments granted hereby shall be null and
void, but otherwise shall remain in full force and effect.

 

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2.3           Subrogation:
The Mortgagee is hereby subrogated to the claims and liens of all parties whose claims or liens are fully or partially discharged
or paid with the proceeds of the indebtedness secured by this Mortgage notwithstanding that such claims or liens may have been
cancelled and satisfied of record.

 

2.4           Lien
Priority: The lien of this Mortgage shall be a FIRST LIEN against the Mortgaged Property.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties:Mortgagor hereby represents and warrants to Mortgagee as follows:

 

(A)         Good
Standing. Mortgagor has the power and authority to own its property and to carry on its business in each jurisdiction in which
Mortgagor does business.

 

(B)          Authority
and Compliance. Mortgagor has full power and authority to execute and deliver the Loan Documents and to incur and perform the
obligations provided for therein, all of which have been duly authorized by all proper and necessary action of the appropriate
governing body of Mortgagor. No consent or approval of any public authority or other third party is required as a condition to
the validity of any Loan Document, and Mortgagor is in compliance with all laws and regulatory requirements to which it is subject.

 

(C)          Binding
Agreement. This Agreement and the other Loan Documents executed by Mortgagor constitute valid and legally binding obligations
of Mortgagor, enforceable in accordance with their terms.

 

(D)         Litigation.
There is no proceeding involving Mortgagor pending or, to the knowledge of Mortgagor, threatened before any court or governmental
authority, agency or arbitration authority, except as disclosed to Mortgagee in writing and acknowledged by Mortgagee prior to
the date of this Agreement.

 

(E)          No
Conflicting Agreements. There is no charter, bylaw, stock provision, partnership agreement or other document pertaining to
the organization, power or authority of Mortgagor and no provision of any existing agreement, mortgage, indenture or contract binding
on Mortgagor or affecting its property, which would conflict with or in any way prevent the execution, delivery or carrying out
of the terms of this Agreement and the other Loan Documents.

 

(F)          Ownership
of Assets. Mortgagor has good title to the Mortgaged Property, and its assets are free and clear of liens, except those granted
to Mortgagee and as disclosed to Mortgagee in writing prior to the date of this Agreement.

 

(G)          Impositions.
All impositions due and payable by Mortgagor have been paid or are being contested in good faith by appropriate proceedings.

 

(H)          Financial
Statements. The financial statements of Mortgagor, if any, heretofore delivered to Mortgagee have been prepared in accordance
with Generally Accepted Account Procedures applied on a consistent basis throughout the period involved and fairly present Mortgagor's
financial condition as of the date or dates thereof, and there has been no material adverse change in Mortgagor's financial condition
or operations. All factual information furnished by Mortgagor to Mortgagee in connection with this Agreement and the other Loan
Documents is and will be accurate and complete on the date as of which such information is delivered to Mortgagee and is not and
will not be incomplete by the omission of any material fact necessary to make such information not misleading.

 

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(I)           Environmental.
The conduct of Mortgagor's business operations and the condition of Mortgagor's property does not and, except as disclosed to Mortgagee
in writing and acknowledged by Mortgagee prior to the date of this Agreement, will not violate any federal laws, rules or ordinances
for environmental protection, regulations of the Environmental Protection Agency, any applicable local or state law, rule, regulation
or rule of common law or any judicial interpretation thereof relating primarily to the environment or Hazardous Materials.

 

(J)           Homestead.
The Mortgaged Property does not constitute the homestead or principal dwelling of the Mortgagor or the Mortgagor’s Principals,
and the Borrower and the Borrower’s Principals have no intent to make the Mortgaged Property their principal dwelling or
homestead.

 

ARTICLE IV

 

AFFIRMATIVE COVENANTS

 

4.1           Payment
and Performance: Mortgagor shall promptly pay and punctually perform, or shall cause to be promptly paid and punctually performed,
all of the Obligations as and when due and payable.

 

4.2           Existence:
Mortgagor shall preserve and keep in full force and effect it's existence, rights, franchises, trade names and qualification to
transact business in the State of Florida.

 

4.3           Compliance
with Laws: Mortgagor shall promptly and faithfully comply with, conform to and obey all Governmental Requirements and the rules
and regulations now existing or hereafter adopted by every governmental authority, having jurisdiction, or similar body exercising
similar functions, that may be applicable to Mortgage or to the Mortgaged Property or to the use or manner of use, occupancy, possession,
operation, maintenance, alterations, repair or reconstruction of the Mortgaged Property, whether or not such Governmental Requirement
or rule or regulation shall necessitate structural changes or improvements or interfere with the use or enjoyment of the Mortgaged
Property.

 

4.4           Impositions:

 

(A)         Mortgagor
shall pay all Impositions on the Mortgaged Property and all taxes levied or assessed upon this Mortgage, the Note and the Obligations,
or any of them. In the event of the passage, after the date of this Mortgage, of any law (i) making it illegal for the Mortgagor
to pay the whole or any part of the Impositions, or charges or liens herein required to be paid by Mortgagor, or (ii) rendering
the payment by Mortgagor of any and all taxes levied or assessed upon this Mortgage, the Note, or the Obligations or the interest
in the Mortgage Property represented by this Mortgage unlawful, or (iii) rendering the covenants for the payment of the matters
set forth in Subparts (i) and (ii) of this Subsection legally inoperative, the Mortgagor shall pay, upon demand, the entire unpaid
Obligations notwithstanding anything in the Note, this Mortgage or the other Loan Documents to the contrary.

 

(B)         Mortgagor
shall pay all ad valorem taxes on the Mortgaged Property on or before December 1st of each year in which they become a lien on
the Mortgaged Property, and shall deliver to Mortgagee tax receipts evidencing said payment on or before December 31st of each
year. Mortgagor shall also deliver to Mortgagee receipts evidencing the payment of all other Impositions within thirty (30) days
after same become due and payable or before same shall become delinquent, whichever is sooner.

 

4.5           Insurance:

 

(A)         The
Mortgagor shall obtain, maintain and keep in full force and effect during the term of this Mortgage, with all premiums paid thereon,
and without notice or demand, the following insurance with respect to the Mortgaged Property:

 

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  (i)          All-Risk
(Special) Hazard Insurance ("All Risk Hazard Insurance") reflecting coverage in such amounts as Mortgagee may require,
but in no event less than 100% of the full replacement cost of the Mortgaged Property that includes: (a) a mortgage endorsement
naming the Mortgagee as mortgagee and loss payee, which endorsement shall provide that the mortgagee's coverage will not be invalidated
by a foreclosure or the acquisition of the Mortgaged Property by a deed in lieu thereof, a change in ownership of the Mortgaged
Property, a more hazardous use of the Mortgaged Property or a loss caused by the neglect of the owner of the Mortgaged Property,
provided that the mortgagee pays any premium demanded should the owner of the Mortgaged Property fail to do so; the aforesaid mortgage
endorsement (which creates a separate agreement between the insurance company and the mortgagee) shall also specifically cover
and apply to that portion of the Mortgaged Property constituting Personal Property; (b) a replacement cost endorsement, (c) a stipulated
value/agreed amount endorsement, (d) sprinkler leakage coverage, if applicable, (e) vandalism and malicious mischief coverage,
and (f) flood insurance, if the Mortgaged Property is in a designated flood plain area. Such policy shall provide that any and
all loss payments thereunder be payable to Mortgagee alone and not jointly with Mortgagor. In addition, consequential and resulting
losses from an insured peril shall also be covered.

