Document:

Exhibit 10.1

PROMISSORY NOTE

	
  $2,000,000.00

  	
   

  	
  June 15, 2007

  
	
   

  	
   

  	
  Chicago,
  Illinois

  

                                                                                                                                                                                                                

 

1.             Agreement to Pay.

FOR
VALUE RECEIVED, Vita Food Products, Inc., a Nevada corporation (“Borrower”), 2222 West Lake Street, Chicago, Illinois  60612, promises to pay to the order of MDB
Alternative Investments LLC, a Delaware limited liability company (“Lender”), 20 Indian Hill Road, Winnetka, Illinois 60093,
the principal sum of Two Million and 00/100 Dollars ($2,000,000.00) (“Loan”), at the place and in the manner provided in this
Note, together with interest at the rate or rates described below, and any and
all other amounts that are due and payable from time to time.

2.             Interest Rate.

2.1          Interest
Prior to Default.

Interest
will accrue on the outstanding principal balance of this Note from the date of
this Note until August 31, 2007 (“Maturity
Date”), at an annual rate equal to six percent (6.0%) (the “Loan Rate”).

2.2                               Interest After Default.

From
and after the Maturity Date or upon the occurrence and during the continuance
of an Event of Default, interest shall accrue on the balance of principal
remaining unpaid during any such period at an annual rate (“Default
Rate”) equal to five percent (5%) plus the Loan Rate; but in no
event may the Default Rate exceed the maximum rate permitted by law.

3.             Payment Terms.

3.1                               Principal and Interest.

Payments
of principal and interest due under this Note, if not sooner declared to be due
in accordance with the provisions hereof, shall be made as follows:

(a)           Interest only, which will be
calculated on the unpaid principal balance of this Note, will be due and
payable to Lender at the address set forth above, on the first day of the month
following the month of execution of this Note, and on the first day of each month
thereafter, until the Maturity Date.

(b)           The unpaid principal balance of this Note, if not sooner
paid or declared to be due in accordance with the terms of this Note, together
with all accrued and unpaid interest and any other amounts due and payable
under this Note or under any other Loan Document (as defined below), will be
due and payable in full on the Maturity Date.

3.2                               Method of Payments.

All
payments of interest and principal hereunder will be paid at the offices of
Lender provided for above.

3.3                               Late Charge.

If
any payment of interest or principal (excluding the final payment of principal)
due under this Note is not made within five (5) days after such payment is due,
then, in addition to the payment of the amount so due, Borrower agrees to pay
to Lender a “late charge” of five percent of the amount so overdue to defray
part of the cost of collection and handling such late payment.

3.4                               Prepayment.

The
Loan may be prepaid, either in whole or in part, without penalty or premium, at
any time and from time to time.

4.             Security.

This
Note is secured by and subject to the terms of the Second Mortgage (“Mortgage”) dated as of the date of this Note made by
Borrower to Lender creating a mortgage lien on certain real property (“Premises”) legally described in Exhibit A attached to the
Mortgage.  The Mortgage and this Note and
any other documents now or later given to evidence or secure payment of this
Note or delivered to induce Lender to disburse the proceeds of the Loan, as
such documents may be amended, restated or replaced from time to time, are
collectively referred to as the “Loan Documents”.

5.             Events of Default.

The
occurrence of any one or more of the following events (after the expiration of
specified grace or cure periods) constitutes an “Event of Default” under this Note:  (a) 
failure by Borrower to pay (i) any interest payable pursuant to
this Note within five (5) days after  the date when
due, or (ii) any other amount payable to Lender under this Note, the
Mortgage or any of the other Loan Documents within five (5) days following
written notice thereof from Lender; or (b) occurrence of any “Event of Default”
under the Mortgage or any of the other Loan Documents; or (c) occurrence of the
dissolution, insolvency or, winding-up, as applicable, of the Borrower.

