Document:

AMENDMENT TO 1997 INCENTIVE STOCK OPTION PLAN

 EXHIBIT 10.4 
  
 PARAMETRIC TECHNOLOGY CORPORATION 
 1997 NONSTATUTORY STOCK OPTION PLAN 
  
 1. Purpose 
  
 The purpose
of the Parametric Technology Corporation 1997 Nonstatutory Stock Option Plan (the “Plan”) is to attract and retain key employees and consultants of the Company and its Affiliates, to provide an incentive for them to achieve long-range
performance goals, and to enable them to participate in the long-term growth of the Company. 
  
 2. Definitions 
  
 “Affiliate” means any business entity in which the Company owns directly or indirectly 50% or more of the total voting power or has a significant financial interest as determined by the Committee.

  
 “Board” means the Board of Directors of the Company.

  
 “Committee” means one or more committees appointed
by the Board to administer the Plan or a specified portion thereof. 
  
 “Common Stock” or “Stock” means the Common Stock, $.01 par value, of the Company. 
  
 “Company” means Parametric Technology Corporation. 
  
 “Designated Beneficiary” means the beneficiary designated by a Participant, in a manner determined by the Committee, to receive amounts due or
exercise rights of the Participant in the event of the Participant’s death. In the absence of an effective designation by a Participant, “Designated Beneficiary” means the Participant’s estate. 
  
 “Fair Market Value” means, with respect to Common Stock or any
other property, the fair market value of such property as determined by the Committee in good faith or in the manner established by the Committee from time to time. 
  
 “Nonstatutory Stock Option” - See Section 6(a). 
  
 “Option” - A Nonstatutory Stock Option. 
  
 “Participant” means a person selected by the Committee to receive an Option under the Plan. 

 3 Administration 
  
 The Plan shall be administered by the Committee, provided that the Board may in any instance perform any of the functions of
the Committee. The Committee shall have authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan as it shall from time to time consider advisable, and to interpret the provisions of
the Plan. The Committee’s decisions shall be final and binding. 
  
 4. Eligibility 
  
 All
employees and consultants of the Company or any Affiliate, capable of contributing significantly to the successful performance of the Company, other than any person who has irrevocably elected not to be eligible and any person subject to Section 16
of the Exchange Act of 1934, as amended from time to time, or any successor law, are eligible to be Participants in the Plan. 
  
 5. Stock Available for Options 
  
 (a) Amount. Subject to adjustment under subsection (b), Options may be granted under the Plan for up to 63,000,000 shares of Common Stock.
If any Option expires or is terminated unexercised or is forfeited or settled in a manner that results in fewer shares outstanding than were granted, the shares subject to such Option, to the extent of such expiration, termination, forfeiture or
decrease, shall again be available for grant under the Plan. Common Stock issued through the assumption or substitution of outstanding grants from an acquired company shall not reduce the shares available for grant under the Plan. Shares issued
under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
  
 (b) Adjustment. In the event of any stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation,
split-up, spin-off, combination, exchange of shares, or other transaction affecting the Common Stock, then (subject in the case of Incentive Stock Options to any limitation required under the Code) (i) the number and kind of shares in respect of
which Options may be granted under the Plan, (ii) the number and kind of shares subject to outstanding Options, and (iii) the exercise price with respect to any of the foregoing shall be proportionately adjusted to the extent required equitably to
preserve the benefits available hereunder, provided that the number of shares subject to any Option shall always be a whole number, and if considered appropriate, the Committee may make provision for a cash payment with respect to an outstanding
Option. 
  
 6. Stock Options 
  
 (a) Grant of Options. Subject to the provisions of the Plan,
the Committee may grant options (“Nonstatutory Stock Options”) to purchase shares of Common Stock that are not intended to be “incentive stock options” complying with the requirements of Section 422 of the Internal Revenue
Code of 1986, as amended from time to time (the “Code”), or any successor provision. The Committee shall determine the number of shares subject to each Option and the exercise price therefor, which shall not be less than 100% of the Fair
Market Value of the Common Stock on the date of grant. 

 (b) Terms and Conditions. Each Option shall have a term no longer than ten years from the
date of grant and shall be exercisable at the time(s) and subject to the terms and conditions set forth in the form of option certificate included in Appendix I hereto or as the Committee may otherwise specify in the applicable grant or thereafter.
The Committee may impose such conditions with respect to the exercise of Options, including conditions relating to applicable federal or state securities laws, as it considers necessary or advisable. 
  
 (c) Payment. No shares shall be delivered pursuant to any
exercise of an Option until payment in full of the exercise price therefor is received by the Company. Such payment may be made in whole or in part in cash or, to the extent permitted by the Committee at or after the grant of the Option, by delivery
of shares of Common Stock owned by the Participant or by retaining shares otherwise issuable pursuant to the Option, in each case valued at their Fair Market Value on the date of delivery or retention, or such other lawful consideration, including a
payment commitment of a financial or brokerage institution, as the Committee may determine. 
  