 

  (ii)         General
Comprehensive Public Liability Insurance ("Liability Insurance") against claims for bodily injury, death and property
damage, occurring in, on or about the Mortgaged Property, in such amounts as may be reasonably required by Mortgagee, but in no
event less than $1,000,000 per person/$3,000,000 per incident for bodily injury or death. Such policy shall include an additional
insured endorsement naming the Mortgagee. The Mortgagor's general contract (if applicable) shall also carry the aforesaid insurance
coverage;

 

  (iii)        Insurance
in such amounts and against such other casualties as may from time to time be reasonably required by Mortgagee ("Other Insurance").

 

(B)         All
policies of insurance required hereunder shall: (i) be written by carriers which are licensed or authorized to transact business
in the State of Florida, and are rated "A" or higher, Class XII or higher, according to the latest published Best's Key
Rating Guide and which shall be otherwise acceptable to Mortgagee in all other respects, (ii) provide that the Mortgagee shall
receive thirty (30) days' prior written notice form the insurer before a cancellation, modification, material change or non-renewal
of the policy becomes effective, (iii) be written with a deductible provision reasonably acceptable to Lender, and (iv) be otherwise
satisfactory to Mortgagee.

 

(C)         At
all times during the term of this Mortgage, Mortgagor shall have delivered to Mortgagee the original (or a certified copy) of all
policies of insurance required hereby, together with receipts of other evidence that the premiums therefor have been paid.

 

(D)         Not
less than thirty (30) days prior to the expiration date of any insurance policy, Mortgagor shall deliver to Mortgagee the original
(or certified copy) or the original certificate, as applicable, of each renewal policy, together with receipts or other evidence
that the premiums therefor have been paid.

 

(E)          The
delivery of any insurance policy and any renewals thereof, shall constitute an assignment thereof to Mortgagee, and Mortgagor hereby
grants to Mortgagee a security interest in all such policies, in all proceeds thereof and in all unearned premiums therefor.

 

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4.6           Tax
and Insurance Escrow: If required by Mortgagee, Mortgagor shall pay to Mortgagee on the payment date of installments of interest
as provided in the Note, together with and in addition to such installments of interest, an installment of the Impositions and
insurance premiums for such insurance as is required hereunder, next due on the Mortgaged Property in an amount sufficient, as
reasonably estimated by Mortgagee, to accumulate the sum required to pay such Impositions and insurance next due, as applicable,
thirty (30) days prior to the due date hereof. Amounts held hereunder shall not be, nor be deemed to be, trust funds, but may be
commingled with the general funds of Mortgagee, and no interest shall be payable with respect thereto. Upon demand of Mortgagee,
Mortgagor shall deliver to Mortgagee, within ten (10) days after such demand, such additional money as is necessary to make up
any deficiencies in the amounts necessary to enable Mortgagee to pay such Impositions and insurance premiums when due. In case
of an Event of Default, Mortgagee may apply any amount under this Section remaining to Mortgagor's credit to the reduction of the
Obligation at such times and in such manner as Mortgagee shall determine.

 

4.7           Repair:Mortgagor
shall keep the Mortgaged Property in good order and condition and make all necessary or appropriate repairs and replacements thereof
and betterments and improvements thereto, ordinary and extraordinary, foreseen and unforeseen, and use its best efforts to prevent
any act that might impair the value or usefulness of the Mortgaged Property.

 

4.8.          Restoration
Following Casualty:

 

(A)         If
all or any part of the Mortgaged Property shall be damaged or destroyed by a casualty covered by insurance, Mortgagor shall immediately
give written notice thereto to Mortgagee, and the appropriate insurer, and Mortgagee is authorized and empowered (but not obligated
or required) to make proof of loss and to settle, adjust or compromise Mortgagee's claims for loss, damage or destruction under
any policies of insurance required under this Mortgage. All proceeds of insurance shall be paid to Mortgagee and shall be applied
first to the payment of all costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred
by Mortgagee in obtaining such proceeds, and second, at the option of Mortgagee, either to the payment of the Obligations whether
or not due, in such order as Mortgagee may elect, or to the restoration, repair or replacement of the Mortgaged Property. If Mortgagee
elects to apply the insurance proceeds to the restoration, repair ore replacement of the Mortgaged Property, such proceeds shall
be disbursed to Mortgagor as work progresses pursuant to a construction and disbursing agreement in form and content satisfactory
to Mortgagee in its sole discretion, and Mortgagor shall promptly and diligently, regardless of whether there shall be sufficient
insurance proceeds therefore, restore, repair and rebuild the Mortgaged Property to the equivalent of its condition immediately
prior to the casualty. During the period of restoration and repair, Mortgagor shall continue to duly and promptly pay, perform,
observe and comply with all of the Obligations. The election by Mortgagee to apply the insurance proceeds to the restoration, repair
or replacement of the Mortgaged Property shall not affect the lien of this Mortgage or affect or reduce the Obligations.

 

(B)          If
all or any of the Mortgaged Property shall be damaged or destroyed by a casualty not covered by insurance or, if so covered the
insurer fails or refuses to pay the claim within thirty (30) days following the filing thereof, Mortgagor shall immediately give
written notice thereof to Mortgagee, and Mortgagor shall promptly and diligently, at Mortgagor's sole cost and expense, restore,
repair and rebuild the Mortgaged Property to the equivalent of its condition immediately prior to the casualty. During the period
of restoration and repair, Mortgagor shall continue to duly and promptly pay, perform, observe and comply with all of the Obligations.

 

(C)          If
any work required to be performed under Subsections (A) or (B) above, or both, shall involve an estimated expenditure of more than
$10,000.00, no such work shall be undertaken until plans and specifications therefor, prepared by an architect satisfactory to
Mortgagee, have been submitted to and approved by Mortgagee.

 

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4.9           Condemnation:

 

(A)         Mortgagor
shall immediately notify Mortgagee upon obtaining any knowledge of the institution of any proceedings for the condemnation of the
Mortgaged Property or any part thereof.

 

(B)          If
all or any part of the Mortgaged Property 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), Mortgagee at it's option may declare all of the unpaid Obligations to be immediately due and payable, and upon
ten (10) days written notice from Mortgagee to Mortgagor all such Obligations shall immediately become due and payable as fully
and to the same effect as if such date were the date originally specified for the final payment or maturity thereof. The Mortgagee
shall be entitled to all compensation, awards and other payments resulting from such condemnation and is hereby authorized, at
its option, to commence, appear in and prosecute, in it's own, any action or proceeding relating to any condemnation, and to settle
or compromise any claim in connection therewith. All such compensation, awards, damages, claims, rights of action and proceeds
and the right thereto are hereby assigned by Mortgagor to Mortgagee and shall be applied first to the payment of all costs and
expenses, up to amounts owed to Mortgagee, including the obligations (including, without limitation, reasonable attorneys' fee
and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by Mortgagee in connection with
any action or proceeding under this Section, and, second, at the option of Mortgagee, either to the payment of the Obligations
whether or not due, in such order as Mortgagee may elect, or to the restoration, repair or alteration of the Mortgaged Property.
If Mortgagee elects to apply the condemnation awards to the restoration, repair or alteration of the Mortgaged Property, such awards
shall be disbursed to Mortgagor as work progresses pursuant to a construction and disbursing agreement in form and content satisfactory
to Mortgagee in it's sole discretion, and the Mortgagor shall promptly and diligently, regardless of whether there shall be sufficient
condemnation awards therefor, restore, repair and alter the Mortgaged Property in a manner satisfactory to Mortgagee. During the
period of restoration, repair and alterations, the Mortgagor shall continue to duly and promptly pay, perform, observe and comply
with all of the Obligations. The election by Mortgagee to apply the condemnation awards to the restoration, repair or alteration
of the Mortgaged Property shall not affect the lien of this Mortgage or affect or reduce the Obligations. If any restoration, repair
or alteration of the Mortgaged Property shall involve an estimated expenditure of more than $10,000.00, same shall not be commenced
until plans and specifications therefor, prepared by an architect satisfactory to Mortgagee, have been submitted to and approved
by Mortgagee.