6.             Remedies.

At
the election of the holder of this Note, and without notice, the principal
balance remaining unpaid under this Note, and all unpaid interest accrued and
any other amounts due, will become immediately due and payable in full upon the
occur­rence of any Event of Default. 
Failure to exercise this option will not constitute a waiver of the
right to exercise same in the event of any subsequent Event of Default.  No holder of this Note will, by any act of
omission or commission, be deemed to waive any of its rights, remedies or
powers under this Note or otherwise unless such waiver is in writing and signed
by the holder, and then only to the extent specifically set forth.  The rights, remedies and powers of the holder
of this Note, as provided in this Note, the Mortgage and in all of the other
Loan Documents are cumulative and concurrent, and may be pursued singly,
successively or together against Borrower, the Premises and any other security
given at any time to secure the repayment, all at the sole discretion of the
holder.  If any suit or action is
instituted or attorneys are employed to collect all or any part of this Note,
Borrower promises and agrees to pay all costs of collection, including
reasonable attorneys’ fees and court costs.

 2
 

7.             Covenants and Waivers.

Borrower:  (i) waives and renounces any and all
homestead, redemption and exemption rights and the benefit of all valuation and
appraisement privileges against the indebtedness evidenced by this Note or by
any extension or renewal; (ii) waives presentment and demand for payment,
notices of nonpayment and of dishonor, protest of dishonor, and notice of
protest; (iii) except as expressly provided in the Loan Documents, waives
any and all notices in connection with the delivery and acceptance and all
other notices in connection with the performance, default, or enforcement of
the payment; (iv) waives any and all lack of diligence and delays in the
enforcement of the payment; (v) consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Lender with respect
to the payment or other provisions hereof, and to the release of any security
at any time given for the payment, or any part, with or without substitution,
and to the release of any person or entity liable for the payment; and
(vi) consents to the addition of any and all other makers, endorsers,
guarantors, and other obligors for the payment, and to the acceptance of any
and all other security for the payment, and agrees that the addition of any
such makers, endorsers, guarantors or other obligors, or security shall not
affect the liability of Borrower, any guarantor and all others now liable for
all or any part of the obligations evidenced hereby.

8.             Other General Agreements.

(a)           The Loan is a business loan covered by Section 205/4,
paragraph (1)(c) of Chapter 815 of the Illinois Compiled Statutes, as
amended.  Borrower agrees that the Loan
evidenced by this Note is an exempted transaction under the Truth In Lending
Act, 15 U.S.C., Section 1601, et seq.

(b)           Time is of the essence under this Note.

(c)           This Note is governed and controlled as to validity,
enforcement, interpretation, construction, effect and in all other respects by
the statutes, laws and decisions of the State of Illinois.  This Note may not be changed or amended orally
but only by an instrument in writing signed by the party against whom
enforcement of the change or amendment is sought.

(d)           If any provision of this Note is determined to be invalid
by reason of the operation of law, or by reason of the interpretation by any
administrative agency or any court, Borrower and Lender agree to negotiate an
equitable adjustment in the provisions of the same in order to effect, to the
maximum extent permitted by law, the purpose of this and the validity and
enforceability of the remaining provisions, or portions or applications, will
not be affected and will remain in full force and effect.

9.             Notices.

All
notices required under this Note must be in writing and must be transmitted in the
manner and to the addresses or facsimile numbers required by the Mortgage, or
to such other addresses or facsimile numbers as Lender and Borrower may specify
from time to time in writing.

 3
 

10.          Consent to Jurisdiction.

ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR
RELATED TO THIS NOTE WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO,
ILLINOIS.

11.          Waiver of Jury Trial.

BORROWER
AND LENDER (BY ACCEPTANCE OF THIS NOTE), HAVING BEEN REPRESENTED BY COUNSEL,
EACH KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE OR ANY
RELATED AGREEMENT AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED
BEFORE A COURT AND NOT BEFORE A JURY.

Borrower
has executed and delivered this Note as of the day and year first written
above.

 

	
  

  	
  BORROWER: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vita Food Products, Inc., a Nevada corporation 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  R.
  Anthony Nelson

  
	
   

  	
   

  	
  R. Anthony Nelson

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

 

 4Exhibit 10.2

SECOND MORTGAGE

THIS SECOND MORTGAGE (“Second
Mortgage”) is made this 15th day of June, 2007, by Vita Food Products,
Inc., a Nevada corporation (“Mortgagor”),
2222 West Lake Street, Chicago, Illinois 
60612, in favor of MDB Alternative Investments LLC, a Delaware limited
liability company (“Mortgagee”),
20 Indian Hill Road, Winnetka, Illinois 60093.