 7. Termination of Employment or Engagement 
  
 If the Optionholder’s status as an employee or consultant of (a) the Company, (b) an Affiliate, or (c) a corporation (or parent or subsidiary
corporation of such corporation) issuing or assuming a stock option in a transaction to which section 424(a) of the Code applies, is terminated for any reason (voluntary or involuntary) and the period of exercisability for a particular Option
following such termination has not been specified by the Board, each such Option then held by that Participant shall expire to the extent not previously exercised ninety (90)1 calendar days after such Participant’s employment or engagement is terminated, except that - 
  
 (a) If the Participant is on military, sick leave or other bona
fide leave of absence (such as temporary employment by the federal government), his or her employment or engagement with the Company will be treated as continuing intact if the period of such leave does not exceed ninety (90) days, or, if
longer, so long as the Participant’s right to reemployment or the survival of his or her service arrangement with the Company is guaranteed either by statute or by contract; otherwise, the Participant’s employment or engagement will be
deemed to have terminated on the 91st day of such leave. 
  
 (b)
If the Participant’s employment is terminated by reason of his or her retirement from the Company at normal retirement age, each Option then held by the Participant, to the extent exercisable at retirement, may be exercised by the Participant
at any time within three (3) months after such retirement unless terminated earlier by its terms. 
  
 (c) If the Participant’s employment or engagement is terminated by reason of his or her death, each Option then held by the Participant, to the
extent exercisable at the date of death, may be exercised at any time within one year after that date (unless terminated earlier by its terms) by the person(s) to whom the Participant’s option rights pass by will or by the applicable laws of
descent and distribution. 

	1	(i) Effective November 15, 2001 the post termination exercisability period was amended to be ninety (90) calendar days. Only those Options granted on or after
November 15, 2001 have this ninety (90) day post termination exercisability period. The previous ten (10) day period remains in effect for all Options granted prior to November 15, 2001. 

 (d) If the Participant’s employment or engagement is terminated by reason of his or her becoming
permanently and totally disabled, each Option then held by the Participant, to the extent exercisable upon the occurrence of permanent and total disability, may be exercised by the Participant at any time within one (1) year after such occurrence
unless terminated earlier by its terms. For purposes hereof, an individual shall be deemed to be “permanently and totally disabled” if he or she is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. Any determination of permanent and total disability shall
be made in good faith by the Company on the basis of a report signed by a qualified physician. 
  
 8. General Provisions Applicable to Options 
  
 (a) Limitations on Transferability. Options shall not be transferable by the recipient other than by will or the laws of descent and
distribution and are exercisable during such person’s lifetime only by such person or by such person’s guardian or legal representative; provided that the Committee may in its discretion waive such restriction in any case. 
  
 (b) Documentation. Each Option under the Plan shall be
evidenced by a written stock option certificate delivered to the Participant specifying the terms and conditions thereof and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Committee considers
necessary or advisable to achieve the purposes of the Plan or to comply with applicable tax and regulatory laws and accounting principles. 
  
 (c) Committee Discretion. Options may be granted alone, in addition to or in relation to any other Option. The terms of each Option need not
be identical, and the Committee need not treat Participants uniformly. Except as otherwise provided by the Plan or a particular Option, any determination with respect to an Option may be made by the Committee at the time of grant or at any time
thereafter. 
  
 (d) Dividends and Cash Options. In
the discretion of the Committee, any Option under the Plan may provide the Participant with (i) dividends or dividend equivalents payable (in cash or in the form of Options under the Plan) currently or deferred with or without interest, and (ii)
cash payments in lieu of or in addition to an Option. 
  
 (e)
Change in Control. In order to preserve a Participant’s rights under an Option in the event of a change in control (as defined by the Committee) of the Company, the Committee in its discretion may, at the time an Option is granted
or at any time thereafter, take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise of the Option, (ii) provide for payment to the Participant of cash or other property with a Fair
Market Value equal to the value that would have been received upon the exercise of the Option had the Option been exercised upon the change in control, (iii) adjust the terms of the Option in a manner determined by the Committee to reflect the
change in control, (iv) cause the Option to be assumed, or new rights substituted therefor, by another entity, or (v) make such other provision as the Committee may consider equitable to Participants and in the best interests of the Company.

 (f) [Reserved] 
  

(g) Withholding Taxes. The Participant shall pay to the Company, or make provision satisfactory to the Committee for payment of, any
taxes required by law to be withheld in respect of Options under the Plan no later than the date of the event creating the tax liability. The Company and its Affiliates may, to the extent permitted by law, deduct any such tax obligations from any
payment of any kind otherwise due to the Participant. In the Committee’s discretion, the Participant may pay any taxes due with respect to an Option in whole or in part in shares of Common Stock, including shares retained from the Option
creating the tax obligation, valued at their Fair Market Value on the date of retention or delivery. 
  
 (h) Foreign Nationals. Options may be granted to Participants who are foreign nationals or employed outside the United States on such terms
and conditions different from those specified in the Plan as the Committee considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable laws. 
  
 (i) Amendment of Option. The Committee may amend, modify or terminate any outstanding Option in any respect,
provided that the Participant’s consent to such action shall be required unless the Committee determines that the action, taking into account any related action, would not materially and adversely affect the Participant. In no event shall any
issued and outstanding option be repriced to a lower option price at any time during the term of such option, without the prior affirmative vote of a majority of shares of stock of the Company present at a stockholders meeting in person or by proxy
and entitled to vote thereon. Any amendment or repeal of this provision shall require the affirmative vote of a majority of shares of stock of the Company present at a stockholders meeting in person or by proxy and entitled to vote thereon.

