Document:

Exhibit 10.92

 

	
  Commercial Contract

  	
  AIM Realty Group, Inc.

  
	
  FLORIDA ASSOCIATION OF REALTORS®

  	
  WILLIAM ROBINSON

  
	
   

  	
  263 SOUTH  STATE ROAD 7

  
	
   

  	
  MARGATE, FL 33068

  
	
   

  	
  954-977-7074

  

 

1. PURCHASE AND SALE:

VANGUARD SECURITY OF BROWARD, INC.
(“Seller”), and LIGHTHOUSE REAL ESTATE INVESTMENTS, INC.
and/or  ASSIGNS
(“Buyer”), agree to sell and buy on the
terms and conditions specified below the property (“Property”) described as:

Address: 6241 N. DIXIE HIGHWAY, FORT LAUDERDALE,
FLORIDA 33334-3620

 

Legal Description:

 

CYPRESS CREEK I-95 INTERCHANGE PROPERTY 88-3
B PARCEL A LESS PT DESC AS, BEG AT SE COR OF PAR A, NLY ALG W R/W/L OF DIXIE
HWY FOR 95.48, NWLY 17.07, SLY 107.48, ELY 12 TO POB

 

and the following Personal Property:

 

 

(all collectively referred to as the “Property”) on the terms and
conditions set forth below. The “Effective Date” of this Contract is the date
on which the last of the Parties signs the latest offer. Time is of the essence
in this Contract. Time periods of 5 days or less will be computed without including
Saturday, Sunday, or national legal holidays and any time period ending on a
Saturday. Sunday or national legal holiday will be extended until 5:00 p.m. of
the next business day.

 

	
  2.  PURCHASE PRICE:

  	
   

  	
  $

  	
  775,000.00

  	
   

  
	
  (a) Deposit held in escrow by JOSEPH VECCHIO, ESQUIRE, TRUST ACCOUNT

  	
   

  	
  $

  	
  10,000.00

  	
   

  
	
  (b) Additional deposit to be made within
  N/A days from Effective Date

  	
   

  	
  $

  	
  N/A

  	
   

  
	
  (c) Total mortgages (as referenced in Paragraph
  3)

  	
   

  	
   

  	
   

  
	
  (d) Other:

  	
   

  	
  $

  	
  620,000.00

  	
   

  
	
  (e) Balance to close, subject to adjustments
  and prorations, to be made with cash, locally drawn certified or cashier’s
  check or wire transfer.

  	
   

  	
  $

  	
  145,000.00

  	
   

  

 

3.  THIRD PARTY FINANCING:
Within 15 days from Effective Date (“Application Period”). Buyer will, at
Buyer’s expense, apply for third party financing in the amount of
$                                  or
80% of the purchase price to be amortized over a period of 20 years and due in
no less than           years
and with a fixed interest rate not to exceed o             %
per year or variable interest rate not to exceed o          %
at origination with a lifetime cap not to exceed
              %
from initial rate, with additional terms as follows:

 

TO BE DETERMINED

 

Buyer will pay for the mortgagee title insurance policy and for all
loan expenses. Buyer will timely provide any and all credit, employment,
financial and other information reasonably required by any lender, Buyer will
notify Seller immediately upon obtaining financing or being rejected by a
lender. If Buyer, after diligent effort, fails to obtain a written commitment
within 45 days from Effective Date (“Financing Period”), Buyer may cancel the
Contract by giving prompt notice to Seller and Buyer’s deposit(s) will be returned
to Buyer in accordance with Paragraph 9. 

 

Buyer (          )
(          ) and Seller (BKH)
(          ) acknowledge
receipt of a copy of this page, which is Page 1 of 5 Pages.