A.            Mortgagee has made a loan to Mortgagor (the “Loan”) in the principal amount of Two Million and 00/100
Dollars ($2,000,000.00), which is evidenced by a Promissory Note of Mortgagor
of even date herewith (the “Note”).

B.            This Second Mortgage secures all of Mortgagor’s
obligations under the Note and under this Second Mortgage (collectively, “Mortgagor’s Obligations”).

In consideration of the extension of the Loan to
Mortgagor, Mortgagor hereby mortgages, grants and conveys to Mortgagee the
following described property located in the City of Chicago, Cook County,
Illinois:

SEE EXHIBIT “A” ATTACHED HERETO AND MADE A PART HEREOF

which is commonly known as 2222 West Lake Street, Chicago, Illinois
60612 (the “Property”);

Mortgagor represents and covenants that it is
lawfully seised of the estate hereby conveyed and has the right to mortgage,
grant and convey the Property and that the Property is unencumbered, except for
encumbrances of record set forth on Exhibit “B” attached hereto and made a part
hereof, and the First Mortgage described in Paragraph 8 hereof (collectively,
the “Permitted Exceptions”).  Mortgagor warrants and will defend generally
the title to the Property against all claims and demands, subject to the
Permitted Exceptions.  Mortgagor
covenants and agrees as follows:

1.  Payment of Principal and Interest; Prepayment
and Late Charges.  Mortgagor will promptly pay when due the
principal of and interest on the Loan, and any late or other charges due under
the Note or this Second Mortgage.

2.  Funds for Taxes and Insurance. 
Escrows for real estate taxes and insurance will be made to First
Mortgagee (as hereafter defined), as provided for in the First Mortgage.  If the First Mortgagee does not require tax
and insurance escrows, Mortgagor will, upon an Event of Default (as defined
below), establish tax and insurance escrows with Mortgagor.

3.  Application of Payments.  All
payments of principal and interest received by Mortgagee will be applied first
to interest and then to principal.  Interest will be computed on the basis of
thirty (30) day months, and three hundred and sixty (360) day years.

4.  Charges; Liens. 
Mortgagor will pay before the dates they are due, all payments of
principal, interest and other amounts due on the First Loan (as defined in
Section 8 below), and all taxes, assessments, charges, fines and other
impositions attributable to the Property that may attain priority over this Second
Mortgage.  Upon written request,
Mortgagor will promptly

furnish to Mortgagee receipts evidencing the payments.  Mortgagor will promptly discharge any lien
(other than the First Mortgage) which has priority over this Second Mortgage.

5.  Hazard or Property Insurance. 
Mortgagor will keep the Property insured against loss by fire, hazards
included within the term “extended coverage” and any other hazards, including
floods or flooding, as required by the First Mortgagee (as hereafter
defined).  This insurance will be
maintained in the amounts and for the periods that First Mortgagee
requires.  The insurance carrier
providing the insurance will be chosen by Mortgagor.  If Mortgagor fails to maintain coverage
described above, Mortgagee may, at Mortgagee’s option, obtain coverage to
protect Mortgagee’s rights in the Property in accordance with paragraph 7
below.  All insurance policies and
renewals will include a standard mortgage clause, and name Mortgagee as an
additional insured and (after First Mortgagee) loss payee.  Mortgagor will provide Mortgagee with
certificates of said insurance. In the event of an accident, fire or other
casualty, Mortgagor will give prompt notice to the insurance carrier and
Mortgagee.  Insurance proceeds will be
applied first as required by the First Mortgage, and then to the unpaid balance
of the Loan evidenced by the Note in such order as determined by Mortgagee,
whether or not such sums are then due, with the balance, if any, paid to
Mortgagor, or, at Mortgagee’s sole option, to restoration or repair of the
Property damaged; provided, however, that if the First Mortgagee has consented
to using the insurance proceeds to restore or rebuild the portion of the
Property that was damaged or destroyed, Mortgagee will also agree to restoration
or rebuilding upon the same terms and conditions established in the First
Mortgage.  Mortgagee may use the proceeds
to repair or restore the Property or to pay sums secured by this Second
Mortgage, whether or not then due. 
Unless Mortgagee and Mortgagor otherwise agree in writing, any
application of proceeds to principal will not extend or postpone the due date
of the monthly payments due under the Note, or change the amount of the
payments.  If the Property is acquired by
Mortgagee, Mortgagor’s right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition will pass to Mortgagee to
the extent of the sums secured by this Second Mortgage immediately prior to the
acquisition.

