Document:

Renewal and Consolidation Revolving Credit Note

 EXHIBIT 10.2 
 RENEWAL AND CONSOLIDATION REVOLVING CREDIT NOTE 
 (the “Note”) 
  

			
	$7,500,000.00	 	Effective Date: April 12, 2008

 FOR VALUE RECEIVED, the undersigned borrower, DEER VALLEY HOMEBUILDERS, INC., an
Alabama corporation (the “Borrower”) promises to pay to the order of FIFTH THIRD BANK, a Michigan banking corporation (the “Lender”), at 201 E. Kennedy Blvd., Suite 1800, Tampa, Florida 33602, or at such other place
as Lender may from time to time designate in writing, with payment due as provided herein and in the Revolving Credit Loan and Security Agreement, as amended (the “Credit Agreement”), the principal sum not to exceed $7,500,000.00, or so
much thereof as has been disbursed for advances hereunder. This Note consolidates the renewal of that certain Renewal Revolving Credit Note dated effective April 12, 2006, in the amount of $2,500,000.00 with an advance loan of even date
herewith in the principal amount of $5,000,000.00. 
 The Interest Rate shall be a variable rate at 250 basis points (2.50%) above
the One-Month “LIBOR-Index Rate”, and shall be adjusted every month on each Interest Rate Determination Date with all such interest rate terms defined as set forth in “ADDENDUM A” attached hereto and made a part hereof.

 Principal and interest shall be due and payable as follows: 
 (a) To the extent accrued, interest only, as stated above, shall be payable monthly commencing May 1, 2008, and continuing on the same day of each month thereafter on the principal outstanding from time to time
until the loan maturity date at which time the outstanding indebtedness, whether principal, accrued interest or otherwise, shall be due and payable in full. 
 (b) The principal amount evidenced hereby may be borrowed (and to the extent any principal amount advanced hereunder is repaid by Borrower, such sum may be borrowed again) until this Note is terminated. At no time,
however, shall the principal balance outstanding hereunder exceed $7,500,000.00. 
 If any payment on this Note becomes due and payable on a
Saturday, Sunday or legal holiday under the laws of the State of Florida, the maturity thereof shall be extended to the next succeeding business day and interest thereon shall be payable at contract rate of interest during such extension.

 As provided in the Credit Agreement, the Note is to be utilized by Borrower on a revolving credit basis for working capital requirements
and a Letter of Credit facility utilized to support letters of credit issued by Lender for the benefit of Borrower. 

 This Loan facility matures 364 days from the Effective Date hereof. If any letters of credit supported by
this Loan facility are redeemed, the amount so redeemed is due on demand in accordance with the Credit Agreement. Upon the occurrence of any one or more of the Events of Default specified in the Credit Agreement or in any other document or
instrument delivered in connection therewith and following notice and the expiration of all cure periods (if any), all amounts then remaining unpaid on this Note may be declared to be immediately due and payable. Advances under this Note shall be
requested by Borrower and evidenced as a debit to Borrower’s loan account. 
 In the event that any payment of principal or interest is
not made within ten (10) days after the date when due hereunder, it is hereby agreed that the Lender shall have the option of collecting five percent (5%) of the amount of each such delinquent payment; provided, however, such late fee
shall not apply to the lump sum payment of the principal on the Maturity Date or the lump sum payment of principal upon acceleration. Said late charge and/or interest shall be immediately due and payable in full on demand by the Lender. 

The “Default Interest Rate” shall be five percent (5%) per annum above the contract interest rate set forth above, but not exceeding
18% per annum. Upon a failure by Borrower to repay principal upon demand by Lender made not less than ten (10) days after the date due hereunder, Lender may declare the entire principal and interest then remaining unpaid to be immediately
due and payable without further notice or demand, and the entire unpaid principal balance shall bear interest at the “Default Interest Rate”. In addition to the rights described in this paragraph, Lender shall have the right to exercise
all other rights or remedies provided by law or at equity and shall specifically have the right to recover all damages resulting from such default including, without limitation, the right to recover the payment of all amounts owing to Lender.
Exercise of any of these options shall be without notice to Borrower, notice of such exercise being hereby expressly waived. 
 The terms and
provisions of this Note are to be governed by and construed under the laws of the State of Florida and of the United States of America, and the rules and regulations promulgated under the authority thereof. It is the intent of this Note that such
laws shall be interpreted in such a manner that after default the maximum rate of interest charged under this Note not exceed the rate allowed to be charged under applicable law as changed from time to time which is applicable to this Note
(hereinafter called the “Maximum Rate”). 
 In no event shall Lender have the right to charge or collect, nor shall Borrower be
required or obligated to pay, interest or payments in the nature of interest, which would result in interest being charged or collected at a rate in excess of the Maximum Rate. In the event that any payment which is interest or in the nature of
interest is made by Borrower or received by Lender which would result in the rate of interest being charged or collected by the Lender being in excess of the Maximum Rate, then the portion of any such payment which causes the rate of interest being
charged or collected by Lender 
  