CC-2 © 1997 Florida Association of Realtors®.
All rights reserved, Licensed to Alta Star Software. User Reg# 14411096

Software and Added Formatting Copyright 2004 Alta Star Software, Inc.
All Rights Reserved. (305) 279-8898

 

1

 

4.  TITLE: Seller has the legal
capacity to and will convey marketable title to the Property by  ý statutory warranty
deed o other
                                           ,
free of liens, easements and encumbrances of record or known to Seller, but
subject to property taxes for the year of closing; covenants, restrictions and
public utility easements of record; and (list any other matters to which title
will be subject)
                                                           :
provided there exists at closing no violation of the foregoing and none of them
prevents Buyer’s intended use of the Property as
                                                                                                       .

 

(a) Evidence of Title:
Seller will, at (check one) ý Seller’s o
Buyer’s expense and within 30 days o from Effective
Date ý prior to Closing Date o
from date Buyer meets or waives financing contingency in Paragraph 3, deliver
to Buyer (check one)

o a
title insurance commitment by a Florida licensed title insurer and, upon Buyer
recording the deed, an owner’s policy in the amount of the purchase price for
fee simple title subject only to exceptions stated above.

ý
an abstract of title, prepared or brought current by an existing abstract firm
or certified as correct by an existing firm. However, if such an abstract is
not available to Seller, then a prior owner’s title policy acceptable to the
proposed insurer as a base for reissuance of coverage. The prior policy will
include copies of all policy exceptions and an update in a format acceptable to
Buyer from the policy effective date and certified to Buyer or Buyer’s closing
agent together with copies of all documents recited in the prior policy and in
the update.

 

(b) Title Examination:
Buyer will, within 15 days from receipt of the evidence of title deliver
written notice to Seller of title defects. Title will be deemed acceptable to
Buyer if (1) Buyer fails to deliver proper notice of defects or (2) Buyer
delivers proper written notice and Seller cures the defects within
                       days
from receipt of the notice (“Curative Period”). If the defects are cured within
the Curative Period, closing will occur within 10 days from receipt by Buyer of
notice of such curing. Seller may elect not to cure defects if Seller
reasonably believes any defect cannot be cured within the Curative Period. If
the defects are not cured within the Curative Period, Buyer will have 10 days
from receipt of notice of Seller’s inability to cure the defects to elect
whether to terminate this Contract or accept title subject to existing defects
and close the transaction without reduction in purchase price. The party who
pays for the evidence of title will also pay related title service fees
including title and abstract charges and title examination.

 

(c) Survey: (check
applicable provisions below)

o
Seller will, within
              
days from Effective Date, deliver to Buyer copies of prior surveys, plans,
specifications, and engineering documents if any, and the following documents
relevant to this transaction:
                                                                       
                                                                       
                                          ,
prepared for Seller or in Seller’s possession, which show all currently
existing structures.

o
Buyer will, at o Seller’s o
Buyer’s expense and within the time period allowed to deliver and examine title
evidence, obtain a current certified survey of the Property from a registered
surveyor. If the survey reveals encroachments on the Property or that the
improvements encroach on the lands of another, o
Buyer will accept the Property with existing encroachments o
such encroachments will constitute a title defect to be cured within the
Curative Period.

 

(d) Ingress and Egress:
Seller warrants that the Property presently has ingress and egress.

(e) Possession:
Seller will deliver possession and keys for all locks and alarms to Buyer at
closing.

 

5.  CLOSING DATE AND PROCEDURE: This
transaction will be closed in BROWARD
County, Florida on or before MAY 1, 2006
or within            days
from Effective Date (“Closing Date”), unless otherwise extended herein. o
Seller ý Buyer will designate the closing agent. Buyer
and Seller will, within 10 days
from Effective Date, deliver to Escrow Agent signed instructions which provide
for closing procedure. If an institutional lender is providing purchase funds,
lender requirements as to place, time of day, and closing procedures will
control over any contrary provisions in this Contract.

 

(a) Costs: Buyer
will pay taxes and recording fees on notes, mortgages and financing statements
and recording fees for the deed. Seller will pay taxes on the deed and
recording fees for documents needed to cure title defects. If Seller is
obligated to discharge any encumbrance at or prior to closing and falls to do
so, Buyer may use purchase proceeds to satisfy the encumbrances.

