Document:

Form of Performance Share Agreement

 Exhibit 10.23 
 [Name of Employee] 
 PERFORMANCE SHARE AGREEMENT 

 THIS AGREEMENT, made in Fairlawn, Ohio as of
                         , 20    , by and between OMNOVA Solutions Inc., an Ohio corporation
(the “Company”) and the undersigned employee of the Company (“Employee”); 
 WHEREAS, the Company maintains
the OMNOVA Solutions Second Amended and Restated 1999 Equity and Performance Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement, and the Employee has been selected by the Compensation and Corporation
Governance Committee of the Company’s Board of Directors (the “Committee”), which committee is charged with administering the Plan, to receive a Performance Share Award under the Plan; 
 NOW, THEREFORE, IT IS AGREED, by and between the Company and the Employee, as follows: 
 1. Definitions. The following terms used in this Agreement shall have the meanings set forth in this paragraph 1: 
  

	 	(a)	The “Employee” is [name]. 

  

	 	(b)	The “Grant Date” is [date]. 

  

	 	(c)	The number of “Performance Shares” shall be up to a maximum of
                     shares. “Performance Share” means a bookkeeping entry that records the equivalent of one Common Share awarded
pursuant to this Agreement and the Plan. The “Performance Period” is the period beginning on December 1, 20    , and ending on November 30, 20    . 

Any defined term used in this Agreement but not otherwise defined herein shall have the meaning given such term in the Plan. 

2. Award. Subject to the terms of this Agreement and the Plan, the Employee is hereby granted the number of Performance Shares as
set forth in paragraph 1. 
 3. Settlement of Awards. The Company shall deliver to the Employee one share of OMNOVA
Solutions Common Stock, par value $.10 per share (“Common Share”) (or cash equal to the Market Value per Share, as defined in the Plan) for each Performance Share earned by the Employee, as determined in accordance with the provisions of
Exhibit 1, which is attached to and forms a part of this Agreement. The earned Performance Shares payable to the Employee in accordance with the provisions of this paragraph 3 shall be paid solely in Common Shares, solely in cash based on the
trailing 200-day average closing price per share of OMNOVA Common Stock on the New York Stock Exchange (determined as of the first business day next following the last day of the Performance Period), or in a combination of the two, as determined by
the Committee in its sole discretion, except that cash shall be distributed in lieu of any fractional Common Shares. 
 4.
Time of Payment. Except as otherwise provided in this Agreement, payment of Performance Shares earned in accordance with the provisions of paragraph 3 will be delivered as soon as practicable after the end of the Performance Period but not
later than two and one- 

 half months following the conclusion of such Performance Period; provided, however, that prior to payment,
the Committee must certify the Performance Goals set forth in Exhibit 1 that have been achieved. 
 5. Retirement,
Disability, or Death during Performance Period. If the Employee experiences a Separation from Service during the Performance Period because of the Employee’s retirement, disability, or death, the Employee shall be entitled to a prorated
value of the Performance Shares earned in accordance with Exhibit 1, determined at the end of the Performance Period, and based on the ratio of the number of months the Employee is employed during the Performance Period to the total number of months
in the Performance Period. 
 Consistent with past practice, the term “retire” or “retirement” shall mean a
Separation from Service from the Company at a time when the employee meets the age and/or years of service criteria which would make the employee eligible to commence immediately receiving retirement benefits from the OMNOVA Solutions Inc.
Consolidated Pension Plan (the “Pension Plan”), whether or not a Participant in the Pension Plan. “Disability” means either (a) the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a period of at least 12 months (which shall be evidenced by the written determination of a qualified medical doctor selected
by the Board or its designee and specifying the date upon which such disability commenced), or (b) the Participant, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period exceeding six months under an accident and health plan covering employees of the Company. 
 6. Separation from Service of Employment during Performance Period. If the Employee experiences a Separation from Service (as defined
under the Plan) during the Performance Period for any reason other than the Employee’s retirement, disability, or death, the Performance Shares granted under this Agreement will be forfeited on the date of such Separation from Service
Separation from Service. 
 7. Change In Control. (a) If the Employee experiences a Separation from Service within
two years following a Change in Control either involuntarily (other than for death, disability, retirement or cause) or voluntarily pursuant to Section 3(b) of a Severance Agreement between the Employee and the Company, the Employee shall be
entitled to immediate payment of (a) any Performance Shares due to him at the time of his termination for any Performance Period already completed, and (b) a prorated number of Performance Shares for each Performance Period which has not
been completed at the time of his Separation from Service, calculated using the “target” attainment of Performance Goals for that portion of any Performance Period not completed and prorated based on the ratio of the number of months the
Employee is employed during the Performance Period through the date of his Separation from Service. Notwithstanding the provisions of paragraph 3, the value of Performance Shares earned in accordance with the foregoing provisions of this paragraph 7
shall be delivered to the Employee in a lump sum cash payment as soon as practicable following his Separation from Service, with the value of a Performance Share equal to the Market Value per Share as of the Employee’s Separation from Service
date. 
 (b) For purposes of this Agreement, “Change in Control” shall mean the occurrence during the
term of this Agreement of any of the following events, subject to the provisions of Section (7)(b)(vi) hereof: 

