Document:

Guaranty Agreement with Kennedy

    Exhibit 10.3

    
 

    GUARANTY

     

    
      	
              $24,900,000

            	
               April
                20, 2007

            

    

     

    WHEREAS,
      COSTA
      BLANCA II REAL ESTATE, LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, COSTA
      BLANCA III REAL ESTATE, LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, TDS
      TOWN HOMES (PHASE 1), LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809 and TDS
      TOWN HOMES (PHASE 2), LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, jointly and severally (collectively, the “Borrower”),
      has
      requested from KENNEDY
      FUNDING, INC.,
      a New
      Jersey corporation, having its principal place of business at Two University
      Plaza, Suite 402, Hackensack, New Jersey 07601 (“Agent”),
      as
      agent for lenders identified in Schedule
      A
      annexed
      to the Note (as hereinafter defined) (Agent and Lenders identified in Schedule
      A
      are hereinafter collectively referred to as “Lender”),
      a
      loan in the principal sum of TWENTY
      FOUR MILLION NINE HUNDRED THOUSAND ($24,900,000) DOLLARS
      (the
“Loan”),
      which
      Loan will be evidenced by a promissory note (the “Note”)
      from
      Borrower to Lender, and secured by, among other things, that certain Loan and
      Security Agreement (the “Loan
      Agreement”)
      and
      that certain Mortgage and Security Agreement (the “Mortgage”) from Borrower to
      Lender, all of the foregoing being of even date herewith. All capitalized terms
      used herein but not defined shall have the meaning ascribed to such terms in
      the
      Loan Agreement;

     

    WHEREAS,
      Lender is willing to make the Loan to Borrower only if, among other things,
      the
      undersigned (sometimes referred to herein as the “Guarantor”)
      executes and delivers this Guaranty of Payment (“Guaranty”)
      and
      guarantees payment to Lender of the Debt (as hereinafter defined) in the manner
      provided herein; and

     

    WHEREAS,
      the undersigned expects to derive benefit from the Loan.

     

    NOW,
      THEREFORE, in order to induce Lender to make the Loan to Borrower, the
      undersigned hereby guarantees absolutely and unconditionally to Lender the
      payment of the Debt and covenants and agrees with Lender as
      follows:

     

    1. Recitals.
      The
      recitals set forth above are incorporated herein by reference.

     

    2. Guaranty
      Clause.
      The
      Guarantor hereby absolutely, irrevocably and unconditionally guaranties to
      Lender the full, prompt and unconditional payment of the Debt, when and as
      the
      same shall become due, whether at the stated maturity date, by acceleration
      or
      otherwise, and the full, prompt and unconditional performance of each and every
      term and condition of every transaction to be kept and performed by Borrower
      under the Note. This Guaranty is a primary obligation of Guarantor and shall
      be
      a continuing
      inexhaustible guaranty. Lender may require Guarantor to pay and perform any
      or
      all of the Guarantor’s liabilities and obligations under this Guaranty and may
      proceed immediately against Guarantor without being required or obligated to
      bring any proceeding or take any action against Borrower, any other guarantor
      or
      any other person, entity or property prior thereto. The liability of the
      Guarantor hereunder is joint and several with all other guarantors, and is
      independent of and separate from the liability of Borrower, any other guarantor,
      person or entity, and is independent of the availability of any collateral
      security for and/or under any documents granting Lender security for the
      Loan.

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a) The
      term
“Debt”
as
      used
      in this Guaranty shall mean the principal sum evidenced by the Note and secured
      by the Mortgage, together with interest thereon at the rate of interest
      specified in the Note and all other sums which may or shall become due and
      payable pursuant to the provisions of the Note, Mortgage, Loan Agreement, or
      any
      other agreement, document or certificate executed and/or delivered by Borrower
      to Lender in connection with the Loan, including any and all modifications,
      amendments, and ratifications thereto (collectively the “Loan
      Documents”).

     

    (b) The
      undersigned agrees that, upon demand, the undersigned will reimburse Lender,
      to
      the extent that such reimbursement is not made by Borrower, for all expenses
      (including reasonable counsel fees) incurred by Lender in connection with the
      collection of the Debt or any portion thereof, including any expenses incurred
      in any post-judgment proceedings to collect and enforce such judgment. This
      provision is separate and several and shall survive the merger of this Guaranty
      into any judgment on this Guaranty.

     

    (c) All
      moneys available to Lender for application in payment or reduction of the Debt
      may be applied by Lender in such manner and in such amounts and at such time
      or
      times and in such order and priority as Lender may see fit to the payment or
      reduction of such portion of the Debt or other obligations of Borrower as Lender
      may elect.

     

    (d) This
      Guaranty is an absolute, continuing, unconditional and unlimited guaranty of
      payment and not merely of collection and Lender shall be entitled to payment
      from the undersigned without first commencing any action against Borrower or
      resorting to any security or to any credit on the books of Lender in favor
      of
      Borrower. The undersigned acknowledges and agrees that this Guaranty and any
      or
      all other guaranties made to Lender in connection with this Loan are joint
      and
      several guaranties.

     

    3. Lender’s
      Rights.
      The
      undersigned hereby consents that from time to time, before or after any default
      by Borrower, with or without further notice to or assent from the undersigned,
      (i) any security at any time held by or available to Lender for any obligation
      of Borrower, (ii) any security at any time held by or available to Lender for
      any obligation of any other person or party secondarily or otherwise liable
      for
      all or any portion
      of the Debt, and/or (iii) any obligation arising under any other guaranty to
      Lender made in connection with the Loan, may be exchanged, surrendered or
      released and any obligation of Borrower may be changed, altered, renewed,
      extended, continued, surrendered, compromised, waived or released in whole
      or in
      part, or any default with respect thereto waived, and Lender may fail to set
      off
      and may release, in whole or in part, any balance of any credit on its books
      in
      favor of Borrower, and may extend further credit in any manner whatsoever to
      Borrower, and generally deal with Borrower or any such security or obligation
      and the undersigned shall remain bound under this Guaranty notwithstanding
      any
      such exchange, surrender, release, change, alteration, renewal, extension,
      continuance, compromise, waiver, inaction, extension of further credit or other
      dealing. No invalidity, irregularity or unenforceability of all or any part
      of
      the Debt or the impairment or loss of security or obligation therefor, whether
      caused by any action or inactions of Lender or otherwise, shall affect or impair
      this Guaranty.