 

(b) Documents:
Seller will provide the deed, bill of sale, mechanic’s lien affidavit,
assignments of leases, updated rent roll, tenant and lender estoppel letters,
assignments of permits and licenses, corrective instruments and letters
notifying tenants of the change in ownership/rental agent. If any tenant
refuses to execute an estoppel letter, Seller will certify that information
regarding the tenant’s lease is correct. If Seller is a corporation, Seller
will deliver a resolution of its Board of Directors authorizing the sale and
delivery of the deed and certification by the corporate Secretary certifying
the resolution and setting forth facts showing the conveyance conforms with the
requirements of local law. Seller will transfer security deposits to Buyer.
Buyer will provide the closing statement, mortgages and notes, security
agreements and financing statements.

 

Buyer
(           )
(            ) and
Seller (BKH) (          )
acknowledge receipt of a copy of this page, which is Page 2 of 5 Pages.

CC-2© 1997 Florida Association
of Realtors®. All rights reserved. Licensed to Alta
Star Software.

Software and Added Formatting
Copyright 2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898

 

2

 

(c) Taxes, Assessments, and Prorations:
The following items will be made current and prorated 

ý
as of Closing Date o as of
                                     :
real estate taxes, bond and assessment payments assumed by Buyer, interest,
rents, association dues, insurance premiums acceptable to Buyer, operational
expenses and CURRENT LEASES.  If the amount of taxes and assessments for
the current year cannot be ascertained, rates for the previous year will be
used with due allowance being made for improvements and exemptions.  Seller is aware of the following assessments
affecting or potentially affecting the Property:
                                                    .
Buyer will be responsible for all assessments of any kind which become due and
owing on or after Effective Date, unless the improvement is substantially
completed as of Closing Date, in which case Seller will be obligated to pay the
entire assessment.

 

(d) FIRPTA Tax Withholding:
The Foreign investment in Real Property Act (“FIRPTA”) requires Buyer to
withhold at closing a portion of the purchase proceeds for remission to the
internal Revenue Service (“I.R.S.”) If Seller is a “foreign person” as defined
by the Internal Revenue Code.  The
parties agree to comply with the provisions of FIRPTA and to provide, at or
prior to closing, appropriate documentation to establish any applicable
exemption from the withholding requirement. 
If withholding is required and Buyer does not have cash sufficient at
closing to meet the withholding requirement, Seller will provide the necessary
funds and Buyer will provide proof to Seller that such funds were properly
remitted to the I.R.S.

 

6. ESCROW: Buyer and Seller authorize JOSEPH A. VECCHIO JR., PA   Telephone: 954-510-7484.  Facsimile: 954-510-7487.  Address: 3000 N. UNIVERSITY DRIVE,
SUITE 1, CORAL SPRINGS, FL 33065 to act as “Escrow Agent” to
receive funds and other items and, subject to clearance, disburse them in
accordance with the terms of this Contract. 
Escrow Agent will deposit all funds received in ý
a non-interest bearing escrow account o
an interest bearing escrow account with interest accruing to
                                     
with interest disbursed (check one) o
at closing o at
                               
intervals. If Escrow Agent receives conflicting demands or has a good faith
doubt as to Escrow Agent’s duties or liabilities under this Contract, he/she
may (a) hold the subject matter of the escrow until the parties mutually agree
to its disbursement or until issuance of a court order or decision of
arbitrator determining the parties’ rights regarding the escrow or (b) deposit
the subject matter of the escrow with the clerk of the circuit court having
jurisdiction over the dispute.  Upon
notifying the parties of such action, Escrow Agent will be released from all
liability except for the duty to account for items previously delivered out of
escrow. If a licensed real estate broker, Escrow Agent will comply with
applicable provisions of Chapter 475, 
Florida Statutes.  In any suit or
arbitration in which Escrow Agent is made a party because of acting as agent
hereunder or interpleads the subject matter of the escrow, Escrow Agent will
recover reasonable attorneys’ fees and costs at all levels, with such fees and
costs to be paid from the escrowed funds or equivalent and charged and awarded
as court or other costs in favor of the prevailing party.  The parties agree that Escrow Agent will not
be liable to any person for misdelivery to Buyer or Seller of escrowed items,
unless the misdelivery is due to Escrow Agent’s willful breach of this Contract
or gross negligence.