 

4.10         Inspection:Mortgagor
shall permit Mortgagee and it's agents to inspect the Mortgaged Property at any time during normal business hours and at all other
reasonable times.

 

4.11         Contest
of Tax Assessments, Etc.:After prior written notice to Mortgagee, Mortgagor, at it's own expense, may contest by appropriate
legal proceedings, promptly initiated and conducted in good faith and with due diligence, the amount, validity or application,
in whole or in part, of (a) any of the Governmental Requirements referred to herein, or (b) any Imposition; provided that: (i)
in the case of any unpaid Imposition, such proceedings shall suspend the collection thereof from Mortgagor and from the Mortgaged
Property, (ii) the Mortgaged Property or any part thereof will not be in danger of being sold, forfeited, terminated, cancelled
or lost, (iii) the use of the Mortgaged Property or any part thereof for it's present or future intended purpose or purposes will
not be interrupted, lost or terminated, (iv) Mortgagor shall have set aside adequate reserves with respect thereto, and (v) Mortgagor
shall have furnished such security as may be required in the proceedings or as may be reasonably requested by Mortgagee.

 

4.12         Expenses:

 

(A)         Mortgagor
shall pay all costs and expenses in connection with the Loan and the preparation, execution and delivery of the Loan Documents,
including, but not limited to, fees and disbursements of counsel appointed by Mortgagee, and all recording costs and expenses,
documentary stamp tax and intangible tax on the entire amount of funds disbursed under the Loan, and other taxes, surveys, appraisals,
premiums for policies of title and other insurance and all other fees, costs and expenses, if any, set forth in the Loan Agreement
or otherwise connected with the Loan transaction.

 

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(B)         Mortgagor
shall pay or reimburse Mortgagee for all costs, charges, expenses and reasonable attorneys' fees paid or incurred by Mortgagee
pursuant to this Mortgage, including, but not limited to those costs, charges, expenses and fees paid or incurred for the payment
of the Impositions, insurance, completion of construction, repairs or in any action, proceeding or dispute of any kind in which
Mortgagee is a party because of any Obligation not being duly and promptly performed or being violated, including, but not limited
to, the foreclosure or other enforcement of this Mortgage, any condemnation or eminent domain action involving the Mortgage, any
condemnation or eminent domain action involving the Mortgaged Property or any part thereof, any action to protect the security
hereof, or any proceeding in probate, reorganization, bankruptcy, or forfeiture in rem. All such amounts paid or incurred by Mortgagee,
together with interest thereon at the Default Rate from the date incurred by Mortgagee, shall be secured by this Mortgage and shall
be due and payable by Mortgagor immediately, whether or not there be notice or demand therefor. In any action directly between
Mortgagee and Mortgagor, the prevailing party shall be entitled to reimbursement from the non-prevailing party, of its attorney's
fees and costs.

 

(C)         Any
reference in this Mortgage to attorneys' or counsels' fees paid or incurred by Mortgagee shall be deemed to include paralegals'
fees and legal assistants' fees. Moreover, wherever provision is made herein for payment of attorneys' or counsels' fees or expenses
incurred by the Mortgagee, said provision shall include, but not be limited to such fees or expenses incurred in any and all judicial,
bankruptcy, reorganization, administrative, or other proceedings, including appellate proceedings, whether such fees or expenses
arise before proceedings are commenced or after entry of a final judgment.

 

4.13         Books
and Records:The Mortgagor shall keep and maintain, at all times, full, true and accurate books of accounts and records,
adequate to correctly reflect the results of the operation of the Mortgaged Property. The Mortgagee shall have the right to examine
such books and records and to make such copies of extracts therefrom as the Mortgagee shall require.

 

4.14.        Estoppel
Affidavits:Mortgagor, within ten (10) days after written request from Mortgagee, shall furnish a written statement, duly
acknowledge, setting forth the unpaid principal balance of, and interest on the Obligations secured by this Mortgage, and whether
or not any off-sets or defenses exist thereto.

 

4.15         Indemnification:

 

(A)         Mortgagor
shall, at its own expense, and does hereby agree to, protect, indemnify, reimburse, defend and hold harmless Mortgagee and its
directors, officers, agents, employees, attorneys, successors and assigns from and against any and all liabilities (including strict
liability), losses, suits, proceedings, settlements, judgments, orders, penalties, fines, liens, assessments, claims, demands,
damages, injuries, obligations, costs, disbursements, expenses or fees, of any kind or nature (including attorneys' fees and expenses
paid or incurred in connection therewith) arising out of or by reason of (i) an incorrect legal description of the land; (ii) any
action, or inaction of Mortgagee in connection with the Note, this Mortgage, the other Loan Documents or the Mortgaged Property;
(iii) the construction of any Improvements; (iv) the use and operation of the Mortgaged Property; (v) any acts or omissions of
Mortgagor or any other person at, on, or about the Mortgaged Property regarding the contamination of air, soil, surface waters
or groundwaters over, on, or under the Mortgaged Property; (vi) the presence, whether past, present or future, of any Hazardous
Substances on, in, or under the Mortgaged Property; or (vii) any past, present of future events, conditions, circumstances, activities,
practices, incidents, actions or plans involving the manufacture, processing, distribution, use, transport, handling, treatment,
storage, disposal, cleanup, emission, discharge, seepage, spillage, leakage, release or threatened release of any Hazardous Substance
on, in, under, or from the Mortgaged Property in connection with Mortgagor's operations on the Mortgaged Property, or otherwise;
all of the foregoing regardless of whether within the control of Mortgagee.

 

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(B)         The
indemnifications of this Section shall survive the full payment and performance of the Obligations and the satisfaction of this
Mortgage.

 

4.16         Hazardous
Substances:

 

(A)         Mortgagor
shall immediately notify Mortgagee orally and in writing if Mortgagor (i) becomes aware of the presence of any Hazardous Substance
or other environmental problem or liability on, in, under, released from or associated with the Mortgaged Property, or (ii) receives
any complaint, order, citation, notice or other written or oral communication (collectively an "Environmental Complaint")
regarding air emissions, water, discharges or any other environmental, health or safety matter affecting the Mortgaged Property
or any part thereof, or the presence of any Hazardous Substance on, in, under, released from or associated with the Mortgaged Property,
or any past, present or future events, conditions, circumstances, activities, practices, incidents, actions or plans involving
the manufacture, processing, distribution, use, transport, handling, treatment, storage, disposal, cleanup, emission, discharge,
seepage, spillage, leaking, release or threatened release of any Hazardous Substance on, under or from the Mortgaged Property.
Mortgagor shall forthwith transmit to Mortgagee copies of any Environmental Complaint.

 

(B)         Mortgagor
shall, at its own cost and expense, take any action necessary or advisable for the cleanup of any Hazardous Substance on, in, under,
released from or associated with the Mortgaged Property, including any removal, containment or remedial actions in accordance with
all applicable Environmental Laws, and shall pay or cause to be paid all cleanup, administrative, enforcement and other costs,
expenses or fines which may be asserted against Mortgagor, Mortgagee, the Mortgaged Property, or any other Person in connection
therewith.