6.  Preservation, Maintenance and Protection of
the Property; Mortgagor’s Loan Application; Leaseholds. Mortgagor will preserve and protect the
Property in a manner required by the First Mortgage, this Second Mortgage, and
the standards of a reasonable property owner in Chicago, Illinois.  Mortgagor will not  commit or permit waste on the Property.

7.  Protection of Mortgagee’s Rights in the
Property.  If Mortgagor fails to perform the covenants
and agreements contained in this Second Mortgage, or there is a legal
proceeding that may significantly affect Mortgagee’s rights in the Property
(such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or
to enforce laws or regulations), then Mortgagee may, at its option, do and pay
for whatever is necessary to protect the value of the Property and Mortgagee’s
rights in the Property.  Mortgagee’s
actions may include paying any sums secured by a lien that has priority over
this Second Mortgage, appearing in court, paying reasonable attorneys’ fees and
entering on the Property to make repairs. 
Although Mortgagee may take action under this paragraph 7, Mortgagee is
not obligated to do so.  Any amounts
disbursed by Mortgagee under this paragraph 7 will become additional debt of
Mortgagor secured by this Second Mortgage. 
These amounts will bear interest from the date of disbursement at the
Default Rate and will be payable, with interest, to Mortgagee upon demand.

8.  First Mortgage.  This
Second Mortgage is subject and subordinate to the Note and

 2
 

that certain Mortgage and Security Agreement (the “First
Mortgage”) dated September 5, 2005 and made by Mortgagor in favor of
the LaSalle Bank National Association, a national banking association (“First Mortgagee”), and recorded against the Property in the
Cook County Recorded of Deeds Office as document number 0325339128.  Mortgagor represents and warrants that its
has timely paid and will continue to pay all amounts due, and has performed and
will continue to perform all obligations it is required to perform, under the
First Mortgage. In no event shall Mortgagee proceed with enforcing any of the
rights or remedies afforded it under paragraph 17, or otherwise, without first
providing First Mortgagee with one hundred twenty (120) days’ prior written
notice of Mortgagor’s default and Mortgagee’s intention of enforcing any of the
rights or remedies Mortgagee may have pursuant to the terms of this Second
Mortgage.

9.  Inspection. 
Mortgagee or its agent may make reasonable entries upon and inspections
of the Property.  Mortgagee will give Mortgagor
reasonable notice prior to any such entry onto the Property.

10.  Condemnation.  In
the event of a taking of the Property, the award or proceeds will be applied
first to the sums secured by the First Mortgage, and then to the Loan secured
by this Second Mortgage, whether or not then due.  If the Property is abandoned by Mortgagor, or
if, after notice by Mortgagee to Mortgagor that the condemnor offers to make an
award or settle a claim for damages, Mortgagor fails to respond to Mortgagee
within ten (10) days after the date the notice is given, Mortgagee is
authorized to collect and apply the proceeds, at its option, either to
restoration or repair of the Property or to the sums secured by this Second
Mortgage, whether or not then due. 
Unless Mortgagee and Mortgagor otherwise agree in writing, any
application of proceeds to principal will not extend or postpone the due date
of the monthly payments referred to in paragraph 1 above or change the amount
of such payments.