  
 9. Miscellaneous 
  
 (a) No Right To Employment. No person shall have any claim or
right to be granted an Option. Each employee of the Company or any of its Affiliates is an employee-at-will (that is to say that either the Participant or the Company or any Affiliate may terminate the employment relationship at any time for any
reason or no reason at all) unless, and only to the extent, provided in a written employment agreement for a specified term executed by the chief executive officer of the Company or his duly authorized designee or the authorized signatory of any
Affiliate. Neither the adoption, maintenance, nor operation of the Plan nor any Option hereunder shall confer upon any employee of the Company or of any Affiliate any right with respect to the continuance of his/her employment by the Company or any
such Affiliate nor shall they interfere with the right of the Company (or Affiliate) to terminate any employee at any time or otherwise change the terms of employment, including, without limitation, the right to promote, demote or otherwise
re-assign any employee from one position to another within the Company or any Affiliate. 

	

  
 (b)
Effect of Grant. Participant shall not earn any Options granted hereunder until such time as all the conditions put forth herein which are required to be met in order to exercise the Option have been fully satisfied. 

 (c) No Rights As Stockholder. Subject to the provisions of the applicable Option, no
Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed under the Plan until he or she becomes the holder thereof. 
  
 (d) Amendment of Plan. The Board may amend, suspend or
terminate the Plan or any portion thereof at any time. 
  
 (e)
Governing Law. The provisions of the Plan shall be governed by and interpreted in accordance with the laws of Massachusetts. 
  
 (f) Complete Agreement The Plan constitutes the complete understanding of the parties regarding the subject matter hereof and supersedes all
prior contemporaneous agreements of the parties, whether written or oral. This Plan may be amended, altered, or modified only by a writing, specifying such amendment, alteration or modification, signed by both parties. 
  
 Approved by the Board of Directors on February 13, 1997 (as amended through July 29, 2004).

 APPENDIX I 
  

			
	No.             	 	             Shares

  
 PARAMETRIC
TECHNOLOGY CORPORATION 
 1997 Nonstatutory Stock Option Plan 
  
 Non statutory Stock Option Certificate 
  
 Parametric Technology Corporation (the “Company”), a Massachusetts corporation, hereby grants to the person named
below an option to purchase shares of Common Stock, $0.01 par value, of the Company (the “Option”) under and subject to the Company’s 1997 Nonstatutory Stock Option Plan (the “Plan”) exercisable on the following terms and
conditions set forth below and those attached hereto and in the Plan: 
  

			
	 Name of Optionholder:
	  	_____________________
	 Address:
	  	_____________________
	 	  	_____________________
		
	 Social Security No.
	  	_____________________
		
	 Number of Shares:
	  	_____________
	 Option Price:
	  	 
	______________	  	 
	 Date of Grant:
	  	_____________

  

							
	 Exercisability Schedule:
	 	After	 	, 19     , as to                  shares,
	 	 	after	 	, 19     , as to                  additional shares,
	 	 	after	 	, 19     , as to                  additional shares,
	 	 	after	 	, 19     , as to                  additional shares,
	 	 	after	 	, 19     , as to                  additional shares.
				
	 Expiration Date:
	 	 	 	 	 	_____________

  
 provided that Optionee’s
employment by the Company or by a parent or subsidiary corporation of the Company, in the case of the employees, or consulting arrangement, in the case of consultants, has not terminated at or prior to the opening of business on the date discussed
above and provided that this Option may not be exercised as to any shares after the expiration of ten years from the date of grant. 
  
 This Option shall not be treated as an Incentive Stock Option under section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

  
 By acceptance of this Option and returning one signed copy to
the Company, the Optionholder agrees to the terms and conditions set forth herein and those attached hereto and in the Plan. 
  
 Optionee hereby consents to the processing and transfer of all personal data relating to him/her, including data relating to this option grant, by and
between the Company, its subsidiaries and certain outside vendors as may be needed in the operation of the Company’s or its subsidiaries’ business. 
  

							
	 OPTIONHOLDER
	 	 PARAMETRIC TECHNOLOGY CORPORATION

				
	 By:
	 	  

	 	 By:
	 	  

 PARAMETRIC TECHNOLOGY CORPORATION 1997 NONSTATUTORY STOCK OPTION PLAN 
  
 Nonstatutory Stock Option Terms And Conditions 
  
 1. Plan Incorporated by Reference. This Option is issued pursuant to
the terms of the Plan and may be amended as provided in the Plan. Capitalized terms used and not otherwise defined in this certificate have the meanings given to them in the Plan. This certificate does not set forth all of the terms and conditions
of the Plan, which are incorporated herein by reference. The Committee administers the Plan and its determinations regarding the operation of the Plan are final and binding. Copies of the Plan may be obtained upon written request without charge from
the Corporate Counsel of the Company. 
  
 2. Option Price.
The price to be paid for each share of Common Stock issued upon exercise of the whole or any part of this Option is the Option Price set forth on the face of this certificate. 
  
 3. Exercisability Schedule. This Option may be exercised at any time and from time to time for the number of shares
and in accordance with the exercisability schedule set forth on the face of this certificate, but only for the purchase of whole shares. This Option may not be exercised as to any shares after the Expiration Date. 
  
 4. Method of Exercise. To exercise this Option, the Optionholder shall
deliver written notice of exercise to the Company specifying the number of shares with respect to which the Option is being exercised accompanied by payment of the Option Price for such shares in cash, by certified check or in such other form,
including shares of Common Stock of the Company valued at their Fair Market Value on the date of delivery or a payment commitment of a financial or brokerage institution, as the Committee may approve. Promptly following such notice, the Company will
deliver to the Optionholder a certificate representing the number of shares with respect to which the Option is being exercised. 
  