 

(C)         Mortgagee
shall have the right but not the obligation, and without any limitation of Mortgagee's other rights under this Mortgage, to enter
onto the Mortgaged Property 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 Substance or any Environmental Complaint following receipt of any notice from
any Person or Governmental Authority asserting the existence of any Hazardous Substance or an Environmental Complaint pertaining
to the Mortgaged Property or any part thereof which, if true, could result in an order, suit, or other action against Mortgagor
or Mortgagee which, in the sole opinion of Mortgagee, could jeopardize Mortgagee's security under this Mortgage. All costs and
expenses incurred by Mortgagee in the exercise of any such rights shall be secured by this Mortgage and shall be payable by Mortgagor
upon demand.

 

(D)         Mortgagor
shall, within thirty (30) days of Mortgagee's written request, cause to be prepared an environmental audit of the mortgaged Property
(but only upon an Event of Default or if an Environmental complaint is then outstanding) and, if required by Mortgagee, an environmental
risk assessment of the Mortgaged Property including Hazardous Substances waste management practices and Hazardous Substances waste
disposal sites thereon. All environmental audits and environmental risk assessments shall be at Mortgagor's expense, shall be performed
and prepared by an environmental consultant satisfactory to Mortgagee, and shall otherwise be in form and substance satisfactory
to Mortgagee. Should Mortgagor fail to provide such environmental audit or environmental risk assessment within said thirty (30)
day period, Mortgagee shall have the right, but not the obligation, to retain an environmental consultant to perform and prepare
same. All costs and expenses incurred by Mortgagee in the exercise of such rights shall be secured by this Mortgage and shall be
payable by Mortgagor upon demand or charged to Mortgagor's loan balance at the discretion of Mortgagee.

 

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4.17         Financial
Reports, Etc.:Mortgagor shall, at Mortgagor's sole cost and expense, provide Mortgagee with any financial statements, financial
reports, appraisals or other documentation with respect to Mortgagor (the Guarantor, if applicable) or the Mortgaged Property which
may be required from time to time by any Governmental Authority having regulatory authority over Mortgagee. Such information shall
be provided by Mortgagor within thirty (30) days after written request from Mortgagee.

 

4.18         Performance
of Loan Documents:Mortgagor shall duly and punctually perform all covenants, terms and agreements expressed as binding
upon it under all of the Loan Documents.

 

ARTICLE V

 

NEGATIVE COVENANTS

 

5.1           Use
Violations, Etc.: Mortgagor shall not use the Mortgaged Property or allow the same to be used or occupied for any unlawful
purposes or in violation of any Governmental Requirement or restrictive covenant covering, affecting or applying to the ownership,
use or occupancy thereof, commit or permit or suffer any act to be done or any condition to exist on the Mortgaged Property or
any article to be brought thereon that may be dangerous, or that may in any way increase any ordinary fire or other hazard, unless
safeguarded as required by law, or that may, in law, constitute a nuisance, public or private.

 

5.2           Care
of Mortgaged Property:

 

(A)         Mortgagor
shall not commit or permit any waste, impairment or deterioration of the Mortgaged Property, or (except as may be provided for
in the Loan Agreement) perform any clearing, grading, filling or excavation of the Mortgaged Property or make or permit to be made
to the Mortgaged Property any alterations or additions that would have the effect of materially diminishing the value thereof (in
Mortgagee's sole opinion) or take or permit any action that will in any way increase any ordinary fire or other hazard arising
out of the construction or operation thereof.

 

(B)         Mortgagor
shall not, without the prior written consent of Mortgagee, remove, demolish or substantially alter, or permit the removal, demolishment
or substantial alteration of any Improvements on the Land. In the event such consent is given and if any work to be performed shall
involve an estimated expenditure of more than $10,000.00, no such work shall be undertaken until plans and specifications therefor,
prepared by an architect satisfactory to Mortgagee, shall have been submitted to and approved by Mortgagee.

 

(C)         Mortgagor
shall not permit any of the fixtures or Personal Property to be demolished or to be removed from the Land without the prior written
consent of Mortgagee. In the event such consent is given, the Mortgagee may require that said fixtures or Personal Property be
replaced by an article of equal suitability and value owned by Mortgagor, free and clear of any vendor's lien, chattel mortgage
or security interest of any kind, except such as may be approved in writing by Mortgagee, and that such replacement article be
encumbered by the lien of this Mortgage. Notwithstanding the foregoing, the Mortgagor may remove or demolish any Fixture or Personal
Property without first obtaining the Mortgagee's prior written consent provided (i) the value of such article does not exceed in
value at the time of disposition thereof, $1,000.00 for any single item, or a total of $15,000.00 in any one year for all such
items and (ii) that said article is replaced and subject to the lien of this Mortgage as aforesaid.

 

5.3.          Other
Liens and Mortgages:

 

(A)         Mortgagor
shall not, without the prior written consent of Mortgagee, create or permit to be created or to remain, any mortgage, pledge, construction
lien or other lien, conditional sale or other title retention agreement, encumbrance, claim or charge on (whether prior or subordinate
to the lien of this Mortgage or the other Loan Documents) the Mortgaged Property or income therefrom, other than this Mortgage,
the other Loan Documents and the Permitted Title Exceptions. Any transaction prohibited under this section shall be null and void.

 

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(B)         Mortgagor
shall not, without the prior written consent of Mortgagee, (i) enter into any agreement, either oral or in writing, whereby any
permitted Junior Mortgage is modified or amended in any manner whatsoever, (ii) permit the release of any guarantor or modification
of any guaranty affecting any permitted Junior Mortgage, or (iii) incur any additional indebtedness secured thereby.

 

(C)         Mortgagor
shall not directly or indirectly take, acquire or permit to be taken or acquired by any other party, any interest whatsoever in
any permitted Junior Mortgage without the prior written consent of Mortgagee.

 

5.4           Transfer
of Mortgaged Property:Mortgagor acknowledges that the continuous ownership of the secured premises by the Mortgagor is
of a material nature to the transaction and the making of the loan evidenced by the Note and secured by this Mortgage. Therefore,
the Mortgagor agrees that in the event of any transfer of all or substantially all of the secured premises, without the written
approval of the Mortgagee, howsoever evidenced or occasioned, then, at the option of the Mortgagee, the entire unpaid principal
balance under the Note, together with accrued interest shall immediately become due and payable. For purposes hereof if the Mortgagor
is a corporation, then a transfer of 49% or more of the issued and outstanding stock of the corporation, other than by devise or
operation of law, or in the event of the issuance of additional stock, which, by the nature thereof, changes the respective proportional
holdings of the now existing shareholders so that the then major shareholders will be other than the existing major shareholders,
either of such events shall be deemed a transfer of the secured premises entitling the Mortgagee to the rights hereinbefore provided
for. If the Mortgagor is a partnership or trust, then the transfer of the interest of a general or limited partner or a beneficiary
of the trust, other than by devise or operation of law, shall be deemed a transfer of the secured premises entitling the Mortgagee
to the rights hereinbefore provided for. In the event that Mortgagor shall, without the prior written consent of Mortgagee, sell,
transfer or convey the right to manage or control the operation of the secured premises, then the entire unpaid balance of the
Note and all interest shall become immediately due, at the option of the Mortgagee. Should the secured premises at any time be
or become subject to the lien of any Mortgage in connection with which payments on account of the indebtedness secured hereby are
to be made directly or indirectly by or through the Mortgagee thereunder, regardless of whether or not payment of the indebtedness
secured hereby is assumed by such Mortgagee, the whole of the principal sum and interest and other sums hereby secured, at the
option of the Mortgagee, shall immediately become due and payable.