11.  Mortgagor Not Released; Forbearance By
Mortgagee Not a Waiver.  Extension of the time for payment of the sums
secured by this Second Mortgage granted by Mortgagee to any successor in
interest of Mortgagor will not operate to release the liability of the original
Mortgagor or Mortgagor’s successors in interest.  Mortgagee will not be required to commence
proceedings against any successor in interest or refuse to extend time for
payment of the sums secured by this Second Mortgage by reason of any demand
made by the original Mortgagor or Mortgagor’s successors in interest.  Any forbearance by Mortgagee in exercising
any right or remedy will not be a waiver of or preclude the exercise of any
right or remedy.

12.  Successors and Assigns Bound.  The
covenants and agreements of this Second Mortgage will bind and benefit the
successors and assigns of Mortgagee and Mortgagor.

13.  Loan Charges.  If
any charges, fee or interest due under the Loan or the Loan Documents is found
to exceed the permitted legal limits, then: (a) any such charges, fee or
interest will be reduced by the amount necessary to reduce the charge to the
permitted limit; and (b) any sums already collected from Mortgagor which
exceeded permitted limits will at the option of Mortgagee, be applied to the
unpaid principal amount evidenced by the Note, or refunded to Mortgagor.

14.  Notices.  All
notices, communications and waivers under this Mortgage must be in writing and
must be (i) delivered in person or (ii) mailed, postage prepaid,
either by registered or certified mail, return receipt requested, or
(iii) by overnight express carrier, addressed in each

 3
 

case as set forth in the first paragraph of the Second Mortgage.  All notices sent pursuant to the terms of
this Section 14 will be considered received (i) if personally
delivered, then on the date of delivery, (ii) if sent by overnight,
express carrier, then on the next federal banking day immediately following the
day sent, or (iii) if sent by registered or certified mail, then on the
earlier of the third federal banking day following the day sent or when
actually received.

15.  Governing Law; Severability.  This
Second Mortgage will be governed by federal law and the law of the State of
Illinois.  In the event that any
provision or clause of this Second Mortgage or the Note conflicts with
applicable law, such conflict will not affect other provisions of this Second
Mortgage or the Note which can be given effect without the conflicting
provision. To this end the provisions of this Second Mortgage and the Note are
declared to be severable.

16.  Default.  The occurrence of any of the following will
constitute an event of default hereunder and under the Note and other Loan
Documents:

(a)  If
Mortgagor fails to pay all or any portion of Mortgagor’s Obligations within
five (5) days of the date when the same become due and payable;

(b)  If
Mortgagor fails to observe or perform any covenant or agreement made by
Mortgagor hereunder, and such default is not cured within five (5) days
following written notice thereof from Mortgagee;

(c) if any representation or warranty made by
Mortgagor to Mortgagee (including but not limited to the representations set
forth in Section 8 above) proves to be false or misleading in any way;

(d) if Mortgagor (i) is generally not paying its
debts as they become due, (ii) files, or consents, by answer or otherwise, to
the filing of a petition for relief or reorganization or arrangement or any
other petition in bankruptcy or insolvency under the laws of any jurisdiction,
(iii) makes an assignment for the benefit of creditors, (iv) consents to the
appointment of a custodian, receiver, trustee or other officer with similar
powers for Mortgagor or for any part of the Property, (v) is adjudicated
insolvent, or (vi) takes action for the purpose of any of the foregoing;

(e) If any court or governmental agency of competent
jurisdiction enters an order appointing a custodian, receiver, trustee or other
officer with similar powers with respect to Mortgagor;

(f) If (i) all or any part of the Property or any
interest in it is sold or otherwise transferred; or (ii) any mortgage or other
financing other than the First Mortgage and this Second Mortgage is placed on
or recorded against the Property; or

(g)  If there
is an amendment to any material term of the First Mortgage or any of the
related First Mortgage loan documents (collectively, “First
Mortgage Loan Documents”) without the prior written consent of
Mortgagee; or

(h)  If there
is a default by Mortgagor under any of the First Mortgage Loan Documents.