 5. No Right To Employment. No person shall have any claim or right to be granted an Option. Each employee of the Company or any of its Affiliates
is an employee-at-will (that is to say that either the Participant or the Company or any Affiliate may terminate the employment relationship at any time for any reason or no reason at all) unless, and only to the extent, provided in a written
employment agreement for a specified term executed by the chief executive officer of the Company or his duly authorized designee or the authorized signatory of any Affiliate. Neither the adoption, maintenance, nor operation of the Plan nor any
Option hereunder shall confer upon any employee of the Company or of any Affiliate any right with respect to the continuance of his/her employment by the Company or any such Affiliate nor shall they interfere with the right of the Company (or
Affiliate) to terminate any employee at any time or otherwise change the terms of employment, including, without limitation, the right to promote, demote or otherwise re-assign any employee from one position to another within the Company or any
Affiliate. 
  
 6. Effect of Grant. Participant shall not
earn any Options granted hereunder until such time as all the conditions put forth herein and in the Plan which are required to be met in order to exercise the Option have been fully satisfied. 
  
 7. Recapitalization, Mergers, Etc. As provided in the Plan, in the
event of corporate transactions affecting the Company’s outstanding Common Stock, the number and kind of shares subject to this Option and the exercise price hereunder shall be equitably adjusted. If such transaction involves a consolidation or
merger of the Company with another entity, the sale or exchange of all or substantially all of the assets of the Company or a reorganization or liquidation of the Company, then in lieu of the foregoing, the Committee may upon written notice to the
Optionholder provide that this Option shall terminate on a date not less than 20 days after the date of such notice unless theretofore exercised. In connection with such notice, the Committee may in its discretion accelerate or waive any deferred
exercise period. 
  
 8. Option Not Transferable. This
Option is not transferable by the Optionholder otherwise than by will or the laws of descent and distribution, and is exercisable, during the Optionholder’s lifetime, only by the Optionholder. The naming of a Designated Beneficiary does not
constitute a transfer. 
  
 9. Termination of Employment or
Engagement. If the Optionholder’s status as an employee or consultant of (a) the Company, (b) an Affiliate, or (c) a corporation (or parent or subsidiary corporation of such corporation) issuing or assuming a stock option in a transaction
to which section 424(a) of the Code applies, is terminated for any reason (voluntary or involuntary) and the period of exercisability for a particular Option following such termination has not been specified by the Board, each such Option then held
by 

 that Participant shall expire to the extent not previously exercised ninety (90) calendar days after such
Participant’s employment or engagement is terminated, except that - 
  
 (a) If the Participant is on military, sick leave or other bona fide leave of absence (such as temporary employment by the federal government), his or her employment or engagement with the Company will
be treated as continuing intact if the period of such leave does not exceed ninety (90) days, or, if longer, so long as the Participant’s right to reemployment or the survival of his or her service arrangement with the Company is guaranteed
either by statute or by contract; otherwise, the Participant’s employment or engagement will be deemed to have terminated on the 91st day of such leave. 
  
 (b) If the Participant’s employment is terminated by reason of his or her retirement from the Company at normal retirement age, each Option then held
by the Participant, to the extent exercisable at retirement, may be exercised by the Participant at any time within three (3) months after such retirement unless terminated earlier by its terms. 
  
 (c) If the Participant’s employment or engagement is terminated by
reason of his or her death, each Option then held by the Participant, to the extent exercisable at the date of death, may be exercised at any time within one year after that date (unless terminated earlier by its terms) by the person(s) to whom the
Participant’s option rights pass by will or by the applicable laws of descent and distribution. 
  
 (d) If the Participant’s employment or engagement is terminated by reason of his or her becoming permanently and totally disabled, each Option then
held by the Participant, to the extent exercisable upon the occurrence of permanent and total disability, may be exercised by the Participant at any time within one (1) year after such occurrence unless terminated earlier by its terms. For purposes
hereof, an individual shall be deemed to be “permanently and totally disabled” if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected
to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. Any determination of permanent and total disability shall be made in good faith by the Company on the basis of a report
signed by a qualified physician. 
  
 10. Compliance with
Securities Laws. It shall be a condition to the Optionholder’s right to purchase shares of Common Stock hereunder that the Company may, in its discretion, require (a) that the shares of Common Stock reserved for issuance upon the exercise
of this Option shall have been duly listed, upon official notice of issuance, upon any national securities exchange or automated quotation system on which the Company’s Common Stock may then be listed or quoted, (b) that either (i) a
registration statement under the Securities Act of 1933 with respect to the shares shall be in effect, or (ii) in the opinion of counsel for the Company, the proposed purchase shall be exempt from registration under that Act and the Optionholder
shall have made such undertakings and agreements with the Company as the Company may reasonably require, and (c) that such other steps, if any, as counsel for the Company shall consider necessary to comply with any law applicable to the issue of
such shares by the Company shall have been taken by the Company or the Optionholder, or both. The certificates representing the shares purchased under this Option may contain such legends as counsel for the Company shall consider necessary to comply
with any applicable law. 
  