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exceed the Maximum Rate (hereinafter called the “excess sum”) shall be credited as a payment of principal. If Borrower notifies Lender in writing
that Borrower elects to have such excess sum returned to Borrower, such excess sum shall be returned to Borrower. In the event that any such overcharge is discovered after this Note has been paid in full, then the amount of such excess sum shall be
returned to Borrower together with interest thereon from the date such excess sum was paid or collected at the same rate as was due Lender during such period under the terms of this Note. All excess sums credited to principal shall be credited as of
the date paid to Lender. 
 Borrower may repay all or part of the principal balance at any time without penalty. Such prepayment shall be
accompanied by payment of any unpaid interest accrued to the time of such prepayment. All payments made hereunder shall at Lender’s option first be applied to late charges, then to accrued interest, then to principal. Permitted partial
prepayments shall not affect or vary the duty of Borrower to pay all obligations when due, and they shall not affect or impair the right of Lender to pursue all remedies available to it hereunder, under the security instruments securing this
indebtedness, or under any other loan documents or guaranty executed in connection herewith. 
 Time is of the essence hereunder. In the
event that this Note is collected by law or through attorneys at law, or under advice therefrom, Borrower and any other person liable for payment hereof, to the extent of such liability, hereby agree to pay all costs of collection, including
reasonable attorneys’ fees and costs (including charges for paralegals and others working under the direction or supervision of Lender’s attorneys) and all sales or use taxes thereon, whether or not suit is brought, and whether incurred in
connection with collection, trial, appeal, bankruptcy or other creditor’s proceedings or otherwise. 
 Borrower authorizes Lender, from
time to time, to debit any account that Borrower may have with Lender in the name of Borrower, for any payment of principal or interest past due hereunder for the amount of such payment of principal or interest. Exercise of this right shall be
optional with Lender and the provisions of this paragraph shall not be construed as releasing Borrower from the obligation to make payments of principal or interest according to the terms hereof. Borrower shall have no right of setoff against the
Lender under this Note or any instrument securing this Note. 
 The remedies of Lender as provided herein shall be cumulative and concurrent,
and may be pursued singularly, successively, or together, at the sole discretion of Lender. No act of omission or commission of Lender, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or
release of the same, such waiver or release to be effected only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as
continuing, as a bar to, or as a waiver of release of, any subsequent right, remedy or recourse as to a subsequent event. 
  

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 Borrower, for itself and its successors and assigns, hereby: (a) expressly waives any presentment,
demand for payment, notice of dishonor, protest, notice of nonpayment or protest, all other forms of notice whatsoever, and diligence in collection; (b) agrees that Lender, in order to enforce payment of this Note shall not be required first to
institute any suit or to exhaust any of its remedies against any Borrower or any other person or party or to attempt to realize on the collateral for this Note. 
 BORROWER AND ANY OTHER PERSON LIABLE FOR PAYMENT HEREOF, BY EXECUTING THIS RENEWAL AND CONSOLIDATION NOTE OR ANY OTHER DOCUMENT CREATING SUCH LIABILITY, WAIVE THEIR RIGHTS TO A TRIAL BY JURY IN ANY ACTION WHETHER
ARISING IN CONTRACT OR TORT, BY STATUTE OR OTHERWISE, IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER’S EXTENDING CREDIT TO BORROWER AND NO WAIVER OR LIMITATION OF LENDER’S RIGHTS HEREUNDER SHALL BE
EFFECTIVE UNLESS IN WRITING AND MANUALLY SIGNED ON LENDER’S BEHALF. 
 Borrower acknowledges that the above paragraph has been expressly
bargained for by Lender as part of the loan evidenced hereby and that, but for Borrower’s agreement and the agreement of any other person liable for payment hereof, Lender would not have extended the loan for the term and with the interest rate
provided herein. 
 If more than one party shall execute this Note, the term “Borrower”, as used herein, shall mean all parties
signing this Note and each of them, who shall be jointly and severally obligated hereunder. In this Note, whenever the context so requires, the neuter gender includes the feminine and/or masculine, as the case may be, and the singular number
includes the plural. 
 IN WITNESS WHEREOF, Borrower has caused this Note to be executed in its name on the day and year first above written.

 THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD
PURPOSES. 
  