 4
 

17.          Acceleration of Mortgagor’s Obligations; Remedies. Upon the occurrence of any Event of Default
hereunder, Mortgagee, at any time at its option without notice or demand, may
declare all of Mortgagor’s obligations due and payable, whereupon Mortgagor’s
obligations will mature and become due and payable, all without presentment,
demand, protest or notice, all of which hereby are waived.  In such event, Mortgagee may (a) enforce its
rights and remedies under the Loan Documents or loan documents evidencing or
securing Mortgagor’s Obligations in accordance with their respective terms, or
(b) enforce any of the rights or remedies accorded to Mortgagee at equity or
law, by virtue of statute or otherwise. Mortgagor agrees to pay all costs and
expenses of collection and enforcement of the Note and this Second Mortgage
when incurred, including Mortgagee’s reasonable attorneys’ fees and legal and
court costs, including any incurred on appeal or in connection with bankruptcy
or insolvency, and whether or not any lawsuit or proceeding is filed with
respect hereto.

18.  Recertification of Representations,
Warranties and Covenants.  Mortgagor represents, warrants
and covenants unto Mortgagee all of those certain representations, warranties
and covenants set forth in paragraph 3 of the First Mortgage.

IN WITNESS WHEREOF, Mortgagor has executed this
Second Mortgage as of the date and year set forth above.

Vita
Food Products, Inc., a Nevada corporation

	
  By:

  	
  /s/

  	
  R. Anthony
  Nelson 

  	
   

  
	
   

  	
  R. Anthony
  Nelson

  	
   

  
	
   

  	
  Chief Financial
  Officer

  	
   

  

 

 5
 

 

	
  STATE OF ILLINOIS

  	
  )

  
	
   

  	
  ) SS.

  
	
  COUNTY OF COOK

  	
  )

  

 

I, Robert F. Ramirez, a Notary Public in and
for the County and State named above, DO CERTIFY that R. Anthony Nelson,
personally known to me to be the Vice President and Chief Financial Officer of
Vita Food Products, Inc., a Nevada corporation, who is personally known to me
to be the same person whose name is subscribed to the foregoing instrument as
such Vice President and Chief Financial Officer, appeared before me this day in
person and acknowledged that he signed and delivered the said instrument as his
own free and voluntary act and as the free and voluntary act of said
corporation, for the uses and purposes set forth in the instrument.

GIVEN under my hand and Notarial Seal this 15 day of
June, 2007.

	
  

  	
   

  	
   

  
	
   

  	
  Notary Public

  

 

My Commission expires: 10/01/07

 6

EXHIBIT A

LEGAL DESCRIPTION

PARCEL 1:

LOT 13 (EXCEPT THE EAST 10.0 FEET THEREOF), ALL OF LOTS 14 TO 22,
INCLUSIVE, AND LOTS 26 TO 41, INCLUSIVE (EXCEPT THE SOUTHERLY 10.0 FEET OF SAID
LOTS 26 TO 41) IN BLOCK 1 OF SUBDIVISION OF BLOCK 42 OF CANAL TRUSTEES’ SUBDIVISION
OF SECTION 7, TOWNSHIP 39 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN.

ALSO
PARCEL 2:

LOTS 1 TO 5, INCLUSIVE, AND ALL OF THE 10.0 FOOT PRIVATE ALLEY EAST OF
AND ADJOINING SAID LOTS 1 TO 5 IN BOWEN’S SUBDIVISION OF LOTS 23 TO 25 IN SUBDIVISION
BLOCK AFORESAID.

ALSO
PARCEL 3:

THAT PART OF THE EAST AND WEST 16.0 FOOT ALLEY LYING EAST OF THE WEST
LINE OF LOT 26 EXTENDED NORTH AND WEST OF THE WEST LINE OF THE EAST 10 FEET OF
LOT 13 EXTENDED SOUTH, IN BLOCK 1 OF SUBDIVISION OF BLOCK 42 OF CANAL TRUSTEES’
SUBDIVISION AFORESAID.

ALSO
PARCEL 4:

LOTS 42 TO 50, INCLUSIVE, (EXCEPT THE SOUTHERLY 10 FEET OF SAID LOTS
48, 49 AND 50) IN BLOCK 1 IN WALLER’S SUBDIVISION OF BLOCK 42 IN CANAL TRUSTEES’
SUBDIVISION OF SECTION 7, TOWNSHIP 39 NORTH, RANGE 14 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.