 11. Payment of Taxes. The
Optionholder shall pay to the Company, or make provision satisfactory to the Company for payment of, any taxes required by law to be withheld with respect to the exercise of this Option. The Committee may, in its discretion, require any other
Federal or state taxes imposed on the sale of the shares to be paid by the Optionholder. In the Committee’s discretion, such tax obligations may be paid in whole or in part in shares of Common Stock, including shares retained from the exercise
of this Option, valued at their Fair Market Value on the date of delivery. The Company and its Affiliates may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to the Optionholder.

  
 Adopted February 13, 1997Promissory Note

 Exhibit 10.1 
  
 PROMISSORY NOTE 
 Fixed Rate - 2004 
 DEFINED TERMS 
  

							
			
	Execution Date:	 	August 10, 2004	  	City and State of Signing: Jacksonville, Florida
			
	Loan Amount:	 	$60,000,000.00	  	Interest Rate: 5.27% per annum

					
		
	Borrowers:	 	 Flagler Development Company, A Florida corporation,
 Gran Central - Deerwood North, LLC, a Delaware limited liability company, and
 Beacon Station 22, 23 and 24 Limited
Partnership, a Delaware limited partnership, jointly and severally

		
	 Borrowers’ Address:
	 	 10151 Deerwood Park Boulevard, Building 100, Suite 330, Jacksonville, Florida 32256

					
		
	 Holder:
	 	METROPOLITAN LIFE INSURANCE COMPANY, A NEW YORK CORPORATION

							
		
	 Holder’s Address:
	 	 Metropolitan Life Insurance Company
 10 Park Avenue, 3rd Floor
 Morristown, New Jersey 07962
 Attention: Managing Director, Real Estate Investments
  
 and
  
 Metropolitan Life Insurance Company
 101 East Kennedy Boulevard, Suite 2330
 Tampa, Florida
33602
 Attention: Director/OIC

			
	 Maturity Date:
	 	September 1, 2011	  	Advance Date: The date funds are disbursed to Borrowers.
		
	Interest Only Period: The period from the Advance Date and ending on the last day of the month in which the Advance Date occurs.	  	Principal and Interest Installment Date: The first day of the second calendar month following the Advance Date.
		
	 Monthly Installment: Equal monthly installments of principal and interest at the Interest Rate each in the amount of $
_________________
  
 The Monthly Installment is based upon an amortization
period of 30 years.
	  	Prepayment: Prepayment of the Loan is permitted only upon the terms and conditions set forth in paragraphs 8 and 9 hereof.
		
	Liable Parties:	 	 Flagler Development Company, Gran Central-Deerwood North, LLC,
 and Beacon Station 22, 23 and 24, Limited Partnership

							
		
	Addresses of Liable Parties:	  	10151 Deerwood Park Boulevard, Building 100, Suite 330, Jacksonville, Florida 32256
	
	 Late Charge: An amount equal to four percent (4%) of any amount not received within seven (7) days of the date when
due.
  
 Default Rate: An annual rate equal to the Interest Rate plus four
hundred (400) basis points.

	
	Note: This Promissory Note. Mortgages: Three separate documents entitled “Mortgage, Security Agreement, and Fixture Filing” each dated as of the Execution Date, granted
by each of the Borrowers, respectively, to Holder in connection with this Note. Loan Documents: This Note, the Mortgages and any other documents related to this Note and/or the Mortgages including without limitation that certain Mortgage Loan
Application from the Borrowers to the Holder, accepted by the Holder on May 25, 2004 (the “Application”) and that certain Floating Rate Note of even date herewith given by the Borrower to the Holder in the principal amount of
$45,000,000.00, and all renewals, amendments, modifications, restatements and extensions of these documents. Indemnity Agreement: Three separate Unsecured Indemnity Agreements, each dated as of the Execution Date and executed by Borrowers and Liable
Parties in favor of Holder in connection with this Note. The Indemnity Agreements are not Loan Documents and shall survive repayment of the Loan or other termination of the Loan Documents.
	
	Affiliate: Florida East Coast Industries, Inc., a Florida corporation (“FECI”) or any entity in which FECI or Flagler Development Company, a Florida corporation owns,
directly or indirectly, at least fifty-one percent (51%) of the equity interest and retains management control.
	
	Approval: Unless a different standard is specifically set forth herein, whenever reference is made in the Note to Holder’s “Approval” by Holder, such term means
accepted or approved in writing by an officer of Holder using a standard of commercial reasonableness in good faith.

  

 FOR VALUE RECEIVED, Borrowers, jointly and severally, promise to pay to the order of Holder, at
Holder’s Address or such other place as Holder may from time to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America that at the time of payment shall be legal tender for
payment of all obligations. 
  
 Capitalized terms which are not
defined in this Note shall have the meanings set forth in the Mortgage. 
  
 1. Payment of Principal and Interest. Principal and interest under this Note shall be payable as follows: 
  
 (a) Interest on the funded portion of the Loan Amount shall accrue from the Advance Date at the Interest Rate and shall be paid on the
first day of the first calendar month following the Advance Date; 
  
 (b) Commencing on the Principal and Interest Installment Date and on the first day of each calendar month thereafter, to and including the first day of the calendar month immediately preceding the Maturity Date,
Borrower shall pay the Monthly Installment; and 
  
 (c) On the Maturity Date, a final payment in the aggregate amount of the unpaid principal sum evidenced by this Note, all accrued and unpaid interest, and all other sums evidenced by this Note or secured by the Mortgages and/or any other
Loan Documents as well as any future advances under the Mortgage that may be made to or on behalf of Borrowers by Holder following the Advance Date (collectively, the “Secured Indebtedness”), shall become immediately payable in
full. 
  