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Guarantor
      Waivers.
      The
      undersigned hereby waives and agrees not to assert or take advantage of any
      defense based upon:

     

    (a) Notice
      of
      acceptance of this Guaranty and of the making of the Loan by Lender to
      Borrower;

     

    (b) Presentment
      and demand for payment of the Debt or any portion thereof;

     

    (c) Protest
      and notice of dishonor or default to the undersigned with respect to the Debt
      or
      any portion thereof;

     

    (d) Notice
      of
      intent to accelerate, notice of acceleration and all other notices to which
      the
      undersigned might otherwise be entitled;

     

    (e) Any
      demand for payment under this Guaranty;

     

    (f) The
      incapacity, lack of authority, death or disability of Borrower or any other
      person or entity;

     

    (g) The
      failure of Lender to commence an action against Borrower and/or Guarantor or
      to
      proceed against or exhaust any security held by Lender at any time, or to pursue
      any other remedy whatsoever at any time;

     

    (h) Any
      duty
      on the part of Lender to disclose to the undersigned any facts Lender may now
      or
      hereafter know regarding Borrower, regardless of whether Lender has reason
      to
      believe (i) that any such facts materially increase the risk beyond that which
      the undersigned intends to assume, or (ii) that such facts are unknown to the
      undersigned, the undersigned acknowledging that he, she or it is fully
      responsible for being and keeping informed of the financial condition and
      affairs of Borrower;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i) Lack
      of
      notice of default, demand of performance or notice of acceleration to Borrower
      or any other party with respect to the Loan or Borrower’s obligations guaranteed
      hereby;

     

    (j) The
      consideration for this Guaranty (or lack or inadequacy thereof);

     

    (k) Any
      acts
      or omissions of Lender which vary, increase or decrease the risk on the
      undersigned;

     

    (l) Any
      rights or defenses based upon an offset by the undersigned against any
      obligation now or hereafter owed to the undersigned by Borrower;

     

    (m) Any
      statute of limitations affecting the liability of the undersigned hereunder,
      the
      liability of Borrower or Guarantor under the Loan Documents or the enforcement
      hereof, to the extent permitted by law;

     

    (n) The
      application by Borrower of the proceeds of the Loan for purposes other than
      the
      purposes represented by Borrower to Lender and the undersigned or intended
      or
      understood by Lender or the undersigned;

     

    (o) An
      election of remedies by Lender, including any election to proceed against any
      collateral by judicial or nonjudicial foreclosure, whether real property or
      personal property, or by deed in lieu thereof, and whether or not every aspect
      of any foreclosure sale is commercially reasonable, and whether or not any
      such
      election of remedies destroys or otherwise impairs the subrogation rights of
      the
      undersigned or the rights of the undersigned to proceed against Borrower or
      any
      guarantor by way of subrogation or for reimbursement or contribution, or all
      such rights;

     

    (p) Any
      statute or rule of law which provides that the obligation of a surety must
      be
      neither larger in amount nor in any other aspects more burdensome than that
      of
      the principal obligor;

     

    (q) Lender’s
      election, in any proceeding instituted under Title 11 of the United States
      Code
      (the “Bankruptcy
      Code”),
      of
      the application of Section 1111(b)(2) of the Bankruptcy Code or any successor
      statute; and

     

    (r) Any
      borrowing or any grant of a security interest under Section 364 of the
      Bankruptcy Code. 

     

    THIS
      IS
      AN UNCONDITIONAL AND IRREVOCABLE WAIVER OF ANY RIGHTS AND DEFENSES THE
      UNDERSIGNED MAY HAVE BECAUSE BORROWER’S DEBT IS SECURED BY INTERESTS IN REAL
      PROPERTY.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. Collection
      and Enforcement.
      

    
         
(a) LENDER
      MAY COLLECT FROM THE UNDERSIGNED WITHOUT FIRST FORECLOSING ON ANY REAL OR
      PERSONAL PROPERTY COLLATERAL PLEDGED BY BORROWER; AND

     

     (b) IF
      LENDER
      FORECLOSES ON ANY REAL PROPERTY COLLATERAL PLEDGED BY BORROWER:

     

    i. THE
      AMOUNT OF THE DEBT MAY BE REDUCED ONLY BY THE PRICE FOR WHICH THAT COLLATERAL
      IS
      SOLD AT A FORECLOSURE SALE, EVEN IF THE COLLATERAL IS WORTH MORE THAN THE SALE
      PRICE; AND

     

    ii. LENDER
      MAY COLLECT FROM THE UNDERSIGNED EVEN IF LENDER, BY FORECLOSING ON THE REAL
      PROPERTY COLLATERAL, HAS DESTROYED ANY RIGHT THE UNDERSIGNED MAY HAVE TO COLLECT
      FROM BORROWER.

     

    6. Successors
      and Assigns.
      Each
      reference herein to Lender shall be deemed to include its successors and
      assigns, in whose favor the provisions of this Guaranty shall also inure. Each
      reference herein to the undersigned shall be deemed to include the heirs,
      executors, administrators, legal representatives, successors and assigns of
      the
      undersigned, all of whom shall be bound by the provisions of this
      Guaranty.

     

    7. Limitation.
      Notwithstanding anything herein to the contrary, the obligation of Malcolm
      J.
      Wright shall be limited to any deficiency that exists upon liquidation of any
      real or personal property collateral and exercise of all rights against American
      Leisure Holdings, Inc. and TDS Amenities, Inc., provided, however, that the
      Borrower and/or Guarantor, their agents, servants and/or employees take no
      action to hinder, frustrate or delay the Lender in its efforts to enforce any
      right to collect the outstanding Debt from any of the real or personal property
      pledged as collateral for the Loan in the event of default by the Borrower,
      except that the Borrower shall have the right to contest a non-monetary
      default.

     

    8. No
      Waiver.
      No
      delay on the part of Lender in exercising any rights hereunder or failure to
      exercise the same shall operate as a waiver of such rights; no notice to or
      demand on the undersigned shall be deemed to be a waiver of the obligation
      of
      the undersigned or of the right of Lender to take further action without notice
      or demand as provided herein; nor in any event shall any modification or waiver
      of the provisions of this Guaranty be effective unless in writing nor shall
      any
      such waiver be applicable except in the specific instance for which such waiver
      is given.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. Representations
      and Warranties.
      To
      further induce Lender to make the Loan to Borrower, the Guarantor makes the
      following warranties and representations, with the knowledge that Lender will
      rely on the veracity thereof:

     

    (a) The
      execution and delivery by the Guarantor of this Guaranty and any other document
      executed and/or delivered by the Guarantor to Lender in connection therewith
      (collectively, the “Guaranty
      Documents”),
      and
      the performance of the obligations thereunder, do not and will not: (a) violate
      any provision of law, rule, regulation, order, writ, judgment, injunction,
      decree, determination or award presently in effect having applicability to
      the
      Guarantor; or (b) result in any breach of or constitute any default under any
      indenture or loan or credit agreement or any other agreement, lease or
      instrument to which the Guarantor is a party or by which the Guarantor or
      his/her/their/its properties may be bound or affected, and the Guarantor is
      not
      in default under any such law, rule, regulation, order, writ, judgment,
      injunction, decree, determination or award or any such indenture, agreement,
      lease or instrument.