PERMANENT
INDEX NUMBERS:

	
  17-07-313-001-0000

  	
   

  	
  17-07-313-009-0000

  
	
  17-07-313-002-0000

  	
   

  	
  17-07-313-012-0000

  
	
  17-07-313-003-0000

  	
   

  	
  17-07-313-013-0000

  
	
  17-07-313-004-0000

  	
   

  	
  17-07-313-024-0000

  
	
  17-07-313-005-0000

  	
   

  	
  17-07-313-040-0000

  
	
  17-07-313-006-0000

  	
   

  	
  17-07-313-044-0000

  
	
  17-07-313-007-0000

  	
   

  	
  17-07-313-046-0000

  
	
  17-07-313-008-0000

  	
   

  	
   

  

 

COMMON
ADDRESS:

2222 West Lake Street

Chicago,
Illinois 60612

EXHIBIT B

PERMITTED EXCEPTIONS

1.             Real Estate Taxes not yet due and payable.

2.             Purchase money liens on equipment financed by
Bank One, N.A., as successor by merger to American National Bank and Trust
Company of Chicago existing on the date hereof.

3.             Terms, provisions, covenants, conditions,
restrictions and agreements as set out in the following instruments:

Ordinance recorded as document 18118237
approving Revision No. 1 to the Redevelopment Plan for Lake-Maplewood;

Redevelopment agreements recorded as
documents 18144020 and 18521055; and

Deeds recorded as documents 18153548,
186318811, and 24470388 and files as documents LR2072767, LR2072768, LR3020875,
and LR3029879.

4.             Rights of the public or quasi-public
utilities, if any, in said vacated alleys for maintenance therein of poles,
conduits, sewers, etc.

5.             Terms and provisions contained in the party
wall agreements recorded as documents 6748565, 6918538 and filed as document
number LR121394.

6.             Party walls and party wall rights, if any,
other than as specifically set out herein.

7.             Rights of the Public, the State of Illinois
and the Municipality in and to so much of the land falling in roads or
highways, streets or alleys.

8.             Encroachment of fence over that part of Lots
48, 49 and 50 excepted from Parcel 4.

9.             Terms, provisions, covenants, conditions,
restrictions and agreements as set out in Mortgage and Security Agreement by at
between Vita Food Products, Inc., a Nevada corporation, and LaSalle Bank
National Association, a national banking association, dated as of September 5,
2003 and recorded in the Cook County Recorded of Deeds as document number
0325339128.

10.           Terms, provisions, covenants, conditions, restrictions and agreements
as set out in Assignment of Rents and Lessor’s Interest in Leases by at between
Vita Food Products, Inc., a Nevada corporation, and LaSalle Bank National
Association, a national banking association, dated as of September 5, 2003 and
recorded in the Cook County Recorded of Deeds as document number 0325339129.

11.           Security interest of LaSalle Bank National Association, a national
banking Association, as disclosed by Initial Financing Statement recorded in
the Office of the

Secretary of State of the State of Nevada on
July 28, 2003 as document number 2003020210-7, in certain chattels owned by
Vita Food Products, Inc., a Nevada corporation.

12.           Security interest of LaSalle Bank National Association, a national
banking Association, as disclosed by UCC Financing Statement recorded in the
State of Virginia on July 28, 2003 as document number 0307287392-4, in certain chattels
owned by Virginia Honey Company, Inc., a Virginia corporation.

13.           Security interest of LaSalle Bank National Association, a national
banking Association, as disclosed by UCC Financing Statement recorded in the
Gwinnett County, Georgia on July 29, 2003 as document number 007985, in certain
chattels owned by The Halifax Group, Inc., a Georgia corporation.

14.           Security interest of LaSalle Bank National Association, a national
banking Association, as disclosed by UCC Financing Statement recorded in the
State of Delaware, on July 25, 2003 as document number 31915852, in certain
chattels owned by Vita Specialty Foods, Inc., a Delaware corporation.

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