			
	“BORROWER”
	
	DEER VALLEY HOMEBUILDERS, INC.,
	a Florida corporation
		
	By:	 	 /s/ Joel Logan

		 	Joel Logan, as its President
		 	    (CORPORATE SEAL)

  

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 Addendum A to Note 
 LIBOR Index Rate 
 SECTION 1 
 Definitions. As used in this Addendum, the following terms shall have the meanings set forth below: 
 “Bank” shall mean Fifth Third Bank and its successors and assigns. 
 “Borrower” shall collectively and individually refer to
the maker of the attached note dated effective April 12, 2008 (“Note”). The terms of this Addendum are hereby incorporated into the Note and in the event of any conflict between the terms of the Note and the terms of this Addendum,
the terms of this Addendum shall control. 
 “Business Day” shall mean, with respect to Interest Periods applicable to the LIBOR Rate, a day on
which the Bank is open for business and on which dealings in U.S. dollar deposits are carried on in the London Inter-Bank Market. 
 “Interest
Period” shall mean a period of one (1) month, provided that (i) the initial Interest Period may be less than one month, depending on the initial funding date and (ii) no Interest Period shall extend beyond the maturity date of
the Note. 
 “Interest Rate Determination Date” shall mean the date the Note is initially funded and the first Business Day of each calendar month
thereafter. 
 “LIBOR Rate” shall mean that rate per annum effective on any Interest Rate Determination Date which is equal to the quotient of:

 (i) the rate per annum equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that page of Bloomberg
reporting service, or such similar service as determined by the Bank, that displays British Bankers’ Association interest settlement rates for deposits in U.S. Dollars, as of 11:00 A.M. (London, England time) two (2) Business Days prior to
the Interest Rate Determination Date; provided, that if no such offered rate appears on such page, the rate used for such Interest Period will be the per annum rate of interest determined by the Bank to be the rate at which U.S. dollar
deposits for the Interest Period, are offered to the Bank in the London Inter-Bank Market as of 11:00 A.M. (London, England time), on the day which is two (2) Business Days prior to the Interest Rate Determination Date, divided by 

(ii) a percentage equal to 1.00 minus the maximum reserve percentages (including any emergency, supplemental, special or other marginal reserves) expressed as
a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which the Bank is subject with respect to any LIBOR loan pursuant to regulations issued by the Board of Governors of the Federal Reserve System with respect to eurocurrency
funding (currently referred to as “eurocurrency liabilities” under Regulation D). This percentage will be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  

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 “Prime Rate” shall mean the publicly announced prime lending rate of the Bank from time to time in effect,
which rate may not be the lowest or best lending rate made available by the Bank or, if the Note is governed by Subtitle 10 of Title 12 of the Commercial Law Article of the Annotated Code of Maryland, “Prime Rate” shall mean the Wall
Street Journal Prime Rate, which is the Prime Rate published in the “Money Rates” section of the Wall Street Journal from time to time. 
 SECTION 2 
 Interest. The Borrower shall pay interest upon the unpaid principal balance of the Note at the LIBOR Rate plus the margin
provided in the Note (which principal balance shall not include the Letter of Credit Obligations until such Letter of Credit Obligations are drawn upon and honored by the Bank, and remain unreimbursed by Borrower). Interest shall be due and payable
as provided in the Note and shall be calculated on the basis of a 360 day year and the actual number of days elapsed. The interest rate shall remain fixed during each month based upon the interest rate established pursuant to this Addendum on the
applicable Interest Rate Determination Date. 
 SECTION 3 
 Additional Costs. In the event that any applicable law or regulation or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof (whether or not having
the force of law) (i) shall change the basis of taxation of payments to the Bank of any amounts payable by the Borrower hereunder (other than taxes imposed on the overall net income of the Bank) or (ii) shall impose, modify or deem
applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by the Bank, or (iii) shall impose any other condition with respect to the Note, and the result of any of
the foregoing is to increase the cost to the Bank of making or maintaining the Note or to reduce any amount receivable by the Bank hereunder, and the Bank determines that such increased costs or reduction in amount receivable was attributable to the
LIBOR Rate basis used to establish the interest rate hereunder, then the Borrower shall from time to time, upon demand by the Bank, pay to the Bank additional amounts sufficient to compensate the Bank for such increased costs (the “Additional
Costs”“). A detailed statement as to the amount of such Additional Costs, prepared in good faith and submitted to the Borrower by the Bank, shall be conclusive and binding in the absence of manifest error. 
 SECTION 4 
 Unavailability Of Dollar Deposits. If the Bank
determines in its sole discretion at any time (the “Determination Date”) that it can no longer make, fund or maintain LIBOR based loans for any reason, including without limitation illegality, or the LIBOR Rate 
  

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cannot be ascertained or does not accurately reflect the Bank’s cost of funds, or the Bank would be subject to Additional Costs that cannot be recovered
from the Borrower, then the Bank will notify the Borrower and thereafter will have no obligation to make, fund or maintain LIBOR based loans. Upon such Determination Date the Note will be converted to a variable rate loan based upon the Prime Rate.
Thereafter the interest rate on the Note shall adjust simultaneously with any fluctuation in the Prime Rate. 
  