     

    (b) There
      is
      no material action, suit, proceeding, inquiry or investigation, at law or in
      equity, or before any court, governmental instrumentality, public board or
      arbitrator pending or threatened against or affecting the Guarantor or any
      of
      his properties or rights, wherein an unfavorable decision, ruling or finding
      would (i) to the extent not covered by insurance as to which the insurer has
      not
      disclaimed coverage, result in any material adverse change in the financial
      condition, business, properties or operations of the Guarantor; (ii) materially
      or adversely effect the Guaranty; or (iii) adversely effect the validly or
      enforceability of the Guaranty Documents.

     

    (c) The
      Guarantor is in compliance with all applicable laws.

     

    (d) Borrower
      is a pre-existing entity actively engaged in the operation of its business
      and
      has not been created as a vehicle to obtain the Loan. The proceeds of the Loan
      will be used by Borrower solely to (a) discharge or release liens upon the
      real
      property encumbered by the Mortgage (the “Property”)
      or for
      other business purposes directly related to the Property, and (b) pay fees
      and
      other amounts related thereto or to the making of the Loan, and the proceeds
      of
      the Loan will not be paid over or diverted by Borrower to any member, officer,
      director or shareholder of Borrower, the Guarantor, any other guarantors of
      the
      Loan or any other person.

     

    (e) On
      the
      date hereof, (i) the assets of the Guarantor exceed his liabilities, and (b)
      the
      Guarantor is paying his debts as they become due.

     

    10. No
      Subrogation.
      Notwithstanding any payments made by the undersigned pursuant to the provision
      of this Guaranty, the undersigned shall have no right of subrogation in and
      to
      the Note, or any other security held by or available to Lender for the Debt
      or
      the payment thereof until the Debt has been paid in full to Lender.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11. Limitation
      of Remedies.
      The
      Guarantor is hereby prohibited from exercising against Lender or Agent any
      right
      or remedy which it might otherwise be entitled to exercise against any one
      or
      more (but less than all) of the individual parties constituting Lender,
      including, without limitation, any right of set-off or any defense.

     

    12. Miscellaneous.

     

    (a) Governing
      Law.
      This
      Guaranty is, and shall be deemed to be, a contract entered into under and
      pursuant to the laws of the State of New Jersey and shall be in all respects
      governed, construed, applied and enforced in accordance with the laws of said
      state without regard to conflicts of laws considerations; and this Guaranty
      shall be construed without regard to any presumption or rule requiring
      construction against the party causing such instrument or any portion thereof
      to
      be drafted; and no defense given or allowed by the laws of any other state
      or
      country shall be interposed in any action or proceeding hereon unless such
      defense is also given or allowed by the laws of the State of New Jersey. The
      undersigned agrees to submit to personal jurisdiction in the State of New Jersey
      in any action or proceeding arising out of this Guaranty and, in furtherance
      of
      such agreement, the undersigned hereby agrees and consents that without limiting
      other methods of obtaining jurisdiction, personal jurisdiction over the
      undersigned in any such action or proceeding may be obtained within or without
      the jurisdiction of any court located in New Jersey and that any process or
      notice of motion or other application to any such court in connection with
      any
      such action or proceeding may be served upon the undersigned by registered
      mail
      to or by personal service at the last known address of the undersigned, whether
      such address be within or without the jurisdiction of any such
      court.

     

    (b) Waivers.
      The
      Guarantor hereby waives any claim, right or remedy which the Guarantor may
      now
      have or hereafter acquire against Borrower that arises hereunder and/or from
      the
      performance by the Guarantor hereunder, including, without limitation, any
      claim, remedy or right of subrogation, reimbursement, exoneration, contribution,
      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. The foregoing waiver by the Guarantor
      shall terminate and be of no further force or effect at such time as the entire
      Debt has been fully and indefeasibly paid to and received by
      Lender.

     

    (c) Severability.
      A
      determination that any portion of this Guaranty is unenforceable or invalid
      shall not affect the enforceability or validity of any other provision, and
      any
      determination that the application of any provision of this Guaranty to any
      circumstance is illegal or unenforceable shall not affect the enforceability
      or
      validity of such provision as it may apply to other circumstances.

     

    (d) Notices.
      All
      notices, consents, approvals and requests required or permitted hereunder or
      under any other Loan Document shall be given in writing and shall be effective
      for all purposes if hand delivered or sent by (a) certified or registered United
      States mail, postage prepaid, return receipt requested or (b) expedited prepaid
      delivery service, either commercial or United States Postal Service, with proof
      of attempted delivery, and by telecopier (with answer back acknowledged),
      addressed as follows (or at such other address and a person as shall be
      designated from time to time by any party hereto, as the case may be, in a
      written notice to the other parties hereto in the manner provided for in this
      Section):

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	
                If
                  to Lender:

              	
                Kennedy
                  Funding, Inc.

              
	 	
                Two
                  University Plaza, Suite 402

              
	 	
                Hackensack,
                  New Jersey 07601

              
	 	
                Attention:
                  Jeffrey Wolfer

              
	 	
                Facsimile
                  No. (201) 342-8373

              
	 	 
	
                With
                  a copy to:

              	
                Cole,
                  Schotz, Meisel, Forman & Leonard P.A.

              
	 	
                25
                  Main Street

              
	 	
                Hackensack,
                  New Jersey 07602-0800

              
	 	
                Attention:
                  Michael R. Leighton, Esq.

              
	 	
                Facsimile
                  No.: (201) 489-1536

              
	 	 
	
                If
                  to Guarantor:

              	
                American
                  Leisure Holdings, Inc.

              
	 	
                2460
                  Sand Lake Road

              
	 	
                Orlando,
                  Florida 32809

              
	 	 
	
                 

              	
                TDS
                  Amenities, Inc.

              
	 	
                2460
                  Sand Lake Road

              
	 	
                Orlando,
                  Florida 32809

              
	 	 
	 	
                Malcolm
                  Wright

              
	 	xxxx xxxx xxxxx xxxxxx xxxx
                xxxxx 
	 	xxxxxx, xxxxxxx xxxxx
	 	 
	
                With
                  a copy to:

              	
                Jason
                  G. Williams, Esq. 

              
	 	
                American
                  Leisure Holdings, Inc. 

              
	 	
                2460
                  Sand Lake Road 

              
	 	
                Orlando,
                  Florida 32809

              
	 	
                Facsimile
                  No.:  (407) 251-8455

              
	 	 
	
                With
                  a copy to:

              	
                Philip
                  L. Logas, Esq.

              
	 	
                Philip
                  L. Logas, P.A.

              
	 	
                55
                  E. Pine Street

              
	 	
                Orlando,
                  Florida 32801

              
	 	
                Facsimile
                  No.: (407) 849-1570

              

      

    

     

    A
      notice
      shall be deemed to have been given: in the case of hand delivery, at the time
      of
      delivery; in the case of registered or certified mail, when delivered or the
      first attempted delivery on a business day; or in the case of expedited prepaid
      delivery and telecopy, upon the first attempted delivery on a business
      day.