 (i) a change in the ownership of the Company, such that any one person, or
more than one person acting as a group (as determined under Section 409A of the Code and the related regulations), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50
percent of the total fair market value or total voting power of the stock of the Company; or 
 (ii) a change in
the effective control of the Company, such that either: 
 (A) any one person, or more than one person acting as
a group (as determined under Section 409A of the Code and the related regulations), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the
Company possessing 30 percent or more of the total voting power of the stock of the Company; or 
 (B) a
majority of members of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election in accordance with the
provisions of Treasury Regulation Section 1.409A-3(i)(5); or 
 (iii) a change in the ownership of a
substantial portion of the Company’s assets, such that any one person, or more than one person acting as a group (as determined under Section 409A of the Code and the related regulations), acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50 percent of the total gross fair market value of all of the assets of the
Company immediately before such acquisition or acquisitions; or 
 (iv) the Board determines that any of the
events described in Section 7(a), (b) and (c) will occur, or is likely to occur, and that it is in the best interests of the Company and its shareholders and will serve the intended purposes of the Plan for the Board to render such a
determination and trigger the protections and benefits afforded by the Plan and any grant hereunder with respect to a Change in Control, unless such determination is subsequently voided by the Board with a determination that such event will not
occur or is not likely to occur prior to the time that any benefits would be payable under the Plan and any grant hereunder as a result of such initial determination. 
 8. Restrictions on Transfer. All rights to payment of Performance Shares shall be nontransferable other than by will or by the laws of descent and distribution in accordance with Section 9.

 9. Beneficiary Designation. Employee may designate any beneficiary or beneficiaries (contingently or successively) to
whom Performance Shares are to be paid if Employee dies during the Performance Period (or prior to receiving the payment of any Performance Shares earned for a Performance Period completed prior to his death), and may at any time revoke or change
any such designation. Absent such designation, any payment due to Employee under this Agreement upon Employee’s death will be payable to Employee’s estate.

 
The designation of a Beneficiary will be effective only when Employee has delivered a completed Designation of Beneficiary form to the Company’s Secretary. A successive designation of
Beneficiary will revoke a prior designation. 
 10. Withholding of Taxes. If Performance Shares awarded and earned
pursuant to this Agreement are paid in Common Shares, then any taxes which the Company determines are required to be withheld upon payment of such Common Shares will be satisfied by the Company withholding from the Common Shares otherwise
deliverable to Employee such number of shares as has a fair market value equal to the minimum amount required to be withheld to satisfy Employee’s tax withholding obligation. The fair market value of each Common Share will be equal to
(i) the closing price of Common Shares on the New York Stock Exchange on the date the Committee certifies the achievement of the Performance Goals (and, accordingly, the Performance Shares earned for the Performance Period), or if none were
then traded, the last prior day on which Common Shares were so traded, or (ii) if clause (i) does not apply, the fair market value of the Common Shares as determined by the Board. If Performance Shares awarded and earned pursuant to this
Agreement are settled in cash, the Company shall deduct from any payment made any federal, state or local taxes of any kind required by law to be withheld with respect to such payments or take such other action as may be necessary in the opinion of
the Company to satisfy all obligations for the payment of such taxes. 
 11. Successors. This Agreement shall be binding
upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.