 

7. PROPERTY CONDITION: Seller will deliver the
Property to Buyer at the time agreed in its present “as is” condition, ordinary
wear and tear excepted, and will maintain the landscaping and grounds in a
comparable condition.  Seller makes no
warranties other than marketability of title. By accepting the Property “as
is,” Buyer waives all claims against Seller for any defects in the property.
(Check (a) or (b))

 

o  (a) As is:
Buyer has inspected the Property or waives any right to inspect and accepts the
Property in its “as is” condition.

 

ý  (b) Due
Diligence Period: Buyer will, at Buyer’s expense and within 15 days
from Effective Date (“Due Diligence Period”), determine whether the Property is
suitable, in Buyer’s sole and absolute discretion, for Buyer’s intended use and
development of the Property as specified in Paragraph 4.  During the Due Diligence Period, Buyer may
conduct any tests, analyses, surveys and investigations (“Inspections”) which
Buyer deems necessary to determine to Buyer’s satisfaction the Property’s
engineering, architectural, environmental properties; zoning and zoning
restrictions; flood zone designation and restrictions; subdivision regulations;
soil and grade; availability of access to public roads, water, and other
utilities; consistency with local, state and regional growth management and
comprehensive land use plans; availability of permits, government approvals and
licenses; compliance with American with Disabilities Act; absence of asbestos,
soil and ground water contamination; and other inspections that Buyer deems
appropriate to determine the suitability of the Property for Buyer’s intended
use and development.  Buyer shall deliver
written notice to Seller prior to the expiration of the Due Diligence Period of
Buyer’s determination of whether or not the Property is acceptable.  Buyer’s failure to comply with this notice
requirement shall constitute acceptance of the Property in its present “as is”
condition.  Seller grants to Buyer, its
agents, contractors and assigns, the right to enter the Property at any time
during the Due Diligence Period for the purpose of conducting Inspections;
provided, however, that Buyer, its agents, contractors and assigns enter the
Property and conduct Inspections at their own risk.  Buyer shall indemnify and hold Seller
harmless from losses, damages, costs, claims and expenses of any nature,
including attorney’s fees at all levels, and from liability to any person,
arising from the conduct of any and all inspections or any work authorized by
Buyer.  Buyer will not engage in any
activity that could result in a mechanic’s lien being filed against the
Property without Seller’s prior written consent.  In the event this transaction does not close,
(1) Buyer shall repair all damages to the Property resulting from the Inspections
and return the Property to the condition it was in prior to conduct of the Inspections,
and (2) Buyer shall, at Buyer’s expense, release to Seller all reports and
other work generated as a result of the Inspections.  Should Buyer deliver timely notice that the
Property is not acceptable, Seller agrees that Buyer’s deposit shall be
immediately returned to Buyer and the Contract terminated.

 

Buyer
(                )
(               )
and Seller (BKH)
(              )
acknowledge receipt of a copy of this page, which is Page 3 of 5 Pages.

CC-2© 1997 Florida Association
of Realtors®. All rights reserved. Licensed to Alta
Star Software.

Software and Added Formatting
Copyright 2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898

 

3

 

(c) Walk-through Inspection:  Buyer may, on the day prior to closing or any
other time mutually agreeable to the parties, conduct a final “walk-through”
inspection of the Property to determine compliance with this paragraph and to
ensure that all Property is on the premises.