     

    (e) Jury
      Trial Waiver.
      THE
      UNDERSIGNED AGREES THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR
      COUNTERCLAIM, BROUGHT BY THE UNDERSIGNED OR LENDER ON OR WITH RESPECT TO THIS
      GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT
      HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER
      AND
      THE UNDERSIGNED EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
      ANY
      RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, THE
      UNDERSIGNED WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT,
      ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER
      DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE UNDERSIGNED
      ACKNOWLEDGES AND AGREES THAT THIS PARAGRAPH IS A SPECIFIC AND MATERIAL ASPECT
      OF
      THIS GUARANTY AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS
      SET FORTH IN THIS PARAGRAPH WERE NOT A PART OF THIS GUARANTY.

     

    [Remainder
      of this page intentionally left blank.]

    

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Guaranty as of the date
      first
      above set forth.

     

    
      	
              WITNESS:

               

               

               /s/
                Jason Williams____ 

              Name:
                James Williams

            	
              GUARANTOR:

               

               

               /s/
                Malcolm J. Wright___

              MALCOLM
                J. WRIGHT

               

              Residence
                Address:

              xxxx xxxx xxxxx xxxxxxx xxxx xxxxx 
                

              xxxxxxx, xxxxxxx
                xxxxx

              xxxxxx xxxxxxxx
                xxxxxx: xxx-xx-xxxx

               

            
	
              WITNESS:

               

               

               

               

               

               /s/
                Jason Williams____ 

              Name:
                James Williams

            	
              GUARANTOR:

               

              AMERICAN
                LEISURE
                HOLDINGS, INC.

              a
                Nevada corporation

               

               

              By:  /s/
                Malcolm J. Wright___

              Name:
                Malcolm J. Wright

              Title:
                Chief Executive Officer

               

            
	
              WITNESS:

               

               

               

               

               

               /s/
                Jason Williams____ 

              Name:
                James Williams

            	
              GUARANTOR:

               

              TDS
                AMENITIES, INC.

               a
                Florida corporation

               

               

              By:  /s/
                Malcolm J. Wright___

              Name:
                Malcolm J. Wright

              Title:
                Chief Executive Officer

               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
 

      
        	
                 

                STATE
                  OF FLORIDA

                 

              	
                 

                )

                 

              
	 	
                )
                  ss.:

                 

              
	
                COUNTY
                  OF ORANGE

                 

              	
                )

                 

              

      

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a) made
      the
      attached instrument; and

     

    (b) was
      authorized to and did execute this instrument on behalf of and as Chief
      Executive Officer of TDS AMENITIES, INC., a Florida corporation (the “Company”),
      the entity named in this instrument, as the free act and deed of the Company,
      by
      virtue of the authority granted by its bylaws and its board of
      directors.

     

     

     

                                                                     
      ___/s/ J.K. Hudson_____       

                                                                                            
          NOTARY
      PUBLIC

                                          #DD459074

    

     

    
      	
               

              STATE
                OF FLORIDA

               

            	
               

              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

            

     

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a)
       made
      the
      attached instrument; and

     

    (b)
       was
      authorized to and did execute this instrument on behalf of and as Chief
      Executive Officer of AMERICAN LEISURE HOLDINGS, INC., a Nevada corporation
      (the
“Company”), the entity named in this instrument, as the free act and deed of the
      Company, by virtue of the authority granted by its bylaws and its board of
      directors.

     

                                                                                                                                                            ___/s/
      J.K.
      Hudson_____
                                                                                              
            NOTARY
        PUBLIC

                                              #DD459074

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

              STATE
                OF FLORIDA

               

            	
               

              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

            

     

     

    On
      the 13th day of April, 2007, before me personally came Malcolm J. Wright,
      who being by me duly sworn, did depose and say that he signed, sealed and
      delivered this instrument as his voluntary act and deed.

     

     

                ___/s/
      J.K. Hudson_____

                
       NOTARY PUBLIC

                                      #DD459074Environmental Indemnity Agreement

    Exhibit 10.4

    ENVIRONMENTAL
      INDEMNITY AGREEMENT

     

    THIS
      ENVIRONMENTAL INDEMNITY AGREEMENT
      (the
“Agreement”),
      made
      on this 20th day of April, 2007, by
      COSTA BLANCA II REAL ESTATE, LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, COSTA
      BLANCA III REAL ESTATE, LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, TDS
      TOWN HOMES (PHASE 1), LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809 and TDS
      TOWN HOMES (PHASE 2), LLC,
      a
      Florida limited liability company, having an address at 2460 Sand Lake Road,
      Orlando, Florida 32809, jointly and severally (collectively, the “Borrower”),
      AMERICAN
      LEISURE HOLDINGS, INC.
      a Nevada
      corporation, having an address at 2460 Sand Lake Road, Orlando, Florida 32809,
      TDS
      AMENITIES, INC.
      a
      Florida corporation, having an address at 2460 Sand Lake Road, Orlando, Florida
      32809 and MALCOLM
      WRIGHT residing
      at xxxx xxxx xxxxx xxxxxxx xxxx
      xxxxx, xxxxxxx, xxxxxxx, xxxxx, jointly and severally, (collectively,
      the “Guarantor”)
      (Borrower and Guarantor are collectively referred to herein as the “Indemnitors”),
      in
      favor of KENNEDY
      FUNDING, INC.,
      a New
      Jersey corporation, having an address at Two University Plaza, Suite 402,
      Hackensack, New Jersey 07601 (“Agent”), as agent for the lenders identified on
Schedule
      A
      annexed
      to the Note (as hereinafter defined) (Agent and the lenders identified in
      Schedule A are hereinafter collectively referred to as “Lender”).

     

    W
      I T
      N E S S E T H

     

    WHEREAS,
      pursuant to a certain Promissory Note, of even date herewith, in the original
      principal amount of TWENTY
      FOUR MILLION NINE HUNDRED THOUSAND ($24,900,000) DOLLARS
      (the
“Note”),
      Lender made a loan to Borrower (the “Loan”);
      and

     

    WHEREAS,
      on the date hereof, Lender and Borrower have executed that certain Loan and
      Security Agreement (the “Loan Agreement”) pursuant to which Lender shall
      disburse the proceeds of the Loan and upon the terms and conditions set forth
      therein, and

     

    WHEREAS,
      the Loan is secured, inter
      alia,
      by that
      certain Mortgage and Security Agreement, of even date herewith, (the “Mortgage”)
      executed by Borrower, and more particularly described in the Loan Agreement
      on
      certain real property more particularly described on Exhibit A attached hereto
      and made a part hereof (the “Property”); and

     

    WHEREAS,
      Guarantor has executed and delivered to Lender guaranty of the Loan, of even
      date herewith, (the “Guaranty”) guarantying payment and performance of the Loan
      to Lender; and

     

    WHEREAS,
      as an inducement to Lender to make the Loan to Borrower, Lender has requested
      that Indemnitors enter into and execute this Agreement.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    NOW,
      THEREFORE, IN CONSIDERATION OF THE LOAN MADE TO BORROWER AND WITH KNOWLEDGE
      THAT
      LENDER WOULD NOT MAKE THE LOAN BUT FOR THE PROMISES OF INDEMNITORS HEREUNDER,
      INDEMNITORS JOINTLY AND SEVERALLY HEREBY ABSOLUTELY AND UNCONDITIONALLY AGREE
      AS
      FOLLOWS:

     

    1. Defined
      Terms.
      Except
      as otherwise provided in this Agreement, all words and terms not defined herein
      shall have the respective meanings and be construed herein as provided in the
      Mortgage and the Loan Agreement.