 12. Disputes. The Board shall have full and exclusive authority to determine all disputes and controversies concerning
the interpretation of this Agreement by a majority vote of the directors then in office. 
 13. Notices. All written
notices and communications directed to the Company pursuant to this Agreement must be addressed to OMNOVA Solutions Inc., 175 Ghent Road, Fairlawn, Ohio 44333-3300; Attention: Secretary. All communications directed to Employee pursuant to this
Agreement will be mailed to the Employee’s current address as recorded on the payroll records of the Company. 
 14.
Plan Governs. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Employee from the office of the Secretary of the Company.

 15. Governing Law. To the extent not preempted by federal law, this Agreement will be governed by and interpreted in
accordance with the laws of the State of Ohio. 

 IN WITNESS WHEREOF, this Agreement has been executed by a duly authorized officer of the
Company and by the Employee as of the     th day of                          
20    . 
  

			
	OMNOVA Solutions Inc.
		
	By:	 	 
		 	Kevin M. McMullen
		 	Chairman and Chief Executive Officer

  

	
	Agreed to and accepted:
	
	  
	Employee*

  
 Sign and return
one copy by                          , 20     to OMNOVA Solutions Inc., 175 Ghent Road,
Fairlawn, Ohio 44333-3300; Attention: Secretary. 

 EXHIBIT 1 
 PERFORMANCE GOALS 
 1. Purpose. The purpose of this Exhibit 1 is to
set forth the Performance Goals that will be applied to determine the amount of the award to be made under the terms of the attached Performance Share Agreement (the “Agreement”). This Exhibit 1 is incorporated into and forms a part of the
Agreement. 
 2. Performance Goals. The Performance Goals shall be as follows: 
  

			
	 	 
	  	  	  
	 	 
	 	  	 
	 	 
	 	  	 

 3. Amount of Award. The amount distributable to the Employee under the
Agreement shall be determined in accordance with the following schedule: 
  

											
	Performance
Shares	  	Cash
Payout*
	 Threshold
	  	 Target
	  	 Max
	  	 Threshold
	  	 Target
	  	 Max

	 	  	 	  	 	  	    %	  	    %	  	    %
	 	  	 	  	 	  	*Percent of average annual compensation (base + EICP bonus)
over performance period)Renewal to Revolving Letter of Credit Agreement

 Exhibit 10(c)(i) 
 

 
 Commercial Note 
  

							
	Borrower:	  	Nobility Homes Inc.	  	Date: June 04, 2009
	Borrower Address:	  	3741 S.W. 7th St
		  	Ocala, FL 34474-0000
		
	Loan Amount:	  	Four Million Dollars and no cents ($4,000,000.00)
	Account No.:	  	5056399	  	Note No.: 42	  	Officer: Loren M. Thrasher, 10965

 For value received, the borrower(s) named above whether one or more, (the “Borrower”),
jointly and severally promise to pay to the order of SunTrust Bank, a Georgia banking corporation (“SunTrust”) without offset in U.S. Dollars and in immediately available funds, the Loan Amount shown above, or the total of all amounts
advanced under this commercial note and any modifications, renewals, extensions or replacements thereof (this “Note”) if less than the full Loan Amount is advanced, plus interest and any other amounts due, upon the terms specified below:

 Loan Type: Revolving Master Borrowing Loan. This is an open end revolving line of credit. Borrower may borrow an aggregate principal
amount up to the Loan Amount outstanding at any one time. 
 Repayment Terms: Principal is due and payable in full on
the Maturity Date, but the Borrower shall be liable for only so much of the Loan Amount as shall be equal to the total amount advanced to the Borrower by SunTrust from time to time, less all payments made by or for the Borrower and applied by
SunTrust to principal. Advances under this Note shall be recorded and maintained by SunTrust in its internal records and such records shall be conclusive of the principal and interest owed by Borrower unless there is a material error in such
records. Accrued interest will be payable on the 4th day
of each month beginning on July 04, 2009, with all unpaid accrued interest due and payable on the Maturity Date. 
 “Maturity Date” means May 30, 2010 or such date to which this Note may be extended or renewed in the sole discretion of SunTrust by written notice from SunTrust to Borrower. 
 Interest 
 Interest will accrue on an
actual/360 basis (on the actual number of days elapsed over a year of 360 days). Interest shall accrue from the date of disbursement on the unpaid balance and shall continue to accrue until this Note is paid in full. 
 This is a variable rate transaction. The interest rate is prospectively subject to increase or decrease without prior notice. 
 Subject to the above, interest per annum payable on this Note (the “Rate”) shall be a variable rate based on the following Index: 
 The one month LIBOR Rate as defined on the attached Addendum A, LIBOR Index Rate Addendum. 
 The Rate shall be equal to the Index plus 2.50% per annum. Adjustments to the Rate shall be effective monthly on the same day of each month beginning July 01, 2009 or the next business day if
such date does not fall on a business day. The Rate will never be more than the maximum interest rate permitted by applicable law, nor less than 3.00% per annum. 
 Collateral 
 Unless otherwise agreed in writing, any collateral pledged to SunTrust to
secure any of the existing or future liabilities of the Borrower to SunTrust shall also secure this Note. To the extent permitted by law,