			
	DEER VALLEY HOMEBUILDERS, INC.,
	a Florida corporation
		
	By:	 	  

		 	Joel Logan, as its President
		 	    (CORPORATE SEAL)

  

 7Continuing Guaranty of Deer Valley Corporation

 Exhibit 10.3 
 CONTINUING GUARANTY 
 DEER VALLEY CORPORATION 
 THIS CONTINUING GUARANTY SUPERSEDES ITS ENTIRETY THAT CERTAIN CONTINUING GUARANTY DATED APRIL 12, 2006, AS AMENDED BY RESTATED CONTINUING GUARANTY DATED EFFECTIVE APRIL
12, 2007. 
 For the purpose of inducing FIFTH THIRD BANK, a Michigan banking corporation, hereinafter referred to as the
“Lender,” to loan to DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation, hereinafter referred to as the “Borrower,” the maximum sum of $7,500,000.00, the undersigned, as successor by merger with Cytation Corp.,
hereinafter referred to as “Guarantor,” whether one or more, jointly and severally if more than one, does hereby unconditionally guaranty to Lender that: (a) Borrower will duly and punctually pay or perform all indebtedness,
obligations and liabilities, direct or indirect, matured or unmatured, primary or secondary, certain or contingent of Borrower to Lender now or hereafter owing or incurred (including without limitation costs and expenses incurred by Lender in
attempting to collect or enforce any of the foregoing) which are chargeable to Borrower either by law or under the terms of Lender’s arrangements with Borrower relative to the above mentioned loan, hereinafter collectively referred to as the
“Obligations” and individually as an “Obligation”; and (b) if there are any agreements or instruments evidencing or executed and delivered in connection with any Obligation, including but not limited to a mortgage and/or
security agreement, Borrower will perform in all other respects strictly in accordance with the terms thereof. 
 1. The word
“Indebtedness” is used herein in its most comprehensive sense, and includes any and all advances (including future advances and those advances made by Lender to protect, enlarge or preserve the priority, propriety, or amount of its lien
against mechanic’s liens, equitable liens, or statutory claimants, or otherwise), debts, obligations and liabilities of Borrower heretofore, now or hereafter made, incurred or created, whether voluntary or involuntary and however arising,
whether due or not, absolute or contingent, liquidated, determined or undetermined, and whether Borrower may be liable individually or jointly with others, or whether recovery upon such indebtedness may be or hereafter become barred by any statute
of limitations, or whether such indebtedness may be or hereafter become otherwise unenforceable. This is a Continuing Guaranty relating to said indebtedness, including that arising under subsequent or successive transactions which shall either
continue to increase the indebtedness or from time to time renew it after it has been satisfied. 
 2. The obligations hereunder are
independent of the Obligations of Borrower and a separate action or actions may be brought and prosecuted against Guarantor whether action is brought against Borrower or whether Borrower may be joined in any such action or actions; and Guarantor
waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. 