     

    2. Guaranty.
      Indemnitors absolutely and unconditionally guaranty to Lender that Indemnitors
      and all other users, as well as all operations at the Property will fully comply
      with all Environmental Laws and all of the terms, covenants and provisions
      of
      the Mortgage and the other Loan Documents. In the event that Indemnitors and
      all
      other users, as well as all operations at the Property do not fully comply
      with
      all Environmental Laws or the terms, covenants and provisions of the Mortgage
      and the other Loan Documents, Lender may, but shall be under no obligation
      to,
      comply with same. If Indemnitors do not fully comply with all Environmental
      Laws
      and all of the terms, covenants and provisions of the Mortgage or the other
      Loan
      Documents, Indemnitors shall reimburse Lender, upon demand, for all reasonable
      costs and expenses incurred by Lender (including, without limitation, counsel
      and consulting fees and expenses, investigation and laboratory fees and
      expenses, court costs and litigation expenses) to the extent not otherwise
      reimbursed to Lender by Indemnitors in connection with Lender performing
      Indemnitors’ obligations as set forth herein or in the Mortgage or the other
      Loan Documents.

     

    3. Indemnification.
      Indemnitors absolutely and unconditionally agree to defend, indemnify, and
      hold
      harmless Lender, its employees, agents, trustees, attorneys, officers, directors
      and shareholders from and against any and all claims, demands, penalties, causes
      of action, fines, liabilities, settlements, damages, costs or expenses of
      whatever kind or nature, known or unknown, foreseen or unforeseen, contingent
      or
      otherwise, incurred by Lender, its employees, agents, trustees, attorneys,
      officers or directors (including, without limitation, counsel and consultant
      fees and expenses, investigation and laboratory fees and expenses, court costs,
      and litigation expenses) arising out of, or in any way related to: (i) any
      breach by Indemnitors of the provisions of this Agreement; (ii) any breach
      by
      Indemnitors of any of the provisions of the Mortgage or any of the Loan
      Documents; (iii) any Hazardous Discharge or threat thereof of any Hazardous
      Material which is at, in, on, under, around, from or affecting the Property,
      including, without limitation, any violation of any Environmental Law or
      any damage
      or
      injury resulting from any Hazardous Material to or affecting the Property or
      the
      soil, water, air, vegetation, buildings,
      personal property, persons or animals located on the Property or on any other
      property or otherwise, whether occurring during or prior to Indemnitor’s
      ownership of the Property; (iv) any personal injury (including wrongful death)
      and property damages (real or personal) arising out of or related to any such
      Hazardous Material; (v) any lawsuit brought or threatened, settlement reached,
      or order or directive of or by any Governmental Authority relating to such
      Hazardous Material; (vi) any remedial action undertaken by Lender in connection
      with any of the foregoing. Notwithstanding the foregoing, the indemnification
      created hereunder shall not apply to the gross negligence or willful misconduct
      of Lender.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    4. Survival.
      The
      obligations and liabilities of Indemnitors under this Agreement shall survive
      and continue in full force and effect and shall not be terminated, discharged
      or
      released, in whole or in part, irrespective of whether the indebtedness
      evidenced by the Note and secured by the Mortgage has been paid in full and
      irrespective of any foreclosure of the Mortgage, release of any collateral,
      sale
      of the Property, pursuant to the provisions of the Mortgage, or acceptance
      by
      Lender, its wholly-owned subsidiary, assignee or nominee of a deed or assignment
      in lieu of foreclosure or sale, and irrespective of any other fact or
      circumstance of any nature whatsoever.

     

    5. Guaranty
      of Payment and Not Collection.
      This
      Agreement is a guaranty of payment and not merely of collection. This Agreement
      is a primary obligation of Indemnitors.

     

    6. No
      Marshalling.
      Indemnitors hereby waive any right or claim of right to cause a marshalling
      of
      Borrower’s assets or to cause Lender to proceed against any of the security or
      collateral held by Lender before proceeding against Indemnitors; and,
      Indemnitors hereby waive any and all legal requirements that Lender shall
      institute any action at law or in equity against Borrower, or anyone else with
      respect to the Note, or any other Loan Document, or with respect to any security
      held by Lender as a condition precedent to bringing any action against
      Indemnitors under this Agreement.

     

    7. Representations
      and Warranties of Indemnitors.
      Each
      Indemnitor represents and warrants that (i) it has received adequate
      consideration for the execution, delivery and performance of its obligations
      under this Agreement; (ii)
      the
      making of the Loan to Borrower and the assumption by each Indemnitor of its
      liabilities and obligations hereunder has or will provide substantial benefit
      to
      such Indemnitor; and (iii) Lender would not have made the Loan to Borrower
      had
      such Indemnitor not executed and delivered this Agreement to
      Lender.

     

    8. Subrogation.
      So long
      as any of the Note remains unpaid, any liabilities and obligations of Borrower
      exist under the Loan Documents or Indemnitors under this Agreement, Indemnitors
      waive any and all rights of indemnification, reimbursement, subrogation or
      contribution which Indemnitors may otherwise have now or hereafter as a matter
      of law against Borrower.