  

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the Borrower grants to SunTrust a security interest in and a lien upon all deposits and investments maintained by the Borrower with SunTrust and any affiliates thereof. 
 All of the foregoing security is referred to collectively as the “Collateral”. Unless otherwise agreed in writing, the Collateral is security for
the payment of this Note and ay other liability (including overdrafts and future advances) of the Borrower to SunTrust, however evidenced, now existing or hereafter incurred, matured or unmatured, direct or indirect, absolute or contingent, several,
joint, or joint and several, including any extensions, modifications or renewals. The proceeds of any Collateral may be applied against the liabilities of the Borrower to SunTrust in such order as SunTrust deems proper. 
 Loan Purpose And Updated Financial Information Required 
 The Borrower warrants and represents that the loan evidenced by this Note is being made solely for the purpose of acquiring or carrying on a business, professional or commercial activity or acquiring real
or personal property as an investment (other than a personal investment) or for carrying on an investment activity (other than a personal investment activity). The Borrower agrees to provide to SunTrust updated financial information, including, but
not limited to, tax returns and current financial statements in form satisfactory to SunTrust, as well as additional information, reports or schedules (financial or otherwise), all as SunTrust may from time to time request. 
 Representations and Warranties 
 This Note
has been duly executed and delivered by Borrower, constitutes Borrower’s valid and legally binding obligations and is enforceable in accordance with its terms against Borrower. The execution, delivery and performance of this Note and the
consummation of the transaction contemplated will not, with or without the giving of notice or the lapse of time, (a) violate any material law applicable to Borrower, (b) violate any judgment, writ, injunction or order of any court or
governmental body or officer applicable to Borrower, (c) violate or result in the breach of any material agreement to which Borrower is a party nor (d) as applicable, violate any charter, bylaws, operating agreement, partnership agreement
or any other agreement by which Borrower is bound. No consent, approval, license, permit or other authorization of any third party or any governmental body or officer is required for the valid and lawful execution and delivery of this Note.

 Default, Acceleration And Setoff 
 As used herein the term “Obligor” shall individually and collectively refer to the Borrower and any person or entity that is primarily or secondarily liable on this Note and any person or entity that has conveyed or may hereafter
convey any security interest or lien to SunTrust in any real or personal property to secure payment of this Note. An “event of default” shall occur hereunder upon the occurrence of any one or more of the following events or conditions:

 (a) the failure by any Obligor to pay when due, whether by acceleration or otherwise, any amounts owed under this Note;

 (b) the occurrence of any event of default under any agreement or loan document executed in conjunction with this Note or the
failure of any Obligor to perform any covenant, promise or obligation contained in this Note or any other agreement to which any Obligor and SunTrust are parties; 
 (c) the breach of any representation or warranty of any Obligor contained in this Note or any other agreement with SunTrust; 
 (d) the failure of any Obligor to pay when due any amount owed to any creditor other than SunTrust under a written agreement calling for the payment of money; 
 (e) the death, declaration of incompetency, dissolution, liquidation, merger, consolidation, termination or suspension of usual business of
any Obligor; 
 (f) any person or entity, or any group of related persons or entities, shall have or obtain legal or beneficial
ownership of a majority of the outstanding voting securities or rights of any Obligor that is not a natural person, other than a person or entity, or any group of related persons or entities that has such majority ownership as of the date of this
Note; 
 (g) the insolvency or inability to pay debts as they mature of any Obligor, the application for the appointment of a
receiver for any Obligor, the filing of a petition or the commencement of a proceeding by or against any Obligor under any provision of any applicable Bankruptcy Code or other insolvency law, or statute, or any assignment for the benefit of
creditors by or against any Obligor; 
  