 

5.5           Environmental
Contamination/Hazard Substances:Subject to matters disclosed to Mortgagee in writing and acknowledged by Mortgagee prior
to the date of this Agreement, Mortgagor and the Mortgaged Property shall at all times remain in full compliance with all Environmental
Laws. Mortgagor shall not, nor permit any other person to manufacture, process, distribute, use, transport, handle, treat, store,
dispose, emit, discharge, leak, spill or release any Hazardous Substance on, in, under or from the Mortgaged Property.

 

ARTICLE VI

 

EVENTS OF DEFAULT

 

6.1           Events
of Default: An "Event of Default" , as used in this Mortgage, shall occur at any time or from time to time:

 

(A)         Failure
to Pay:If any Obligation or any installment thereof is not paid within fifteen (15) days as and when due and payable;

 

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(B)         Failure
to Perform: If any Obligation (other than an Obligation requiring the payment of money or the occurrent of an event described
below) is not duly and promptly performed or is violated and such non-performance or violation is not curable, or if curable continues
for a period of ten (10) days after written notice thereof from Mortgagee to Mortgagor, provided, however, if such non-performance
or violation may not reasonably be cured within such ten (10) day period, an Event of Default shall not be deemed to have occurred
so long as same shall be diligently and continuously endeavored to be cured. Notwithstanding the foregoing, it shall be an Event
of Default if such non-performance or violation has not been cured within sixty (60) days after notice thereof;

 

(C)         Judgment:
If a final judgment for the payment of money is rendered against Mortgagor or any Guarantor in excess of Fifty Thousand and 00/100
Dollars ($50,000.00) and the same remains unsatisfied or not transferred to bond except for such period of time as execution on
the judgment is effectively stayed;

 

(D)         Voluntary
Bankruptcy, Etc.: If Mortgagor or any Guarantor (i) is voluntarily adjudicated a bankrupt or insolvent; (ii) seeks or consents
to the appointment of a receiver or trustee for itself or for all or any part of its property, (iii) files a petition seeking relief,
including reorganization, arrangement or similar relief, under the present Bankruptcy Code or other similar present or future applicable
laws of the United States or any state or any other competent jurisdiction, (iv) makes a general assignment for the benefit of
creditors or (v) admits in writing its inability to pay its debts as they mature;

 

(E)          Involuntary
Bankruptcy, Etc.: If a receiver or trustee is appointed for Mortgagor or any Guarantor, for all or any part of their respective
properties without their respective consents and such appointment is not vacated within sixty (60) days, or if a petition is filed
against Mortgagor or any Guarantor seeking relief, including reorganization, arrangement or similar relief, under the present Bankruptcy
Code or other similar present or future applicable laws of the United States or any state or other competent jurisdiction, and
such petition is not dismissed within sixth (60) days after the filing thereof;

 

(F)          Dissolution:
If Mortgagor or any Guarantor voluntarily or involuntarily dissolves or liquidates;

 

(G)          Default
by Guarantor: If any Guarantor fails to duly pay or perform any covenant, term, provision, or condition of the Guaranty, or
fails to duly pay or perform any and all indebtedness, liabilities and obligations (whether joint or several, direct or indirect,
absolute or contingent, liquidated or unliquidated, matured or unmatured) of any Guarantor to Mortgagee or to any of Mortgagee's
affiliates, whether nor existing or hereafter created or arising or now owned or howsoever hereafter acquired by Mortgagee or b
any of Mortgagee's affiliates;

 

(H)         Foreclosure
of Other Liens: If the holder of any mortgage or other lien on the Mortgaged Property, whether a Permitted Title Exception
or not (without hereby implying Mortgagee's consent to any such mortgage or other lien) institutes foreclosure or other proceedings
for the enforcement of any of its remedies thereunder;

 

(I)          Default
Under Junior Mortgage:If any default or any event of default occurs under any permitted Junior Mortgage, whether or not
foreclosure or other proceedings have been instituted thereunder;

 

(J)         Termination
of Guaranty:If any Guarantor delivers to Mortgagee any notice purporting to limit or terminate any Guaranty;

 

(K)         Other
Indebtedness: If any default occurs under any other indebtedness or obligation of Mortgagor and/or Guarantor in favor of Mortgagee;

 

(L)         Event
of Default in Note:If any event of default should occur that is set forth in the Note.

 

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ARTICLE VII

 

RIGHTS AND REMEDIES

 

7.1           Remedies:
If an Event of Default shall have occurred, Mortgagee may, at its option, exercise any, some or all of the following remedies,
concurrently or consecutively.

 

(A)         Acceleration:
Mortgagee may declare all of the unpaid Obligations, together with all accrued interest thereon, to be due and payable without
notice or demand which are hereby expressly waived, and upon such declaration all such Obligations shall immediately become due
and payable as fully and to the same effect as if the date of such declaration were the date originally specified for the full
payment or maturity thereof.

 

(B)         Mortgagee's
Right to Enter and Take Possession, Operate and Apply Income:

 

  (i)          Mortgagee
may demand that Mortgagor surrender the actual possession of the Mortgaged Property and upon such demand, Mortgagor shall forthwith
surrender same to Mortgagee and, to the extent permitted by law, Mortgagee itself, or by such officers or agents as it may appoint,
may enter and take possession of all of the Mortgaged Property and may exclude Mortgagor and its agents and employees wholly thereof.

 

  (ii)         If
Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after Mortgagee's demand,
Mortgagee may obtain a judgment or order conferring on Mortgagee the right to immediate possession or requiring the Mortgagor to
deliver immediate possession to Mortgagee, to the entry of which judgment or decree the Mortgagor hereby specifically consents.

 

  (iii)        Mortgagee
may from time to time: (a) continue and complete construction of, hold, store, use, operate, manage and control the Mortgaged Property
and conduct the business thereof; (b) make all reasonably necessary maintenance, repairs, renewals, replacements, additions, betterments
and improvements thereto and thereon and purchase or otherwise acquire additional Fixtures and Personal Property; (c) insure or
keep the Mortgaged Property insured; (d) exercise all the rights and powers of the Mortgagor in its name or otherwise with respect
to the same; and (e) enter into lease or rental agreements with others (including, without limitation, new Leases or amendments,
extensions or cancellations to existing leases) all as Mortgagee from time to time may determine in its sole discretion. Mortgagor
hereby constitutes and irrevocably appoints Mortgagee its true and lawful attorney-in-fact, which appointment is coupled with an
interest, with full power of substitution, and empowers said attorney or attorneys in the name of Mortgagor, but at the option
of said attorney-in-fact, to do any and all acts and execute any and all agreements that Mortgagee may deem necessary or proper
to implement and perform any and all of the foregoing.

 

  (iv)        The
Mortgagee may, with or without taking possession of the Mortgaged Property as hereinabove provided, collect and receive all the
Rents therefrom, including those past due and well as those accruing thereafter, and shall apply the monies so received first to
the payment of all costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) incurred by Mortgagee
and its agents in connection with the collection of same, whether or not in possession of the Mortgaged Property, and second, in
such order as Mortgagee may elect, to the payment of the Obligations.

 

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(C)          Proceedings
to Recover Sums Due:

 

  (i)          If
any installment or part of any Obligation shall fail to be paid when due, Mortgagee shall be entitled to sue for and to recover
judgment against the Mortgagor or the amount so due and unpaid together with all costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) incurred by Mortgagee in connection with such proceeding, together with interest thereon,
at the Default Rate from the date incurred by Mortgagee. All such costs and expenses shall be secured by this Mortgage and shall
be due and payable by Mortgagor immediately.