 Borrowers acknowledge and agree that a substantial
portion of the original Loan Amount shall be outstanding and due on the Maturity Date. 
  
 Interest shall be calculated on the basis of a thirty (30) day month and a three hundred sixty (360) day year, except that (i) if the Advance Date occurs on a date other than the first day of a calendar month,
interest payable for the period commencing on the Advance Date and ending on the last day of the month in which the Advance Date occurs shall be calculated on the basis of the actual number of days elapsed over a 365 day or 366 day year, as
applicable, and (ii) if the Maturity Date occurs on a date other than the last day of the month, interest payable for the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be
calculated on the basis of the actual number of days elapsed over a 365 day or 366 day year, as applicable. 
  
 2. Application of Payments. At the election of Holder, and to the extent permitted by law, all payments shall be applied in the order selected by
Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the Interest Rate or at the Default Rate, as applicable. The balance of any payments shall be
applied to reduce the then unpaid Loan Amount. 
  
 3.
Security. The covenants of each of the Mortgages are incorporated by reference into this Note. This Note shall evidence, and the Mortgages shall secure, the Secured Indebtedness. 
  
 4. Late Charge. If any payment of interest, any payment of a Monthly Installment or any payment of a required escrow
deposit is not paid within 7 days of the due date, Holder shall have the option to charge Borrowers the Late Charge. The Late Charge is for the purpose of defraying the expenses incurred in connection with handling and processing delinquent payments
and is payable in addition to any other remedy Holder may have. Unpaid Late Charges shall become part of the Secured Indebtedness and shall be added to any subsequent payments due under the Loan Documents. 
  
 5. Acceleration Upon Default. At the option of Holder, if Borrowers
fail to pay any sum specified in this Note within 7 days of the due date, or if a default occurs hereunder or under any other Loan Document not cured after any applicable notice and opportunity to cure as may be permitted therein (each an
“Event of Default”), the Secured Indebtedness, and all other sums evidenced and/or secured by the Loan Documents, including without 

  

 -2- 

 
limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable. 
  
 6. Interest Upon Default. The Accelerated Loan Amount shall bear
interest at the Default Rate which shall never exceed the maximum rate of interest permitted to be contracted for under the laws of the State of Florida, as limited pursuant to paragraph 7 below. The Default Rate shall commence upon the occurrence
of an Event of Default and shall continue until all defaults are cured. 
  
 7. Limitation on Interest. The agreements made by Borrowers with respect to this Note and the other Loan Documents are expressly limited so that in no event shall the amount of interest received, charged or contracted for by Holder
exceed the highest lawful amount of interest permissible under the laws applicable to the Loan. If at any time performance of any provision of this Note or the other Loan Documents results in the highest lawful rate of interest permissible under
applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall automatically and without further action by any party be deemed to have been reduced to the highest lawful amount of interest then
permissible under applicable laws. If Holder shall ever receive, charge or contract for, as interest, an amount which is unlawful, at Holder’s election, the amount of unlawful interest shall be refunded to Borrowers (if actually paid) or
applied to reduce the then unpaid Loan Amount. To the fullest extent permitted by applicable laws, any amounts contracted for, charged or received under the Loan Documents included for the purpose of determining whether the Interest Rate would
exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term of this Note. 
  
 8. Prepayment. Borrowers shall not have the right to prepay all or any portion of the Loan Amount at any time during the term of this Note except
upon payment of any Prepayment Fee required under paragraph 9 hereof, and except as follows: 
  
 (a) Commencing on the first day of the 37th month following the Advance Date, the Borrower may prepay the Secured Indebtedness, in full but not in part, subject to payment of the required Prepayment Fee, upon sixty (60) days prior written
notice to the Holder. 
  
 (b) Commencing on the
first day of the 81st month following the Advance Date, the Borrower may prepay the Secured Indebtedness in full,
but not in part, without payment of a Prepayment Fee upon thirty (30) days prior written notice to the Holder. 
  
 If one or more Borrowers provide notice of its intention to prepay, the Loan Amount to be prepaid shall become due and payable on the date specified in the prepayment notice. Any tender of payment by Borrowers or any
other person or entity of the Secured Indebtedness, other than as expressly provided in this paragraph 8 shall be a prohibited prepayment. Notice from one Borrower under this paragraph 8 shall be deemed notice from all Borrowers. 
  
 9. Prepayment Fee. If a prepayment of all or any part of the Secured
Indebtedness is made (i) pursuant to paragraph 8(a) above; or (ii) following an Event of Default and an acceleration of the Maturity Date; or (iii) by reason of the application of money to the principal of the Loan Amount after a casualty or
condemnation; or (iv) in connection with a purchase of the Property or a repayment of the Secured Indebtedness at any time before, during or after, a judicial or non-judicial foreclosure or sale of the Property, then, and in any such event, to
compensate Holder for the loss of the investment, Borrowers shall pay an amount equal to a Prepayment Fee calculated as follows: 
  
 (a) If a prepayment of the Note is made at any time prior to the first day of the 37th month of the term of this Note (i) following an acceleration of the Maturity Date, (ii) pursuant to the application of proceeds to the Loan Amount after a
casualty or condemnation, (iii) in connection with a purchase of the Property at a foreclosure sale or (iv) pursuant to an Additional Permitted Transfer (as defined in Section 10.01(d) of each of the Mortgages), then Borrowers shall pay a Prepayment
Fee equal to the greater of: 
  