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 (h) the entry of a judgment or the issuance or service of any attachment, levy or
garnishment against any Obligor or the property of any Obligor or the repossession or seizure of property of any Obligor; 
 (i)
a determination by SunTrust that a material adverse change in the financial condition of any Obligor has occurred since the date of this Note; 
 (j) any Obligor commits fraud or makes a material misrepresentation at any time in connection with this Note or any Collateral; 
 (k) any deterioration or impairment of the Collateral or any decline or depreciation in the value of the Collateral which causes the
Collateral in the judgment of SunTrust to become unsatisfactory as to character or value; 
 (l) the sale or transfer by any
Obligor of all or substantially all of such Obligor’s assets other than in the ordinary course of business; 
 (m) the
termination of any guaranty of this Note by a guarantor; or 
 (n) any other act or circumstances leading SunTrust to deem itself
insecure. 
 SunTrust shall not be obligated to fund this Note or make any advance under this Note if an event of default exists or would exist
if such funding occurred or such advance made. Upon the occurrence of an event of default, SunTrust shall, at its option, have the remedies provided herein and by any other agreement between SunTrust and any Obligor or under applicable law,
including without limitation, declaring the entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, to be due and payable immediately without presentment, demand, protest, or notice of any
kind, except notice required by law and SunTrust’s obligation to make advances under this Note shall automatically terminate without notice or further action by SunTrust. Upon the occurrence of an event of default under section g above, the
entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, shall automatically become due and payable without presentment, demand, protest, or notice of any kind except notice required by law.
Upon the occurrence of an event of default, as of the date of such event of default, SunTrust, at its option, may charge interest on the unpaid balance of this Note at the lesser of (i) the Rate plus 4.00% per annum or (ii) the
maximum rate allowed by law (the “Default Rate”) until paid in full. To the extent permitted by law, upon default SunTrust will have the right, in addition to all other remedies provided herein, to set off the amount due under this Note or
due under any other obligation to SunTrust against any and all accounts, whether checking or savings or otherwise, credits, money, stocks, bonds or other security or property of any nature whatsoever on deposit with, held by, owed by, or in the
possession of, SunTrust to the credit of or for the account of any Obligor, without notice to or consent by any Obligor. The remedies provided in this Note and any other agreement between SunTrust and any Obligor and by applicable law are cumulative
and not exclusive of any other remedies provided by applicable law. 
 Late Charges And Other Authorized Fees And Charges 
 If any portion of a payment is at least 10 days past due, the Borrower agrees to pay a late charge of 5% of the amount which is past due. Unless prohibited
by applicable law, the Borrower agrees to pay the fee established by SunTrust from time to time for returned checks in a payment is made on this Note with a check and the check is dishonored for any reason after the second presentment. In addition
to any other amounts owed under the terms of this Note, the Borrower agrees to pay those fees and charges disclosed in the attached Disbursements and Charges Summary which is incorporated in this Note by reference and, as permitted by applicable
law, the Borrower agrees to pay the following: (1) all expenses, including, without limitation, any and all costs incurred by SunTrust related to default, all court costs and out-of-pocket collection expenses and reasonable attorneys’ fees
whether suit be brought or not, incurred in collecting this Note; (b) all costs incurred in evaluating, preserving or disposing of any Collateral granted as security for the payment of this Note, including the cost of any audits, appraisals,
appraisal updates, reappraisals or environmental inspections which SunTrust from time to time in its sole discretion may deem necessary; (c) any premiums for property insurance purchased on behalf of the Borrower or on behalf of the owner(s) of
any Collateral pursuant to any security instrument relating to any Collateral; and (d) any expenses or costs incurred in defending any claim arising out of the execution of this Note or the obligation which it evidences, or otherwise involving
the employment by SunTrust of attorneys with respect to this Note and the obligations it evidences. The Borrower agrees to pay such amounts on demand or, at SunTrust’s option, such amounts may be added to the unpaid balance of the Note and

  