 

  (ii)         If
Mortgagor shall fail to pay upon the Mortgagee's demand, after acceleration as provided herein, all of the unpaid Obligations,
together with all accrued interest thereon, Mortgagee shall be entitled to sue for and to recover judgment against the Mortgagor
for the entire amount so due and paid together with all costs and expenses (including, without limitation, reasonable attorneys'
fees and expenses) incurred by Mortgagee in connection with such proceeding, together with interest thereon at the Default Rate
from the date incurred by Mortgagee. All such costs and expenses shall be secured by this Mortgage and shall be payable by Mortgagor
immediately. Mortgagee's right under this Subsection (ii) may be exercised by Mortgagee either before, after or during the pendency
of any proceedings for the enforcement of this Mortgage, including appellate proceedings.

 

(iii)        No
recovery of any judgment as provided is Subsections (i) and (ii) above and no attachment or levy of any execution upon any of the
Mortgaged Property or any other property shall in any way affect the lien of this Mortgage upon the Mortgage Property or any part
thereof, or any lien, rights, powers or remedies of Mortgagee hereunder, but such lien, rights, powers and remedies shall continue
unimpaired as before.

 

(D)         Foreclosure:

 

  (i)          Mortgagee
may institute proceedings for the partial or complete foreclosure of this Mortgage and Mortgagee may, pursuant to any final judgment
of foreclosure, sell the Mortgaged Property as an entirety or in separate lots, units or parcels.

 

  (ii)         In
case of a foreclosure sale of all or any part of the Mortgaged Property, the proceeds of sale shall be applied in accordance with
the section dealing with application of proceeds hereinafter, and the Mortgagee shall be entitled to seek a deficiency judgment
against the Mortgagor to enforce payment of any and all Obligations then remaining due and unpaid, together with interest thereon,
and to recover a judgment against the Mortgagor therefor.

 

  (iii)        The
Mortgagee is authorized to foreclose this Mortgage subject to the rights of any tenants of the Mortgaged Property, or Mortgagee
may elect which tenants Mortgagee desire to name as parties defendant in such foreclosure and failure to make any such tenants
parties defendant to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted by the Mortgagor
to be a defense to any proceedings instituted by the Mortgagee to collect the unpaid Obligations or to collect any deficiency remaining
unpaid after the foreclosure sale of the Mortgaged Property.

 

(E)          Receiver:
Mortgagee may apply to any court of competent jurisdiction to have a receiver appointed to enter upon and take possession of the
Mortgaged Property, collect the Rents therefrom and apply the same a the court may direct, such receiver to have all of the rights
and powers permitted under the laws of the State of Florida. The right of the appointment of such receiver shall be a matter of
strict right without regard to the value or the occupancy of the Mortgaged Property or the solvency or insolvency of Mortgagor.
The expenses, including receiver's fees, attorneys' fees, costs and agent's commission incurred pursuant to the powers herein contained,
together with interest thereon at the Default Rate, shall be secured hereby and shall be due and payable by Mortgagor immediately
without notice of demand. Notwithstanding the appointment of any receiver or other custodian, Mortgagee shall be entitled as pledgee
to the possession and control of any cash or deposits at the time held by, payable, or deliverable under the terms of this Mortgage
to the Mortgagee, and the Mortgagee shall have the right to offset the unpaid Obligations against any such cash or deposits in
such order as Mortgagee may elect.

 

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(F)          Remedies
as to Personal Property: Mortgagee may exercise any and all of its rights and remedies under the Uniform Commercial Code-Secured
Transactions as adopted by the State of Florida or other applicable law, as well as all other rights and remedies possessed by
Mortgagee, all of which shall be cumulative. Mortgagee is hereby authorized and empowered to enter the Mortgaged Property or other
place where the Personal Property may be located without legal process, and to take possession of the Personal Property without
notice or demand, which hereby are waived to the maximum extent permitted by the laws of the State of Florida. Upon demand by Mortgagee,
Mortgagor shall make the Personal Property available to Mortgagee at a place reasonably convenient to Mortgagee. Mortgagee may
sell at one or more public or private sales and for such price as Mortgagee may deem commercially reasonable, any and all of the
Personal Property secured by this Mortgage, and any other security or property held by Mortgagee and Mortgagee may be the purchaser
of any and all of the Personal Property.

 

(G)          Other:Mortgagee
may institute and maintain any suits and proceedings as the Mortgagee may deem advisable (I) to prevent any impairment of the Mortgaged
Property by any acts which may be unlawful or in violation of this Mortgage, (ii) to preserve or protect its interest in the Mortgage
Property, and (iii) to restrain the enforcement of or compliance with any Governmental Requirement that may be unconstitutional
or otherwise invalid, if the enforcement of or compliance with such Governmental Requirement might impair the security hereunder
or be prejudicial to the Mortgagee's interest.

 

7.2           Remedies
Cumulative and Concurrent: No right, power or remedy of Mortgagee as provided in the Note, this Mortgage, the Guaranty or the
other Loan Documents is intended to be exclusive of any other right, power or remedy of Mortgagee, but each and every such right,
power and remedy shall be cumulative and concurrent and in addition to any other right, power or remedy available to Mortgagee
now or thereafter existing at law or in equity and may be pursued separately, successively or together against Mortgagor, any Guarantor,
or any endorser, co-maker, surety or guarantor of the Obligations, or the Mortgage Property or any par thereof, or any one or more
of them, at the sole discretion of Mortgagee. The failure of Mortgagee to exercise any such right, power or remedy shall in no
event be construed as a waiver or release thereof.

 

7.3           Waiver,
Delay or Omission: No waiver of any Event of Default hereunder shall extend to or affect any subsequent or any other Event
of Default then existing, or impair any rights, powers or remedies consequent thereon, and no delay or omission of Mortgagee to
exercise any right, power or remedy shall be construed to waive any such Event of Default or to constitute acquiescence therein.

 

7.4           Credit
or Mortgagee: To the maximum extent permitted by the laws of the State of Florida, upon any sale made under or by virtue of
this Article, Mortgagee may bid for and acquire the Mortgaged Property, or any part thereof, and in lieu of paying cash therefor,
may apply to the purchase price any portion of or all of the unpaid Obligations in such order as Mortgagee may elect.

 

7.5           Sale:
Any sale or sales made under or by virtue of this Article shall operate to divest all the estate, right, title, interest, claim
and demand whatsoever at law or in equity, of the Mortgagor and all Persons, except tenants pursuant to Leases approved by Mortgagee,
claiming by, through or under Mortgagor in and to the properties and rights so sold, whether sole to Mortgagee or to others.

 

7.6           Proofs
of Claim:In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition,
seizure of the Mortgaged Property by any Governmental Authority or other judicial proceedings affecting the Mortgagor, any Guarantor,
any endorser, co-maker, surety, or guarantor of the Obligations, or any of their respective properties, the Mortgagee, to the extent
permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order
to have its claim allowed in such proceedings for the entire unpaid Obligation at the date of the institution of such proceedings,
and for any additional amounts which may become due and payable after such date.

 

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7.7           Waiver
of Redemption, Notice, Marshalling, Etc.: Mortgagor hereby waives and releases, for itself and anyone claiming through, by
or under it, to the maximum extent permitted by the laws of the State of Florida:

 

(A)        all
benefit that might accrue to Mortgagor by virtue of any present or future law exempting the Mortgaged Property or any part of the
proceeds arising from any sale thereof, from attachment, levy or sale on execution, or providing for any appraisement, valuation,
stay of execution, exemption from civil process, redemption or extension of time for payment,

 

(B)         unless
specifically required herein, all notices of default, or Mortgagee's actual exercise of any option or remedy under the Loan Documents,
or otherwise, and

 

(C)         any
right to have the Mortgaged Property marshalled.