 

(d) Disclosures:

 

1. Radon Gas:  Radon is a naturally occurring radioactive
gas that, when it has accumulated in a building in sufficient quantities, may
present health risks to persons who are exposed to it over time.  Levels of radon that exceed federal and state
guidelines have been found in buildings in Florida.  Additional information regarding radon and
radon testing may be obtained from your county public health unit.

2. Energy Efficiency:  Buyer may have determined the energy
efficiency rating of the building, if any is located on the Real Property.

 

8.  OPERATION OF PROPERTY DURING CONTRACT PERIOD:  Seller will continue to operate the Property
and any business conducted on the Property in the manner operated prior to
Contract and will take no action that would adversely impact the Property,
tenants, lenders or business, if any. 
Any changes, such as renting vacant space, that materially affect the
Property or Buyer’s intended use of the Property will be permitted ý
only with Buyer’s consent o without Buyer’s
consent.

 

9.  RETURN OF DEPOSIT:  Unless otherwise specified in the Contract,
in the event any condition of this Contract is not met and Buyer has timely
given any required notice regarding the condition having not been met, Buyer’s
deposit will be returned in accordance with applicable Florida laws and regulations.

 

10.  DEFAULT:

 

(a) In the event the sale is not closed due to any default or failure
on the part of Seller other than failure to make the title marketable after
diligent effort, Buyer may either (1) receive a refund of Buyer’s deposit(s) or
(2) seek specific performance.  If Buyer
elects a deposit refund, Seller will be liable to Broker for the full amount of
the brokerage fee.

 

(b) In the event the sale is not closed due to any default or failure
on the part of Buyer, Seller may either (1) retain all deposit(s) paid or
agreed to be paid by Buyer as agreed upon liquidated damages, consideration for
the execution of this Contract, and in full settlement of any claims, upon
which this Contract will terminate or (2) seek specific performance. If Seller
retains the deposit, Seller will pay the Listing and Cooperating Brokers named
in Paragraph 12 fifty percent of all forfeited deposits retained by Seller (to
be split equally among the Brokers) up to the full amount of the brokerage fee.

 

11.  ATTORNEY’S FEES AND COSTS:  In any claim or controversy arising out of or
relating to this Contract, the prevailing party, which for purposes of this
provision will include Buyer, Seller and Broker, will be awarded reasonable
attorney’s fees, costs and expenses.

 

12.  BROKERS:  Neither Buyer nor Seller has utilized the
services of, or for any other reason owes compensation to, a licensed real
estate Broker other than:

 

(a) Listing Broker:  COLDWELL
BANKER  who is o
an agent of
                                                                                                     

ý a transaction broker o
a nonrepresentative and who will be compensated by o
Seller o Buyer o
both parties pursuant to 

ý a listing agreement o
other (specify):

 

(b) Cooperating Broker:  AIM
REALTY GROUP INC. who is o
an agent of 

ý a transaction broker o
a nonrepresentative and who will be compensated by o
Buyer ý Seller o
both parties pursuant to 

ý an MLS or other offer
of compensation to a cooperating broker o
other (specify)

(collectively referred to as
“Broker”) in connection with any act relating to the Property, including but
not limited to inquiries, introductions, consultations and negotiations
resulting in this transaction. Seller and Buyer agree to indemnify and hold
Broker harmless from and against losses, damages, costs and expenses of any
kind, including reasonable attorneys’ fees at all levels, and from liability to
any person, arising from (1) compensation claimed which is inconsistent with
the representation in this Paragraph, (2) enforcement action to collect a
brokerage fee pursuant to Paragraph 10, (3) any duty accepted by Broker at the
request of Buyer or Seller, which duty is beyond the scope of services
regulated by Chapter 475, F.S., as amended, or (4) recommendations of or services
provided and expenses incurred by any third party whom Broker refers,
recommends or retains for or on behalf of Buyer or Seller.

 

13.  ASSIGNABILITY; PERSONS BOUND:  This Contract may be assigned to a related
entity, and otherwise o is not assignable

ý is assignable.  The terms “Buyer,” “Seller” and “Broker” may
be singular or plural.  This Contract is
binding upon Buyer, Seller and their heirs, personal representative, successors
and assigns (if assignment is permitted).