     

    9. Obligations
      Absolute.
      The
      liabilities and obligations of Indemnitors hereunder shall be absolute and
      unconditional irrespective of (i) any lack of validity or enforceability
      of the Note or any other Loan Document; (ii) the insolvency of, or the voluntary
      or involuntary bankruptcy, assignment for the benefit of creditors,
      reorganization or other similar proceedings affecting Borrower any other
      Indemnitor or any of their assets; or (iii) any other circumstance or claim
      which otherwise might constitute a defense available to, or a discharge of,
      Borrower with respect to its liabilities and obligations under the Loan
      Documents, or of Indemnitors with respect to this Agreement.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    10. Dealing
      with Borrower and Others.
      Without
      incurring responsibility to Indemnitors and without impairing or releasing
      the
      liabilities and obligations of Indemnitors hereunder, Lender, may at any time
      and from time to time, without the consent of or notice to Indemnitors, upon
      any
      terms or conditions and in whole or in part shall have the right
      to:

     

    (i) amend,
      modify or change the manner, place or terms of payment of the Note or any other
      Loan Document and/or change or extend the time for payment or renew or alter
      any
      liabilities and obligations of Borrower or any security therefor, and the
      indemnity herein made shall apply to the liabilities and obligations of Borrower
      as so amended, modified, changed, extended, renewed or altered;

     

    (ii) sell,
      exchange, release, surrender, realize upon or otherwise deal with in any manner
      and in any order, any property by whomsoever at any time pledged, assigned,
      mortgaged or in which a security interest is given to secure, or howsoever
      securing, the liabilities and obligations of Borrower;

     

    (iii) exercise
      or refrain from exercising any rights against Borrower or other persons or
      entities (including Indemnitors) or against any security given by Borrower
      or
      other persons or entities (including Indemnitors), or otherwise act or refrain
      from acting;

     

    (iv) settle
      or
      compromise any liabilities and obligations of Borrower to Lender, dispose of
      any
      security therefor, with or without consideration, or any liability incurred
      directly or indirectly in respect thereof or hereof, and may subordinate the
      payment of all or any part thereof to the payment of any liabilities and
      obligations of Borrower (whether due or not) to creditors of Borrower other
      than
      Lender and Indemnitors; and

     

    (v) apply
      any
      sums by whomsoever paid and howsoever realized for the benefit of Borrower
      to
      any liabilities and obligations of Borrower; subject to the provisions of the
      Loan Documents.

     

    11. No
      Impairment.
      No
      invalidity, irregularity or unenforceability of all or any part of any
      liabilities and obligations of Borrower or the impairment or loss of any
      security therefor, whether caused by any actions or inactions of Lender, or
      otherwise, shall affect, impair or be a defense to this Agreement.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    12. Joint
      and Several Liability.
      The
      liability of each Indemnitor under this Agreement shall be joint and several
      with that of each and every other Indemnitor.

     

    13. No
      Waiver.
      No
      delay on the part of Lender in exercising any of its rights, powers or
      privileges or partial or single exercise thereof under the Note, this Agreement
      or any other document made to or with Lender by Borrower shall operate as a
      waiver of any such privileges, powers or rights. No waiver of any of its rights
      hereunder and no modification or amendment of this Agreement shall be deemed
      to
      be made by Lender unless the same shall be in writing, duly signed on behalf
      of
      Lender by a duly authorized officer, and each such waiver, if any, shall apply
      only with respect to the specific instance
      involved and shall in no way impair the rights of Lender or the liabilities
      and
      obligations of Indemnitors to Lender in any other respect at any other
      time.

     

    14. Rights
      Cumulative.
      All
      rights, powers and remedies afforded to Lender by reason of this Agreement
      are
      separate and cumulative remedies, and no one of such remedies whether or not
      exercised by Lender shall be deemed to exclude any of the other remedies
      available to Lender nor prejudice the availability of any other legal or
      equitable remedy which Lender may have with respect to the Loan.

     

    15. Governing
      Law.
      This
      Agreement shall be governed by and construed and interpreted in accordance
      with
      the substantive laws of the State of New Jersey without regard to choice of
      law
      consideration.

     

    16. Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of and be enforceable
      by the parties hereto and their respective
      successors and assigns.

     

    17. Notices.
      All
      notices, consents, approvals and requests required or permitted hereunder or
      under any other Loan Document shall be given in writing and shall be effective
      for all purposes if hand delivered or sent by (a) certified or registered United
      States mail, postage prepaid, return receipt requested or (b) expedited prepaid
      delivery service, either commercial or United States Postal Service, with proof
      of attempted delivery, and by telecopier (with answer back acknowledged),
      addressed as follows (or at such other address and a person as shall be
      designated from time to time by any party hereto, as the case may be, in a
      written notice to the other parties hereto in the manner provided for in this
      Section):

     

    
      	
              If
                to Lender:

            	
              Kennedy
                Funding, Inc.

            	 
	 	
              Two
                University Plaza, Suite 402

            	 
	 	
              Hackensack,
                New Jersey 07601

            	 
	 	
              Attention:
                Jeffrey Wolfer

            	 
	 	
              Facsimile
                No. (201) 342-8373

            	 
	 	 	 
	
              With
                a copy to:

            	
              Cole,
                Schotz, Meisel, Forman & Leonard P.A.

            	 
	 	
              25
                Main Street

            	 
	 	
              Hackensack,
                New Jersey 07602-0800

            	 
	
                
                Attention:Michael
                R. Leighton, Esq.

            	 
	 	
              Facsimile
                No.: (201) 489-1536

            	 
	 	 	 
	
              If
                to Indemnitors:

               

            	
              Costa
                Blanca II Real Estate, LLC 

              2460
                Sand Lake Road

              Orlando,
                Florida 32809

               

            
	
              With
                a copy to:

            	
              Jason
                G. Williams, Esq. 

            	 
	 	
              American
                Leisure Holdings, Inc. 

            	 
	 	
              2460
                Sand Lake Road 

            	 
	 	
              Orlando,
                Florida 32809

            	 
	 	
              Facsimile
                No.:  (407) 251-8455

            	 
	 	 	 
	
              With
                a copy to:

            	
              Philip
                L. Logas, Esq.

            	 
	 	
              Philip
                L. Logas, P.A.

            	 
	 	
              55
                E. Pine Street

            	 
	 	
              Orlando,
                Florida 32801

            	 
	 	
              Facsimile
                No.: (407) 849-1570

            	 
	 	 	 

    

    A
      notice
      shall be deemed to have been given: in the case of hand delivery, at the time
      of
      delivery; in the case of registered or certified mail, when delivered or the
      first attempted delivery on a business day; or in the case of expedited prepaid
      delivery and telecopy, upon the first attempted delivery on a business
      day.

     

    18. Costs
      and Expenses.
      In case
      of any proceedings to collect any liabilities of Indemnitors to Lender,
      Indemnitors shall pay all costs and expenses of every kind for collection,
      sale
      or delivery, including reasonable attorneys’ fees, and after deducting such
      costs and expenses from the proceeds of sale or collection, Lender may apply
      any
      residue to the liabilities and obligations of Indemnitors under this Agreement,
      who shall continue to be liable for any deficiency, with interest at the Default
      Rate, if any, under the Loan Documents, or if no Default Rate is provided for,
      then at the interest rate provided for in the Note.