 3. Guarantor authorizes Lender, without notice or demand and without affecting its liability hereunder,
from time to time to: 
 (a) Renew, amend, compromise, extend, accelerate or otherwise change the time for payment of, or otherwise change the
terms of the indebtedness or any part thereof; 
 (b) Take and hold security for the payment of this guaranty or the indebtedness guarantied,
exchange, enforce, waive and release any such security; 
 (c) Apply such security and direct the order or manner of sale thereof as Lender
in its discretion may determine. 
 4. Guarantor waives any right to require Lender to: (a) proceed against Borrower; (b) proceed
against or exhaust any security held from Borrower; or (c) pursue any other remedy in Lender’s power whatsoever. Guarantor waives any defense arising by reason of any disability or other defense of Borrower or by reason of the cessation
from any cause whatsoever of the liability of Borrower, except the defense of payment, and until all indebtedness of Borrower to Lender shall have been paid in full, Guarantor shall have no right to subrogation, and waives any right to enforce any
remedy which Lender now has or may hereafter have against Borrower, and waives any benefit of, and any right to participate in any security now or hereafter held by Lender. Guarantor waives all presentments, demands for performance, notices of
nonperformance, protests, notices of dishonor, and notices of acceptance of this guaranty and of the existence, creation or incurring of new or additional indebtedness. Guarantor covenants to cause Borrower to maintain and preserve the
enforceability of any instruments now or hereafter executed in favor of the Lender, and to take no action of any kind which might be the basis for a claim that Guarantor has any defense hereunder other than payment in full of all indebtedness of
Borrower to Lender. Guarantor hereby indemnifies Lender against loss, cost or expense by reason of the assertion by Borrower of any defense of its obligations under any of the aforesaid instruments, or resulting from the attempted assertion by
Guarantor of any defense hereunder based upon any such action or inaction of Borrower. Guarantor waives any right or claim of right to cause a marshaling of Borrower’s assets or to require Lender to proceed against Guarantor in any particular
order. No delay on the part of Lender in the exercise of any right, power or privilege under the documentation with Borrower or under this guaranty shall operate as a waiver of any such privilege, power or right. 
 5. In addition to all liens upon, and rights of setoff against the monies, securities or other property of Guarantor given to Lender by law, Lender shall
have a lien upon and a right of setoff against all monies, securities and other property of Guarantor now or hereafter in the possession of or on deposit with Lender, whether held in a general or special account of deposit, or for safekeeping or
otherwise; and every such lien and right of setoff may be exercised without demand upon or notice to Guarantor. No act or 

  

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conduct on the part of the Lender, or by any neglect to exercise such right of setoff or to enforce such lien, or by any delay in so doing, shall operate as
a waiver of such right; and every right of setoff and lien shall continue in full force and effect until such right of setoff or lien is specifically waived or released by an instrument in writing executed by Lender. 
 6. Any indebtedness of Borrower now or hereafter held by Guarantor is hereby subordinated to the indebtedness of Borrower to Lender. Guarantor also
hereby waives any claim, right or remedy which Guarantor may now have or hereafter acquire against Borrower that arises hereunder and/or from the performance by Guarantor hereunder including, without limitation, any claim, remedy or right of
subrogation, reimbursement, exoneration, indemnification, or participation in any claim, right or remedy of Lender against Borrower or any security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises in
equity, under contract, by statute, under common law or otherwise. 
 7. Guarantor agrees to pay reasonable attorneys’ fees,
paralegals’ fees and legal assistants’ fees, and all other costs and expenses which may be incurred by Lender in the enforcement of Borrower’s Obligations and/or of this guaranty. 
 8. Upon the default of Borrower with respect to any of its Obligations or liabilities to Lender, or in case Borrower or Guarantor shall become insolvent
or make an assignment for the benefit of creditors, or if a petition in bankruptcy or for corporate reorganization or for an arrangement shall be filed by or against Borrower or Guarantor, or in the event of an appointment of a receiver for Borrower
or Guarantor or its properties, or in the event that a judgment is obtained or warrant of attachment issued against Borrower or Guarantor, all or any part of the Obligations and liabilities of the Borrower and/or Guarantor to Lender, whether direct
or contingent, and of every kind and description, shall, without notice or demand, at the option of the Lender, become immediately due and payable and shall be satisfied by Guarantor. 
 9. Guarantor guarantees any sums that a trustee or debtor might thereafter recover from the Lender pursuant to a bankruptcy proceeding. 
 10. Guarantor acknowledges that Lender has been induced by this guaranty to make the loan to Borrower heretofore described, and this guaranty shall,
without further reference or assignment, pass to and may be relied upon and enforced by, any successor, participant or assignee of Lender in and to any liabilities or Obligations of Borrower. 
 11. Guarantor hereby waives any right to trial by jury in any litigation at any time arising with respect to any matter connected with this guaranty.

 12. This guaranty shall, for all purposes, be governed by and construed in accordance with, the laws of the State of Florida. 

Dated effective as of the 12th day of April, 2008. 
  

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	DEER VALLEY CORPORATION,
	a Florida corporation
		
	By:	 	 /s/ Steve Lawler

		 	Steve Lawler, as its Assistant Secretary
		
		 	    (CORPORATE SEAL)

 STATE OF
                     
 COUNTY OF
                     
 The
foregoing instrument was acknowledged before me this              day of April     , 2008, by Charles G. Masters, as President of DEER VALLEY CORPORATION, a
Florida corporation, on behalf of the corporation. 
  

							
	              
	 	Personally known	 		  	  

	              
	 	Driver’s License (St.                     )	 		  	Notary Public
	              
	 	Other Identification Produced	 		  	
		 	  
	 		  	  

		 	  
	 		  	Print or type name of Notary
				
		 		 		  	(SEAL)

  

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