 (1) (x) the
present value of all remaining payments of principal and interest including the outstanding principal due on the Maturity Date, discounted at the rate which, when 

  

 -3- 

 
compounded monthly, is equivalent to the Treasury Rate, compounded semi-annually, less (y) the amount of the principal being prepaid; or 
  
 (2) one percent (1%) of the amount of the Loan Amount being
prepaid; provided, however, that in the event of a casualty or condemnation, as long as the applicable Borrower or Borrowers make a good faith effort to obtain an amount equal to the Prepayment Fee due as a result of the casualty or condemnation as
part of its damages from the condemning authority, insurer or party causing the casualty, as applicable, the Prepayment Fee due as a result of the casualty or condemnation shall be waived in the event that such amount is not collected by the
applicable Borrower or Borrowers. 
  
 (b) If a
prepayment of this Note is made after the 37th month and before or during the 81st month of the term of this Note, then Borrowers shall pay a Prepayment Fee equal to the greater of: 
  
 (1) (x) the present value of all remaining payments of
principal and interest including the outstanding principal due on the Maturity Date, discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate plus 50 basis points, compounded semi-annually, less (y) the amount of the
principal being prepaid; or 
  
 (2) one percent
(1%) of the amount of the Loan being prepaid. 
  
 For purposes of the foregoing,
the “Treasury Rate” shall be the annualized yield on securities issued by the United States Treasury having a maturity equal to the remaining stated term of this Note, as quoted in the Federal Reserve Statistical Release [H. 15
(519)] under the heading “U.S. Government Securities—Treasury Constant Maturities” for the date which is two weeks prior to the date on which prepayment is being made. If this rate is not available as of the date of prepayment,
then the Treasury Rate shall be determined by interpolating between the yield on securities of the next longer and next shorter maturity. If the Treasury Rate is no longer published, then Holder and Borrowers shall cooperate in good faith to
establish a commercially reasonable comparable rate. Holder will, upon request, provide an estimate of the amount of the Prepayment Fee before the date of the scheduled prepayment. 
  
 10. Waiver of Right to Prepay Note Without Prepayment Fee. Each Borrower acknowledges that Holder has relied upon the
anticipated investment return under this Note in entering into transactions with, and in making commitments to, third parties and that the tender of any prohibited prepayment, shall, to the extent permitted by law, include the applicable Prepayment
Fee. Each Borrower agrees that the applicable Prepayment Fee represents the reasonable estimate of Holder and Borrowers of a fair average compensation for the loss that may be sustained by Holder as a result of a prohibited prepayment of this Note
and it shall be paid without prejudice to the right of Holder to collect any other amounts provided to be paid under the Loan Documents. 
  
 EXCEPT AS OTHERWISE SET FORTH HEREIN, EACH BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE UNDER FLORIDA LAW TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT FEE OR
PENALTY, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY DEFAULT BY
BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH IS PROHIBITED OR RESTRICTED BY THE MORTGAGE, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY THE PREPAYMENT FEE SPECIFIED IN
PARAGRAPH 10. BY EXECUTING THIS NOTE, EACH BORROWER AGREES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION FOR THIS WAIVER AND AGREEMENT. 
  
 11. Liability of Borrowers. Upon the occurrence of an Event of
Default, except as provided in this Section 11, Holder will look solely to the Property and the security under the Loan Documents for the repayment of the Loan and will not enforce a deficiency judgment against Borrowers. However, nothing contained
in this section shall limit the rights of Holder to proceed against Borrowers and/or the Liable Parties, if any, (i) to enforce any Leases entered into by each Borrower or its Affiliates as tenant, guarantees, or other agreements entered into by
each Borrower in a capacity other than as borrower or any policies of insurance; (ii) to recover damages for fraud, 

  

 -4- 

 
material misrepresentation, material breach of warranty or intentional waste; (iii) to recover any Condemnation Proceeds or Insurance Proceeds or other
similar funds which have been misapplied by Borrowers or which, under the terms of the Loan Documents, should have been paid to Holder; (iv) following an Event of Default, to recover any tenant security deposits, tenant letters of credit or other
deposits or fees paid to Borrowers that are part of the collateral for the Loan or prepaid rents for a period of more than 30 days which have not been delivered to Holder; (v) to recover Rents and Profits received by Borrowers after the first day of
the month in which an Event of Default, as defined in each of the Mortgages, occurs and prior to the date Holder acquires title to the Property which have not been applied to the Loan or in accordance with the Loan Documents to operating and
maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with Article VI of each Mortgage pertaining to hazardous materials or the Indemnity Agreement; (vii) to recover all amounts due and
payable pursuant to Sections 11.06 and 11.07 of each Mortgage, pertaining to out of pocket expenses incurred by the Holder; and/or (viii) to recover actual damages arising from Borrower’s failure to comply with Section 8.01 of each Mortgage
pertaining to ERISA. In addition, to the extent that the Holder does not require deposits for the payment of taxes and insurance premiums, the Holder may proceed against the Borrowers to recover the amount of all sums which were required to be paid
by the Borrowers for such purposes but which Borrowers have failed to pay. 
  