     

    19. JURISDICTION
      AND VENUE.
      IN ANY
      JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER ARISING OUT
      OF
      OR RELATED TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER,
      INDEMNITORS HEREBY IRREVOCABLY SUBMIT TO
      THE
      NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN ANY COUNTY
      IN
      THE STATE OF NEW JERSEY WHERE LENDER MAINTAINS AN OFFICE AND AGREES NOT TO
      RAISE
      ANY OBJECTION TO SUCH JURISDICTION OR TO THE LAYING OR MAINTAINING OF THE VENUE
      OF ANY SUCH PROCEEDING IN SUCH COUNTY. INDEMNITORS AGREE THAT SERVICE OF PROCESS
      IN ANY SUCH PROCEEDING MAY BE DULY EFFECTED UPON THEM BY MAILING A COPY THEREOF,
      BY REGISTERED MAIL, POSTAGE PREPAID, TO INDEMNITORS.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    20. WAIVER
      OF JURY TRIAL.
      THE
      PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING,
      DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR
      OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
      RELATIONSHIP ESTABLISHED HEREUNDER. IT IS INTENDED THAT SAID WAIVER SHALL APPLY
      TO ANY AND ALL DEFENSES, RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR
      PROCEEDING. INDEMNITORS ACKNOWLEDGE THAT THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR LENDER TO MAKE THE LOAN.

     

    21. CONSEQUENTIAL
      AND PUNITIVE DAMAGES.
      NO
      CLAIM MAY BE MADE BY INDEMNITORS AGAINST LENDER OR THE AFFILIATES, DIRECTORS,
      OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS OF LENDER FOR ANY SPECIAL, INDIRECT
      OR
      CONSEQUENTIAL DAMAGES OR, TO THE FULLEST EXTENT PERMITTED BY LAW, FOR ANY
      PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM OR CAUSE OF ACTION (WHETHER BASED
      ON
      CONTRACT, TORT, STATUTORY LIABILITY, OR ANY OTHER GROUND) BASED ON, ARISING
      OUT
      OF, OR RELATED TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY OR THEREBY EXCEPT FOR THE GROSS NEGLIGENCE OR WILLFUL
      MISCONDUCT OF LENDER, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION
      THEREWITH, AND INDEMNITORS HEREBY WAIVE, RELEASE, AND AGREE NEVER TO SUE UPON
      ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER SUCH CLAIM NOW EXISTS OR HEREAFTER
      ARISES AND WHETHER OR NOT IT IS NOW KNOWN OR SUSPECTED TO EXIST IN ITS
      FAVOR.

     

    22. Gender.
      In all
      references herein to any parties, persons, entities or corporations, the use
      of
      any particular gender of the plural or singular number is intended to include
      the appropriate gender or number as the text of the within instrument may
      require.

     

    23. Severability.
      The
      invalidity or unenforceability of any one or more phrases, sentences, clauses,
      paragraphs or sections of this Agreement shall not affect the validity or
      enforceability of the remaining portions of this Agreement, or any part
      thereof.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    24. Headings.
      Article, section and paragraph headings used in this Agreement are included
      herein for convenience of reference only and shall not constitute a part of
      this
      Agreement for any other purposes.

     

    25. Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original but such counterparts shall together constitute but one
      and
      the same instrument.

     

    26. Interpretation.
      In the
      event of any controversy, dispute or contest over the meaning, interpretation,
      validity, or enforceability of this Agreement or any of this Agreement’s terms
      or conditions, there shall be no inference, presumption, or conclusion drawn
      whatsoever against Lender, Guarantor, or Borrower by virtue of such party having
      drafted this Agreement or any portion thereof.

     

    27. Additional
      Guaranty.
      The
      obligations and liabilities of Guarantor under this Agreement are in addition
      to
      the obligations and liabilities of Guarantor under the Guaranty. The discharge
      of any Guarantor’s obligations and liabilities under the Guaranty or by reason
      of operation of law or otherwise, in no event or under no circumstance shall
      constitute or be deemed to constitute a discharge, in whole or in part, of
      any
      Guarantor’s obligations and liabilities under this Agreement. Conversely, the
      discharge of any Guarantor’s obligations and liabilities under this Agreement or
      by reason of operation of law or otherwise shall in no event or under any
      circumstance constitute or be deemed to constitute a discharge, in whole or
      in
      part, of any Guarantor’s obligations and liabilities under any Agreements of
      Guaranty.

     

    28. Personal
      Liability.
      No
      exculpatory provisions contained in the Note, the Mortgage, or in any other
      Loan
      Document with respect to the Loan in any event or under no circumstances shall
      be deemed or construed to modify, qualify, or affect in any manner whatsoever
      the personal recourse obligations and liabilities of Indemnitors under this
      Agreement.

     

    29. Conflict.
      In the
      event of any conflict between the terms set forth in this Agreement and the
      terms set forth in Article 7 of that certain Guaranty of even date herewith
      executed by Malcolm J. Wright, American Leisure Holdings, Inc. and TDS
      Amenities, Inc. in favor of Lender (hereinafter referred to as the “Guaranty”)
      the terms set forth in the Guaranty shall supersede and prevail over any
      conflicting terms set forth in this Agreement; provided, however, that nothing
      contained in the Guaranty shall expand any notice or grace period set forth
      in
      this Agreement. 

     

    [Remainder
      of page intentionally left blank.]

     

    

     

    

    
      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    IN
      WITNESS WHEREOF, Indemnitors have caused this Agreement to be duly executed
      and
      delivered on the day and year first above written.

     

    
      	
              WITNESS:

               

               

               

               

               

               

               

               

               

               

               

               

               

               

              _________________________________

              Name:

            	
              BORROWER:

               

              COSTA
                BLANCA II REAL ESTATE, LLC,

              a
                Florida limited liability company

               

              By:
                Tierra del Sol Resort (Phase 2), Ltd.,

               a
                Florida limited partnership, its manager

               

              By:
                TDS Management, LLC, 

              a
                Florida limited liability company, its general partner

               

               

               

               

               

              By:
                _/s/ Malcolm J. Wright___

                      
Name:
                Malcolm J. Wright

                      
Title:
                Manager

               

               

               

               

            
	
              WITNESS:

               

               

               

               

               

               

               

               

               

               

               

               

              _________________________________

              Name:

               

               

               

               

               

               

               

            	
              BORROWER:

               

              COSTA
                BLANCA III REAL ESTATE, LLC,

               a
                Florida limited liability company

               

              By:
                Tierra del Sol Resort (Phase 2), Ltd., 

              a
                Florida limited partnership, its manager

               

              By:
                TDS Management, LLC, 

              a
                Florida limited liability company, its general partner

               

               

               

              By:__/s/
                Malcolm J. Wright___

                      
Name:
                Malcolm J. Wright

                      
Title:
                Manager

               

            
	
              WITNESS:

               

               

               

               

               

               

               

               

               

               

               

               

              _________________________________

              Name:

            	
              BORROWER:

               

              TDS
                TOWN HOMES (PHASE 1), LLC,

              a
                Florida limited liability company

               

              By:
                Tierra del Sol Resort (Phase 1), Ltd., 

              a
                Florida limited partnership, its manager

               

              By:
                TDS Management, LLC, 

              a
                Florida limited liability company, its general partner

               

               

               

               By:__/s/
                Malcolm J. Wright___

                    
Name:
                Malcolm J.
                Wright

                     Title:
                Manager

               