 

Buyer
(                )
(                )
and Seller (BKH)
(                )
acknowledge receipt of a copy of this page, which is Page 4 of 5 Pages.

CC-2© 1997 Florida Association
of Realtors®. All rights reserved. Licensed to Alta
Star Software.

Software and Added Formatting Copyright
2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898

 

4

 

14.  OPTIONAL CLAUSES:
(Check if any of the following clauses are applicable and are attached as an addendum
to this Contract:

 

	
  o

  	
  Arbitration

  	
  o

  	
  Seller Warranty

  	
  o

  	
  Existing Mortgage

  
	
  o

  	
  Section 1031 Exchange

  	
  o

  	
  Coastal Construction Control Line

  	
  ý

  	
  Other LEASE-BACK ADDENDUM

  
	
  o

  	
  Property Inspection and Repair

  	
  o

  	
  Flood Area Hazard Zone

  	
  o

  	
  Other

  
	
  o

  	
  Seller Representations

  	
  o

  	
  Seller Financing

  	
  o

  	
  Other

  

 

15.  MISCELLANEOUS: The
terms of this Contract constitute the entire agreement between Buyer and
Seller. Modifications of this Contract will not be binding unless in writing,
signed and delivered by the party to be bound. Signatures, initials, documents
referenced in this Contract, counterparts and written modifications
communicated electronically or on paper will be acceptable for all purposes,
including delivery, and will be binding. Handwritten or typewritten terms
inserted in or attached to this Contract prevail over preprinted terms. If any
provision of this Contract is or becomes invalid or unenforceable, all
remaining provisions will continue to be fully effective. This Contract will be
construed under Florida law and will not be recorded in any public records.
Delivery of any written notice to any party’s agent will be deemed delivery to
that party.

 

THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY
UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING. BROKER ADVISES
BUYER AND SELLER TO VERIFY ALL FACTS AND REPRESENTATIONS THAT ARE IMPORTANT TO
THEM AND TO CONSULT AN APPROPRIATE PROFESSIONAL FOR LEGAL ADVICE (FOR EXAMPLE,
INTERPRETING CONTRACTS, DETERMINING THE EFFECT OF LAWS ON THE PROPERTY AND
TRANSACTION, STATUS OF TITLE, FOREIGN INVESTOR REPORTING REQUIREMENTS , ETC.) AND
FOR TAX, PROPERTY CONDITION, ENVIRONMENTAL AND OTHER SPECIALIZED ADVICE. BUYER
ACKNOWLEDGES THAT BROKER DOES NOT OCCUPY THE PROPERTY AND THAT ALL
REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) BY BROKER ARE BASED ON SELLER
REPRESENTATIONS OR PUBLIC RECORDS UNLESS BROKER INDICATES PERSONAL VERIFICATION
OF THE REPRESENTATION. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL
INSPECTORS AND GOVERNMENTAL AGENCIES FOR VERIFICATION OF THE PROPERTY
CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT PROPERTY VALUE.

 

DEPOSIT RECEIPT: Deposit of  $10,000.00

by           ý  BUSINESS      check      o  other
                           received
on MARCH  8, 2006

by

Signature of Escrow Agent Joseph
A. Vecchio

OFFER: Buyer offers to purchase the Property on the above terms and
conditions. Unless acceptance is signed by Seller and a signed copy delivered
to Buyer or Buyer’s agent no later than 5 o  a.m.   ý  p.m.
on MARCH 9,2006. Buyer may revoke this
offer and receive a refund of all deposits.

 

Date:  3/8/2006     BUYER:                              Tax
ID No:

Lighthouse R.E. Inv., Inc.

Title:                     Telephone:   954-957-9214         Facsimile:  954-9    -7953

Address:

 

Date: 
                    BUYER:                              Tax
ID No:

Title:                     Telephone:                            Facsimile:

Address:

 

ACCEPTANCE: Seller accepts Buyer’s offer and agrees to sell the
Property on the above terms and conditions (o
subject to the attached counter offer).