 

7.8           Application
of Proceeds:The proceeds of any sale of all or any portion of the Mortgaged Property shall be applied by Mortgagee first
to the payment of receiver's fees ad expenses, if any, and to the payment of all costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) incurred by Mortgagee, together with interest thereon at the Default Rate from the date
so incurred in connection with any entry, action or proceeding under this Article and, second, in such order as Mortgagee may elect,
to the payment of the Obligations. Mortgagor shall be and remain liable to Mortgagee to any difference between the net proceeds
of sale and the amount of the Obligations until all of the Obligations have been paid in full.

 

7.9           Discontinuance
of Proceedings: If Mortgagee shall have proceeded to enforce any right under any Loan Document and such proceedings shall have
been discontinued or abandoned for any reason, then except as may be provided in any written agreement between Mortgagor and Mortgagee
providing for the discontinuance or abandonment of such proceedings, Mortgagor and Mortgagee shall be restored to their former
positions and the rights, remedies and powers of Mortgagee shall continue as if no such proceedings had been instituted.

 

7.10         Mortgagee's
Actions: Mortgagee may, at any time without notice to any Person and without consideration, do or refrain from doing any and
all of the following actions, and neither the Mortgagor, any Guarantor, any endorser, co-maker, surety or guarantor of the Obligations,
nor any other Person (hereinafter in this Section collectively referred to as the "Obligor") now or hereafter liable
for the payment and performance of the Obligations shall be relieved from the payment and performance thereof, unless specifically
released in writing by Mortgagee: (a) renew, extend or modify the terms of the Note, this Mortgage, the Guaranty and the other
Loan Documents, or any of them; (b) forbear or extend the time for the payment or performance of any or all of the Obligations;
(c) apply payments by any Obligor to the reduction of the unpaid Obligations in such manner, in such amounts, and at such times
and in such order and priority as Mortgagee may see fit; (d) release any Obligor; (e) substitute or release in whole or in part
the Mortgaged Property or any other collateral or any portion thereof now or hereafter held as security for the Obligations without
affecting, disturbing or impairing in any manner whatsoever the validity and priority of the lien of this Mortgage upon the Mortgaged
Property which is not released or substituted, or the validity and priority of any security interest of the Mortgagee in such other
collateral which is not released or substituted; (f) subordinate the lien of this Mortgage or the lien of any other security interest
in any other collateral now or hereafter held as security for the Obligations; (g) join in the execution of a plat or replat of
the Land; (h) join in and consent to the filing of a declaration of condominium or declaration of restrictive covenants regarding
all or any part of the Land; (I) consent to the granting of any easement on the Land; (I) consent to the granting of any easement
on the Land; and (j) generally deal with any Obligor or any other party as Mortgagee may see fee.

 

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7.11         Remedies
in Note: The Mortgagee may also exercise any and all remedies contained in the Note.

 

ARTICLE VIII

 

MISCELLANEOUS

 

8.1           Maximum
Rate of Interest: Nothing contained herein, in the Note or in any other Loan Document or in any instrument or transaction
related thereto shall be construed or so operate as to require the Mortgagor or any person liable for the payment of the Loan made
pursuant to the Note, or liable for the payment of any Obligations, to pay interest, or any charge in the nature of interest, in
an amount or at a rate which exceeds the maximum rate of interest allowed by applicable law, as amended from time to time. Should
any interest or other charges in the nature of interest received by Mortgagee or paid by the Mortgagor or any parties liable for
the payment of the Loan made pursuant to the Note, or liable for the payment of any Obligations, exceed the maximum rate of interest
allowed by applicable law, as amended from time to time, then such excess sum shall be credited against the principal balance of
the Note or the balance of the other Obligations, as applicable, unless the Mortgagor or such other parties liable for such payments,
as applicable, shall notify the Mortgagee, in writing, that the Mortgagor or such other party elects to have such excess sum returned
to it forthwith, it being the intent of the parties hereto that under no circumstances shall the Mortgagor or any parties liable
for any of the aforesaid payments be required to pay interest in excess of the maximum rate of interest allowed by applicable law,
as amended from time to time. The Mortgagee may, in determining the maximum rate of interest allowed under applicable law, as amended
from time to time, take advantage of any state or federal law, rule or regulation in effect from time to time which may govern
the maximum rate of interest which may be reserved, charged or taken.

 

8.2           Continuing
Agreement:This Mortgage and all of the Mortgagor's representations, warranties and covenants herein, Mortgagee's security
interest in the Mortgaged Property and all of the rights, powers and remedies of Mortgagee hereunder shall continue in full force
and effect until all of the Obligations have been paid and performed in full; until Mortgagee has no further obligation to make
any advances under the Loan; and until Mortgagee, upon the request of the Mortgagor, has executed a satisfaction of mortgage. Furthermore,
if for any reason no Obligations are owing, notwithstanding such occurrence, this Mortgage shall remain valid and in full force
and effect as to subsequent Obligations, so long as Mortgagee has not executed a satisfaction of mortgage; provided, however, that
the indemnifications set forth in Article V of this Mortgage shall survive the satisfaction of this Mortgage.

 

8.3.          Survival
of Warranties and Covenants: The warranties, representations, covenants and agreements set forth in this Mortgage shall survive
the making of the Loan and the execution and delivery of the Note, and shall continue in full force and effect until all of the
Obligations shall have been paid and performed in full.

 

8.4           No
Representation by Mortgagee:By accepting or approving anything required to be observed, performed or fulfilled, or to be
given to Mortgagee, pursuant to this Mortgage or the other Loan Documents, including, but not limited to, any officer's certificate,
balance sheet, statement, survey or appraisal, Mortgagee shall not be deemed to have warranted or represented the sufficiency,
legality, effectiveness or legal effect of the same, or of any term, provision or condition thereof, and such acceptance or approval
thereof shall not be or constitute any warranty or representation with respect thereto by Mortgagee.

 

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8.5           Notice:
All notices, demands, requests and other communications required under this Mortgage may be given orally (either in person or by
telephone, if confirmed in writing within three (3) days thereafter), by telex, telegram or telecopy or in writing delivered by
hand or mail and shall be conclusively deemed to have been received if delivered or attempted to be delivered by United States
first class mail, return receipt requested, postage prepaid, addressed to the party for whom it is intended at its address set
forth in the introduction to this Mortgage. Any party may designate a change of address by written notice to the other party, received
by such other party at least ten (10) days before such change of address is to become effective.

 

8.6           Mortgagee's
Right to Pay and Perform: If Mortgagor shall fail to duly pay or perform any of the Obligations required by this Mortgage,
then at any time thereafter without notice to or demand upon Mortgagor, and without waiving or releasing any right, remedy or power
of Mortgagee, and without releasing any of the Obligations or any Events of Default, Mortgagee may pay or perform such Obligation
for the account of and at the expense of Mortgagor, and shall have the right to enter and to authorize others to enter upon the
Mortgaged Property for such purpose and to take all such action thereon and with respective to the Mortgaged Property as may be
necessary or appropriate for such purpose. All payments made and all cost and expenses (including, without limitation, reasonable
attorneys' fees and expenses) incurred by Mortgagee, together with interest thereon at the Default Rate form the date incurred
by Mortgagee shall be secured by this Mortgage and shall be due and payable by Mortgagor immediately, whether or not there be notice,
demand, an attempt to collect same, or suit pending.