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              WITNESS:

               

               

               

               

               

               

               

               

               

               

               

               

              _________________________________

              Name:

               

               

               

            	
              BORROWER:

               

              TDS
                TOWN HOMES (PHASE 2), LLC,

              a
                Florida limited liability company

               

              By:
                Tierra del Sol Resort (Phase 2), Ltd., 

              a
                Florida limited partnership, its manager

               

              By:
                TDS Management, LLC, 

              a
                Florida limited liability company, its general partner

               

               

               

               By:__/s/
                Malcolm J. Wright___

                    
Name:
                Malcolm J.
                Wright

                     Title:
                Manager

               

               

               

               

               

               

               

            
	
              WITNESS:

               

               

               

               

               

               

              _________________________________

              Name:

               

               

               

               

               

               

               

               

               

               

               

            	
              GUARANTOR:

               

              AMERICAN
                LEISURE HOLDINGS, INC.

              a
                Nevada corporation

               

               

               

              By:__/s/
                Malcolm J. Wright___

              Name:
                Malcolm J. Wright

              Title:
                Chief Executive Officer

               

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              WITNESS:

               

               

               

               

               

               

              _________________________________

              Name:

               

               

               

               

               

               

            	
              GUARANTOR:

               

              TDS
                AMENITIES, INC.

              a
                Florida corporation

               

               

               

              By:___/s/
                Malcolm J. Wright___

              Name:
                Malcolm J. Wright

              Title:
                Chief Executive Officer

               

            
	
              WITNESS:

               

               

               

              _________________________________

              Name:

               

               

               

            	
              GUARANTOR:

               

               

               

              ____/s/
                Malcolm J. Wright___

              MALCOLM
                J. WRIGHT,
                an individual

            

    

    

     

    

     

    

    
      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    
      	
              STATE
                OF FLORIDA

               

            	
              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

               

            

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a) made
      the
      attached instrument; and

     

    (b) was
      authorized to and did execute this instrument on behalf of and as Manager of
      TDS
      MANAGEMENT, LLC, a Florida limited liability company, the General Partner of
      TIERRA DEL SOL RESORT (PHASE 2), LTD., a Florida limited partnership, the
      Manager of COSTA BLANCA II REAL ESTATE, LLC, a Florida limited liability company
      (the “Company”), the entity named in this instrument, as the free act and deed
      of the Company, by virtue of the authority granted by its operating agreement
      and its members.

     

    
      	 	_____/s/ J.K.
              Hudson_____ 
	 	
                      
                NOTARY PUBLIC

            

    

                                                                
#DD459074

    

    

    

    

    

    
      	
              STATE
                OF FLORIDA

               

            	
              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

               

            

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a)
       made
      the
      attached instrument; and

     

    (b)
       was
      authorized to and did execute this instrument on behalf of and as Manager of
      TDS
      MANAGEMENT, LLC, a Florida limited liability company, the General Partner of
      TIERRA DEL SOL RESORT (PHASE 2), LTD., a Florida limited partnership, the
      Manager of COSTA BLANCA III REAL ESTATE, LLC, a Florida limited liability
      company (the “Company”), the entity named in this instrument, as the free act
      and deed of the Company, by virtue of the authority granted by its operating
      agreement and its members.

     

    
      	 	______/s/ J.K.
              Hudson_____  
	 	
                     
                NOTARY PUBLIC

            

    

                                                              #DD459074

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	 
	
              STATE
                OF FLORIDA

               

            	
              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

               

            

    

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a) made
      the
      attached instrument; and

     

    (b) was
      authorized to and did execute this instrument on behalf of and as Manager of
      TDS
      MANAGEMENT, LLC, a Florida limited liability company, the General Partner of
      TIERRA DEL SOL RESORT (PHASE 1), LTD., a Florida limited partnership, the
      Manager of TDS TOWN HOMES (PHASE 1), LLC, a Florida limited liability company
      (the “Company”), the entity named in this instrument, as the free act and deed
      of the Company, by virtue of the authority granted by its operating agreement
      and its members.

     

    
      	 	_____/s/ J.K.
              Hudson_____  
	 	
                   
                NOTARY PUBLIC

            

                                                            #DD459074

    

    
      	
              STATE
                OF FLORIDA

               

            	
              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

               

            

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a)
       made
      the
      attached instrument; and

     

    (b)
       was
      authorized to and did execute this instrument on behalf of and as Manager of
      TDS
      MANAGEMENT, LLC, a Florida limited liability company, the General Partner of
      TIERRA DEL SOL RESORT (PHASE 2), LTD., a Florida limited partnership, the
      Manager of TDS TOWN HOMES (PHASE 2), LLC, a Florida limited liability company
      (the “Company”), the entity named in this instrument, as the free act and deed
      of the Company, by virtue of the authority granted by its operating agreement
      and its members.

     

    

     

    
      	 	
              _______/s/
                J.K. Hudson________

            
	 	
                       
                NOTARY PUBLIC

            

    

                                                                 
      #DD459074

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF FLORIDA

               

            	
              )

               

            
	 	
              )
                ss.:

               

            
	
              COUNTY
                OF ORANGE

               

            	
              )

               

            

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a)
       made
      the
      attached instrument; and

     

    (b)
       was
      authorized to and did execute this instrument on behalf of and as Chief
      Executive Officer of TDS AMENITIES, INC., a Florida corporation (the “Company”),
      the entity named in this instrument, as the free act and deed of the Company,
      by
      virtue of the authority granted by its bylaws and its board of
      directors.

    

      
        	 	
                _____/s/
                  J.K. Hudson_______

              
	 	
                     
                  NOTARY PUBLIC

              

      

    

                                                                #DD459074

    

      
        	
                STATE
                  OF FLORIDA

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              

      

    

     

    I
      certify
      that on April 13, 2007, Malcolm J. Wright came before me in person and stated
      to
      my satisfaction that he/she:

     

    (a)
       made
      the
      attached instrument; and

     

    (b)
       was
      authorized to and did execute this instrument on behalf of and as Chief
      Executive Officer of AMERICAN LEISURE HOLDINGS, INC., a Nevada corporation
      (the
“Company”), the entity named in this instrument, as the free act and deed of the
      Company, by virtue of the authority granted by its bylaws and its board of
      directors.

     

    

     

    
      	 	
              _____/s/
                J.K. Hudson_______

            
	 	
                     
                NOTARY PUBLIC

            

    

                                                                #DD459074

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF FLORIDA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

     

    On
      the
      13th day of April, 2007, before me personally came Malcolm J. Wright, who being
      by me duly sworn, did depose and say that he signed, sealed and delivered this
      instrument as his voluntary act and deed.

     

    
      	 	______/s/ J.K.
              Hudson________ 
	
                              
 NOTARY
                PUBLIC

            

    

                                                                #DD459074

    

    
      
        
          
            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A

     

    LEGAL
      DESCRIPTION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]