 

Date:
3/13/06         SELLER: Brian K.
Hamernick   Tax ID No:

                               VANGUARD SECURITY

Title:                     Telephone:                            Facsimile:

Address:

 

Date:                    SELLER:                              Tax
ID No:

 

Title:                    Telephone:                            Facsimile:

Address:

 

Buyer
(                )
(                )
and Seller (BKH) (                )
acknowledge receipt of a copy of this page, which is Page 5 of 5 Pages.

 

The Florida Association of
Realtors and local Board/Association of Realtors make no representation as to
the legal validity or adequacy of any provision of this Form in any specific
transaction. This standardized form should not be used in complex transactions
or with extensive riders or addendums. This form is available for use by
the                 who are members of
the National Association of Realtors and who subscribe to its Code of Ethics.

 

The copyright laws of the
United States (17 U.S. Code) forbid the unauthorized representation of blank
forms by any means including facsimile or computerized forms.

 

CC-2© 1997 Florida Association
of Realtors. All rights reserved. Licensed to Alta Star Software.

Software and Added Formatting
Copyright 2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898

 

5

 

	
  Commercial Contract

  	
  AIM Realty Group, Inc.

  
	
  FLORIDA ASSOCIATION OF REALTORS®

  	
  WILLIAM ROBINSON

  
	
   

  	
  263 SOUTH  STATE ROAD 7

  
	
   

  	
  MARGATE, FL 33088

  
	
   

  	
  954-977-7074

  

 

The clauses below will be incorporated into the Contract between

 

 

VANGUARD SECURITY OF BROWARD, INC.
(SELLER) and LIGHTHOUSE REAL ESTATE INVESTMENTS, INC.
and/or  ASSIGNS
(BUYER) concerning the Property
described as;

 

CYPRESS CREEK I-95 INTERCHANGE PROPERTY 88-3
B PARCEL A LESS PT DESC AS, BEG AT SE COR OF PAR A, NLY ALG W R/W/L OF DIXIE
HWY FOR 95.48, NWLY 17.07, SLY 107.48, ELY 12 TO POB

 

only if initialed by all parties

 

                 (       ) – (         )(        )  OTHER TERMS AND CONDITIONS

 

BUYER AGREES TO LEASE-BACK THE SECOND FLOOR
SPACE TO SELLER FOR PERIOD OF 5 YEARS, WITH ONE FIVE YEAR OPTION AT A STARTING
RATE OF $13.00 PSF PLUS R.E. TAXES AS WELL AS OTHER TERMS AND CONDITIONS
NORMALLY ACCEPTABLE IN COMMERCIAL LEASES.

 

SELLER AGREES TO DELIVER TO BUYER AT CLOSING
A VACANT SPACE WHICH IS CURRENTLY OCCUPIED BY THE MOTORCYCLE ACCESSORIES
TENANT, SELLER WILL EVICT AND CLEAR SPACE PRIOR TO CLOSING.

 

CC-      Rev.
7/    2003 Florida Association of REALTORS®.  All Rights Reserved. Licensed to Alta Star,
Page 1 of 1 user Regis.      

Software and Added Formatting©
2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898

 

6Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 2

TO 4/04 AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

 

Amendment No.
2, dated as of April 10, 2006 (this “Amendment”), by and between
JPMorgan Chase Bank, N.A. (the “Lender”), Fieldstone Investment Corporation
(“FIC” and a “Borrower”) and Fieldstone Mortgage Company (“FMC”
and a “Borrower” and together with FIC, the “Borrowers”).

 

RECITALS

 

The Lender and
the Borrowers are parties to that certain 4/04 Amended and Restated Senior
Secured Credit Agreement, dated as of April 21, 2004, as amended by the 4/05 Amendment
to Credit Agreement, dated as of April 20, 2005 (the “Existing Credit
Agreement”; as amended by this Amendment, the “Credit Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings
given to them in the Existing Credit Agreement.