 In the event the Loan is transferred to a third party other than (i) any entity in which Flagler Development Company, a Florida corporation, or Florida East Coast Industries, Inc., a Florida corporation
(“FECI”), shall own, directly or indirectly, at least fifty-one percent (51%) of the equity interest and retain management control as permitted as set forth in the Application, Section 10.01(d)(i) of the Mortgages, or (ii) any entity that
meets the requirements of Section 10.01(c)(ix) (except that the aggregate minimum net worth requirement or purposes hereof shall be $200 million instead of $100 million) and Section 10.01(c)(x) of the Mortgages, this limitation of liability shall
not apply and the Loan will be a recourse loan in the event that any new transferee and/or Borrower commences a voluntary bankruptcy or insolvency proceeding or an involuntary bankruptcy or insolvency proceeding is commenced against transferee
and/or Borrower and transferee and/or Borrower fails in good faith to pursue dismissal. 
  
 12. Waiver by Borrowers. Borrowers and others who may become liable for the payment of all or any part of this Note, and each of them, waive presentment for payment, protest, notice of dishonor and notice of
protest, and, except as may otherwise be provided herein or in the other Loan Documents, diligence, demand, notice of nonpayment, notice of intent to accelerate and notice of acceleration and specifically consent to and waive notice of any
amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for payment, whether made to or in favor of Borrowers or any other person or persons. 
  
 13. Exercise of Rights. No single or partial exercise by Holder, or
delay or omission in the exercise by Holder, of any right or remedy under the Loan Documents shall waive or limit the exercise of any such right or remedy. Holder shall at all times have the right to proceed against any portion of or interest in the
Property in the manner that Holder may deem appropriate, without waiving any other rights or remedies. The release of any party under this Note shall not operate to release any other party which is liable under this Note and/or under the other Loan
Documents or under the Indemnity Agreement. 
  
 14. Fees and
Expenses. If Borrowers default under this Note, Borrowers shall be personally liable, jointly and severally, for and shall pay to Holder, in addition to the sums stated above, those costs and expenses of enforcement and collection, including a
reasonable sum as an attorney’s fee, which are identified in Section 11.06 and 11.07 of each Mortgage. This obligation is not limited by paragraph 1 of this Note. 
  
 15. No Amendments. This Note may not be modified or amended except in a writing executed by Borrowers and Holder. No
waivers shall be effective unless they are set forth in a writing signed by the party which is waiving a right. This Note and the other Loan Documents are the final expression of the lending relationship between Borrowers and Holder. 
  
 16. Governing Law. This Note is to be construed and enforced in
accordance with the laws of the State of Florida. 
  
 17.
Construction. The words “Borrower” and “Holder” shall be deemed to include their respective heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or 

  

 -5- 

 
feminine, and natural and/or artificial persons, as appropriate. The provisions of this Note shall remain in full force and effect notwithstanding any
changes in the shareholders, partners or members of Borrowers. If more than one party is Borrower, the obligations of each party shall be joint and several. The captions in this Note are inserted only for convenience of reference and do not expand,
limit or define the scope or intent of any section of this Note. TO THE EXTENT THAT ANY PROVISION OF THIS NOTE CONTRADICTS OR CONFLICTS WITH ANY PROVISION OF THE APPLICATION, THE APPLICABLE PROVISIONS OF THIS NOTE WILL GOVERN AND BE CONTROLLING.

  
 18. Notices. All notices, demands, requests and
consents permitted or required under this Note shall be given in the manner prescribed in the Mortgages given by each Borrower, respectively. Notices received from one Borrower shall be deemed notice from all Borrowers hereunder. 
  
 19. Time of the Essence. Time shall be of the essence with respect to
all of Borrowers’ obligations under this Note. 
  
 20.
Severability. If any provision of this Note should be held unenforceable or void, then that provision shall be deemed separable from the remaining provisions and shall not affect the validity of this Note, except that if that provision
relates to the payment of any monetary sum, then Holder may, at its option, declare the Secured Indebtedness (together with the applicable Prepayment Fee) immediately due and payable. 
  
 21. WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH BORROWER AND HOLDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING AND/OR HEARING ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH, THIS NOTE, THE MORTGAGE OR ANY OF THE LOAN DOCUMENTS, OR THE
ENFORCEMENT OF ANY REMEDY UNDER ANY LAW, STATUTE, OR REGULATION. NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. EACH PARTY HAS
RECEIVED THE ADVICE OF COUNSEL WITH RESPECT TO THIS WAIVER. 
  
 IN
WITNESS WHEREOF, Borrowers have executed this Note as of the Execution Date. 
  

			
	 FLAGLER DEVELOPMENT COMPANY,
 a
Florida corporation

		
	By:	 	 
	 Name:
	 	 G. John Carey

	 Title:
	 	 President

  

					
	 GRAN CENTRAL - DEERWOOD NORTH, LLC,
 a
Delaware limited liability company

		
	By:	 	Flagler Development Company, a Florida corporation, its sole member

					
			
	 	 	 By:
	 	 
	 	 	 Name: G. John Carey

	 	 	 Title: President

  

 -6- 

					
	BEACON STATION 22, 23 AND 34 LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	GCC Beacon 22, 23 and 24, LLC, a Florida limited liability company, as general partner
		
	 By:
	 	Flagler Development Company, a Florida corporation, its sole member

					
			
	 	 	 By:
	 	 
	 	 	 Name: G. John Carey

	 	 	 Title: President

  
 Documentary Stamp Tax in the
amount of $210,000.00 has been paid on this Note, and receipt for payment thereof is reflected on the Mortgage securing this Note. 
  

 -7-

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