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shall accrue interest at the stated Rate. Upon the occurrence of an event of default, or after demand and failure to pay if this Note is payable on demand, interest shall accrue at the Default
Rate. 
 Prepayment Provision 
 Borrower may make a prepayment in any amount at any time without penalty. 
 Payments 
 Borrower is directed to make payments at the address indicate don the billing statement provided by SunTrust, or at such place as SunTrust may otherwise
indicate in writing. Payments may also be made at those SunTrust branches which accept loan payments, however, the Borrower acknowledges that the Borrower is not directed to make payments at such branches and that SunTrust’s acceptance of
payments at such branches is an accommodation to the Borrower which may be revoked at any time in SunTrust’s sole and absolute discretion. All amounts received by SunTrust shall be applied to expenses, late fees and interest before principal or
in any other order as determined by SunTrust, in its sole discretion, as permitted by law. Payments will be credited as of the date stamped upon receipt, or as of the standard payment processing date for similar payments if a payment is not stamped.
Payments received on Saturday will be credited on SunTrust’s next business day. If any payment date falls on a Saturday or Sunday or a legal bank holiday, payment will be due on the next business day. SunTrust’s business days are Monday
through Friday, not including legal bank holidays. 
 Waivers 
 The Borrower and each other Obligor waive presentment, demand, protest, notice of protest and notice of dishonor and waive all exemptions, whether homestead or otherwise, as to the obligations evidenced
by this Note and waive any discharge or defenses based on suretyship or impairment of Collateral or of recourse. The Borrower and each other Obligor waive any rights to require SunTrust to proceed against any other Obligor or any Collateral before
proceeding against the Borrower or any of them, or any other Obligor, and agree that without notice to any Obligor and without affecting any Obligor’s liability, SunTrust, at any time or times, may grant extensions of the time for payment or
other indulgences to any Obligor or permit the renewal or modification of this Note, or permit the substitution, exchange or release of any Collateral for this Note and may add or release any Obligor primarily or secondarily liable. The Borrower and
each other Obligor agree that SunTrust may apply all monies made available to it from any part of the proceeds of the disposition of any Collateral or by exercise of the right of setoff either to the obligations under this Note or to any other
obligations of any Obligor to SunTrust, as SunTrust may elect from time to time. 
 Waiver of Jury Trial 
 THE BORROWER AND SUNTRUST HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT
EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE
EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUNTRUST ENTERING INTO OR ACCEPTING THIS NOTE.
FURTHER, THE BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF SUNTRUST, NOR SUNTRUST’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUNTRUST WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT
TO JURY TRIAL PROVISION. 
 Patriot Act Notice 
 SunTrust hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act Title III of Pub. L. 107-56 (signed into law October 26, 2001), SunTrust may be required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow SunTrust to identify the Borrower in accordance with the Act. 
  

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 Hold Harmless and Indemnification 
 Borrower hereby indemnifies and agrees to hold SunTrust and its officers, directors, employees, agents and affiliates harmless from and against all claims, damages, liabilities (including attorneys’
fees and legal expenses), causes of action, actions, suits and other legal proceedings (collectively, “Claims”) in any matter relating to or arising out of this Note or any loan document executed in connection with this Note, or any act,
event or transaction related thereto or to the Collateral. Borrower shall immediately provide SunTrust with written notice of any such Claim. Upon request of SunTrust, Borrower shall defend SunTrust from such Claims, and pay the attorneys’
fees, legal expenses and other costs incurred in connection therewith, or in the alternative, SunTrust shall be entitled to employ its own legal counsel to defend such Claims at Borrower’s sole expense. 
 Miscellaneous 
 All
amounts received by SunTrust shall be applied to expenses, late fees and interest before principal or in any other order as determined by SunTrust, in it sole discretion, as permitted by law. Any provision of this Note which is prohibited or
unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Note. No amendment, modification, termination or waiver of any provision of this Note, nor consent to
any departure by the Borrower from any term of this Note, shall in any event be effective unless it is in writing and signed by an authorized officer of SunTrust, and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. No failure or delay on the part of SunTrust to exercise any right, power or remedy under this Note shall be construed as a waiver of the right to exercise the same or any other right at any
time. If the Rate is tied to an external index and the index becomes unavailable during the term of this loan, SunTrust may, in its sole and absolute discretion, designate a substitute index with notice to the Borrower. The captions of the
paragraphs of this Note are for convenience only and shall not be deemed to constitute a part hereof or used in construing the intent of the parties. All representations, warranties, covenants and agreements contained herein or made in writing
by Borrower in connection herewith shall survive the execution and delivery of this Note and any other agreement, document or writing relating to or arising out of any of the foregoing. All notices or communications given to Borrower pursuant
to the terms of this Note shall be in writing and may be given to Borrower at Borrower’s address as stated below or at the top of this Note unless Borrower notifies SunTrust in writing of a different address. Unless otherwise specifically
provided herein to the contrary, such written notices and communications shall be delivered by hand or overnight courier service, or mailed by first class mail, postage prepaid, addressed to the Borrower at the address referred to herein. Any
written notice delivered by hand or by overnight courier service shall be deemed given or received upon receipt. Any written notice delivered by U.S. Mail shall be deemed given or received on the third (3rd) business day after being deposited in the U.S. Mail.