 

The Lender and
the Borrowers have agreed, subject to the terms and conditions of this
Amendment, that the Existing Credit Agreement be amended to reflect certain
agreed upon revisions to the terms of the Existing Credit Agreement.

 

Accordingly,
the Lender and the Borrowers hereby agree, in consideration of the mutual
promises and mutual obligations set forth herein, that the Existing Credit
Agreement is hereby amended as follows: 

 

SECTION 1.           Definitions. Section 1.2 of
the Existing Credit Agreement is hereby amended by deleting the definition of “Maturity
Date” in its entirety and replacing it with the following:

 

“Maturity
Date” means June 16, 2006, or the earlier date (the “Acceleration Date”),
if any, when the Lender accelerates maturity of the Senior Credit Note pursuant
to this Agreement, or the maturity of the Senior Credit Note is effectively
accelerated by order of any Governmental Authority or by operation of law.

 

SECTION 2.           Conditions Precedent. This
Amendment shall become effective on the date hereof (the “Amendment
Effective Date”) subject to the satisfaction of the following conditions
precedent:

 

2.1           Delivered Documents. On the
Amendment Effective Date, the Lender shall have received the following
documents, each of which shall be satisfactory to the Lender in form and
substance: 

 

(a)           this Amendment, executed and
delivered by duly authorized officers of the Lender and the Borrowers; and 

 

(b)           such other documents as the Lender or
counsel to the Lender may reasonably request.

 

 

SECTION 3.   Representations and Warranties. Each
Borrower hereby represents and warrants to the Lender that it is in compliance
with all the terms and provisions set forth in the Existing Credit Agreement on
its part to be observed or performed, and that no Event of Default has occurred
or is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 9 of the Existing Credit Agreement.

 

SECTION 4.   Limited Effect. Except as expressly
amended and modified by this Amendment, the Existing Credit Agreement shall
continue to be, and shall remain, in full force and effect in accordance with
its terms.

 

SECTION 5.   Fees.
The Borrowers agree to pay as and when billed by the Lender all of the
reasonable fees, disbursements and expenses of counsel to the Lender in connection
with the development, preparation and execution of, this Amendment or any other
documents prepared in connection herewith and receipt of payment thereof shall
be a condition precedent to the Lender entering into any Transaction pursuant
hereto.

 

SECTION 6.   GOVERNING LAW. THIS AMENDMENT SHALL BE  CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW  YORK, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES  HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

SECTION 7.   Counterparts.
This Amendment may be executed in one or more counterparts and by different
parties hereto on separate counterparts, each of which, when so executed, shall
constitute one and the same agreement.

 

SECTION 8.   Conflicts. The parties hereto agree
that in the event there is any conflict between the terms of this Amendment,
and the terms of the Existing Credit Agreement, the provisions of this
Amendment shall control.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

IN WITNESS WHEREOF, the parties have caused their names to be signed
hereto by their respective officers thereunto duly authorized as of the day and
year first above written.

 

 

	
  Lender:

  	
  JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark A. Wegener

  
	
   

  	
   

  	
  Name:

  	
  Mark A. Wegener

  
	
   

  	
   

  	
  Title:

  	
   Senior Vice President

  
						

 

 

	
  Borrower:

  	
  FIELDSTONE INVESTMENT CORPORATION,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C. Krebs

  
	
   

  	
   

  	
  Name:

  	
  Mark C. Krebs

  
	
   

  	
   

  	
  Title:

  	
   Sr. Vice President &
  Treasurer

  
					

 

 

	
  Borrower:

  	
  FIELDSTONE INVESTMENT COMPANY,

  
	
   

  	
  as a Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark C. Krebs

  
	
   

  	
   

  	
  Name:

  	
  Mark C. Krebs

  
	
   

  	
   

  	
  Title:

  	
   Sr. Vice President &
  Treasurer

  
					

 

3

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