 

8.7           Covenants
Running with the Land: All covenants contained in this Mortgage shall be binding on the Mortgagor and shall run with the Land.

 

8.8           Successors
and Assigns:All of the terms of this Mortgage shall apply to and be binding up, and inure to the benefit of, the heirs,
devisees, personal representatives, successors and assigns of Mortgagor and Mortgagee, respectively, and all persons claiming under
or through them.

 

8.9           Invalidity:

 

(A)         If
any one or more of the provisions contained in this Mortgage is declared or found by a court of competent jurisdiction to be invalid,
illegal or unenforceable, such provision or portion thereof shall be deemed stricken and severed and the remaining provisions hereof
shall continue in full force and effect.

 

(B)          If
any one or more of the Obligations is declared or found by a court of competent jurisdiction to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining Obligations shall continue in full force and effect.

 

8.10         Modification:
No agreement unless in writing and signed by an authorized officer of Mortgagee and no course of dealing between the parties hereto
shall be effective to change, waive, terminate, modify, discharge or release in whole or in part any provision of this Mortgage.
No waiver of any rights or powers of Mortgagee or consent by it shall be valid unless in writing, signed by an authorized officer
of Mortgagee, and then such waiver or consent shall be effective only in the specified instance and for the specific purpose of
which given.

 

8.11         Applicable
Law: This Mortgage shall be construed, interpreted, enforced and governed by and in accordance with the laws of the State
of Florida (excluding the principals thereof governing conflicts of law), and federal law in the event federal law permits a higher
rate of interest than Florida law.

 

8.12         Strict
Performance: It is specifically agreed that time is of the essence as to all matters provided for in this Mortgage and that
no waiver of any Obligation hereunder or secured hereby shall at any time thereafter be held to be a waiver of the Obligation.

 

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8.13         Joint
and Several Liability: If more than one Person executes this Mortgage, each is and shall be jointly and severally liable hereunder.

 

8.14         Embargoed
Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any transfers
of interests permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Mortgagor or any partner or other
legal or beneficial owner of Mortgagor or such partner (hereinafter referred to as a "Borrower Party") constitute (or
will constitute) property of, or are (or will be) beneficially owned, directly or indirectly, by any person or government subject
to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
§§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated
thereunder with the result that the investment in any such Borrower Party (whether directly or indirectly) is prohibited by applicable
law or the loan made by Mortgagee is in violation of applicable law (“Embargoed Person”); (b) no Embargoed Person has
(or will have) any interest of any nature whatsoever in any Borrower Party, with the result that the investment in any such Borrower
Party (whether directly or indirectly), is prohibited by applicable law or the loan is in violation of applicable law; and (c)
none of the funds of any Borrower Party have been (or will be) derived from any unlawful activity with the result that the investment
in any such Borrower Party (whether directly or indirectly), is prohibited by applicable law or the loan is in violation of applicable
law. Any violation of the foregoing shall, at Mortgagee's option, constitute an Event of Default hereunder.

 

8.15         Patriot
Act. Mortgagor hereby represents and warrants that each Borrower Party and each and every person affiliated with any Borrower
Party has an economic interest in any Borrower Party is: (i) not a “blocked” Person listed in the Annex to Executive
Order Nos. 12947, 13099 and 13224 and all modifications thereto or thereof (as used in this Section only, the “Annex”);
(ii) in full compliance with the requirements of the Patriot Act and all other requirements contained in the rules and regulations
of the Office of Foreign Assets Control, Department of the Treasury (as used in this Section only, “OFAC”); (iii) operated
under policies, procedures and practices, if any, that are in compliance with the Patriot Act and available to Mortgagee for Mortgagee’s
review and inspection during normal business hours and upon reasonable prior notice; (iv) not in receipt of any notice from the
Secretary of State or the Attorney General of the United States or any other department, agency or office of the United States
claiming a violation or possible violation of the Patriot Act; (v) not listed as a Specially Designated Terrorist or as a “blocked”
Person on any lists maintained by the OFAC pursuant to the Patriot Act or any other list of terrorists or terrorist organizations
maintained pursuant to any of the rules and regulations of the OFAC issued pursuant to the Patriot Act or on any other list of
terrorists or terrorist organizations maintained pursuant to the Patriot Act; (vi) not a person who has been determined by competent
authority to be subject to any of the prohibitions contained in the Patriot Act; and (vii) not owned or controlled by or now acting
and or will in the future act for or on behalf of any Person named in the Annex or any other list promulgated under the Patriot
Act or any other person who has been determined to be subject to the prohibitions contained in the Patriot Act. Mortgagor covenants
and agrees that in the event Mortgagor receives any notice that any Borrower Party (or any of their respective beneficial owners
or affiliates) become listed on the Annex or any other list promulgated under the Patriot Act or is indicted, arraigned, or custodially
detained on charges involving money laundering or predicate crimes to money laundering, Mortgagor shall immediately notify Mortgagee.
It shall be an Event of Default hereunder if any Borrower Party or any other party to any Loan Document becomes listed on any list
promulgated under the Patriot Act or is indicted, arraigned or custodially detained on charges involving money laundering or predicate
crimes to money laundering. All capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public
Law 56 (October 26, 2001) and in other statutes and all orders, rules and regulations of the United States government and its various
executive departments, agencies and offices related to the subject matter of the Patriot Act, including Executive Order 13224 effective
September 24, 2001 (collectively referred to in this Section only as the “Patriot Act”) and are incorporated into this
Section.

 

8.16         Exhibits.
Exhibit A is incorporated into this Mortgage by this reference.

 

	Florida Mortgage - Page 22	Initials: ______ ______
	File No. 12199	 

 

    	 

    	 

    

 

8.17         Waiver
of Trial by Jury: MORTGAGOR AND MORTGAGEE (BY ACCEPTANCE OF THIS INSTRUMENT) HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON
THIS MORTGAGE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS MORTGAGE, THE NOTE, OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY LOAN DOCUMENT. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR MORTGAGOR AND MORTGAGEE ENTERING INTO THE SUBJECT LOAN TRANSACTION.

 

IN WITNESS WHEREOF, Mortgagor has executed
this instrument as of the date and year first above written.

 

THIS IS A BALLOON MORTGAGE AND THE FINAL
PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE DUE UPON MATURITY IS $1,000,000.00, TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL
ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE.

 

	 	NET TALK.COM, INC, a Florida Corporation
	 	 
	__________________________________	By:  /s/ Anastasios Kyriakides
	Witness Name: ______________________	        Anastasios Kyriakides, President
	 	 
	 	(Corporate Seal)
	 	 
	___________________________________	 
	Witness Name: ______________________	 

  

	State of Florida
	County of Miami-Dade
	 
	The foregoing instrument was acknowledged before me this 29 day of November, 2012 by Anastasios Kyriakides, President of NET TALK.COM, INC, a Florida Corporation, on behalf of the corporation.  He [_] is personally known to me or [X] has produced a driver's license as identification.

 

	 	/s/ Michael Lyons
	[Notary Seal]	Notary Public
	 	 
	 	Printed Name:	Michael Lyons
	 	 
	 	My Commission Expires:  	October 31, 2013

 

	Florida Mortgage - Page 23	Initials: ______ ______
	File No. 12199	 

 

    	 

    	 

    

 

EXHIBIT "A"

 

Lot 12, Block 3, SUNSHINE STATE INDUSTRIAL PARK SECTION ONE,
according to the map or plat thereof, as recorded in Plat Book 76, Page 75, of the Public Records of Miami-Dade County, Florida
(Folio #34-21140070300)

 

	Florida Mortgage - Page 24	Initials: ______ ______
	File No. 12199

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