 Notwithstanding any provision of this Note of any loan document executed in connection with this Note to the contrary, the Borrower and
SunTrust intend that no provision of this Note of any loan document executed in connection with this Note be interpreted, construed, applied, or enforced in a way that will permit or require the payment or collection of interest in excess of the
highest rate of interest permitted to be paid or collected by the laws of the jurisdiction indicated below, or federal law if federal law preempts the law of such jurisdiction with respect to this transaction (the “Maximum Permitted
Rate”). If, however, any such provision is so interpreted, construed, applied,, or enforced, Borrower and SunTrust intend (a) that such provision automatically shall be deemed revised so as to require payment only of interest at the
Maximum Permitted Rate; and (b) if interest payments in excess of the Maximum Permitted Rate have been received, that the amount of such excess shall be deemed credited retroactively in reduction of the then-outstanding principal amount of this
obligation, together with interest at the Maximum Permitted Rate. In connection with all calculations to determine the Maximum Permitted Rate, the Borrower and SunTrust intend (a) that all charges be excluded to the extent they are
properly excludable under the usury laws of such jurisdiction or the United States, as they from time to time are determined to apply to this obligation; and (b) that all charges that may be spread in the manner provided by statute of the
jurisdiction indicated or any similar law, be so spread. 
 Liability, Successors and Assigns and Choice of Law 
 Each Borrower shall be jointly and severally obligated and liable on this Note. This Note shall apply to an bind each of the Borrower’s heirs,
personal representatives, successors and permitted assigns and shall inure to the benefit of SunTrust, its successors and assigns. Notwithstanding the foregoing, Borrower

  

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shall not assign Borrower’s rights or obligations under this Note without SunTrust’s prior written consent. The Borrower agrees that certain material events and occurrences
relating to this Note bear a reasonable relationship to the laws of Florida. This Note shall be governed by the laws of Florida and, unless applicable law provides otherwise, in the event of any legal proceeding arising out of or related to
this Note, the Borrower consents to the jurisdiction and venue of any court located in Florida. 
 Documentary and Intangible Taxes

 In the event that any intangible tax or documentary stamp tax is due from SunTrust to any state or other governmental agency or authority
because of the execution or holding of this Note, the Borrower shall, upon demand, reimburse SunTrust for any such tax paid.
 Florida
Documentary Stamp Tax 
 No Florida Documentary Stamp Tax are required. 
 Transfer of Loan 
 SunTrust may, at any time, sell, transfer or assign the Note, the related
security instrument and any related loan documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the “Securities”). SunTrust may forward to each purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined) rating
such Securities (collectively, the “Investor”) and each prospective Investor, all documents and information which SunTrust now has or may hereafter acquire relating to the Borrower, any loan to Borrower, any guarantor or the property,
whether furnished by Borrower, any guarantor or otherwise, as SunTrust determines necessary or desirable. The term “Rating Agency” shall mean each statistical rating agency that has assigned a rating to the Securities. 
 By signing below under seal, the Borrower agrees to the terms of this Note and the disbursement of proceeds as described in the Disbursements and Charges
Summary provided in connection with this transaction. 
  

			
	Nobility Homes Inc
		
	By:	 	 /s/ Thomas W. Trexler

		 	Thomas W. Trexler, Executive Vice President
	
	Borrower’s Billing Address:
	3741 S.W. 7th St
	Ocala, FL 34474-0000

  

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