Document:

EXHIBIT 10.2

This instrument was prepared by
and after recording return to:
Juan P. Loumiet, Esq.
Greenberg Traurig, P.A.
1221 Brickell Avenue
Miami, Florida  33131

                        MORTGAGE, SECURITY AGREEMENT AND
                     ASSIGNMENT OF LEASES, RENTS AND PROFITS

         THIS MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS, LEASES AND
PROFITS (hereinafter "Mortgage") is made this 19th day of March, 2001 by and
between Post, Buckley, Schuh & Jernigan, Inc., a Florida corporation
(hereinafter "Borrower"), whose address is 2001 NE 20th Avenue, Miami, Florida
33172, and SUNTRUST BANK, a Georgia banking corporation (hereinafter "Lender",
which term includes all successors and assigns, immediate or remote, and all
subsequent holders, if any, of the Promissory Note which this Mortgage secures),
whose address is 777 Brickell Avenue, Miami, Florida 33131.

         1. Granting of Mortgaged Property. Borrower, for and in consideration
of the principal sum specified in the promissory note hereinafter described,
received by Borrower from Lender, the receipt and sufficiency of which is hereby
acknowledged, hereby mortgages to Lender, its successors and assigns forever,
all of Borrower's estate, right, title and interest in, to and under, and grants
to Lender a security interest in, any and all of the following described
property which is (except where the context otherwise requires) herein
collectively called the "Mortgaged Property", whether now owned or held or
hereafter acquired, such term also referring to any part or parcel hereof:

                  (a) all of Borrower's fee simple interest in and to the real
property legally described in Exhibit "A" attached hereto and by this reference
made a part hereof (hereinafter called the "Property"); and

                  (b) all right, title and interest of Borrower, including any
after-acquired title or reversion in and to the beds of the ways, streets,
avenues and alleys adjoining the Property and in and to any strips, gaps or
gores adjoining the Property on all sides thereof; and

                  (c) all of the tenements, hereditament, easements,
appurtenances, passages, waters, water rights, water courses, riparian rights
and other rights, liberties and privileges thereof now or hereafter appertaining
to the Property, including any homestead or other claim at law or in equity, any
after-acquired title, franchises, licenses, and any reversions and remainders
thereof; and

                  (d) Borrower's interest in all buildings and improvements of
every kind and description now or hereafter erected or placed on the Property
(the "Improvements"), a portion of which includes the site development work
necessary for, and the actual construction of a 90,000 square foot, 3-story
office building on the Property, together with the electrical, plumbing and
other work necessary for the operation of the foregoing (the "Recent
Improvements"); all materials intended for construction, reconstruction,
alterations and repairs of the Improvements

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(whether stored or located on-site or stored off-site), all of which materials
shall be deemed to be included within the Property hereby conveyed immediately
upon the delivery thereof to the Property, all fixtures and articles of personal
property now or hereafter owned by Borrower but only to the extent that such
articles of personal property are attached to or used in connection with the
Property and Improvements (and the lessee's interest in any personal property
leased by Borrower, as lessee, from third parties), including, but not limited
to, all apparatus, machinery, motors, elevators, fittings, radiators, gas
ranges, mechanical refrigerators, awnings, shades, screens, blinds, carpeting
and other furnishings, and all plumbing, heating, lighting, cooking, laundry,
ventilating, refrigerating, incinerating, air-conditioning, central energy and
sprinkler equipment and fixtures and appurtenances thereto; and all renewals or
replacements of any of the foregoing, whether or not the same are or shall be
attached to the Improvements; except that the foregoing shall not include any
trade fixtures, personal property or moveable equipment owned by tenants of
Borrower occupying any part of the Property under authorized leases, except to
the extent of any interest of Borrower therein by virtue of any leases. All of
such personal property is deemed to be real property and a part of the Property.
As used herein, the "Project" collectively means the Property and the Recent
Improvements. This Mortgage is hereby deemed to be a security agreement as well
as a mortgage for the purpose of creating hereby a security interest in the
personal property securing the Indebtedness (hereinafter defined in Section 2.1)
for the benefit of the Lender; and

                  (e) all the rents, issues, proceeds and profits accruing or to
accrue from the Property or arising from the use or enjoyment of all or any
portion thereof or from any pertaining thereto; and all right, title and
interest of Borrower, as landlord, in and to all leases of the Property now or
hereafter existing, including, without limitation, all deposits made thereunder
to secure performance by the Borrower's tenants of their obligations thereunder;
and

                  (f) all goodwill, trademarks, trade names, option rights,
purchase contracts, books and records and general intangibles of Borrower
relating to the Property or the Improvements including, without limitation, all
rights of Borrower under or with respect to all accounts, contract rights,
instruments, chattel paper and other rights of Borrower for payment of money for
property sold, rented or lent, for services rendered, for money lent, or
advances or deposits made, and any other intangible property of Borrower related
to the Property or the Improvements; and

                  (g) all rights, including all copyrights, of Borrower to plans
and specifications, designs, drawings and other matters prepared for any
construction on or renovation or alteration of the Property and Improvements;
and

                  (h) all rights of Borrower under any contracts executed by
Borrower as owner with any provider of goods or services for or in connection
with any construction undertaken on or services performed or to be performed in
connection with the Property and

                  (i) all proceeds (including claims or demands thereto) of the
conversion, voluntary or involuntary, of any of the foregoing into cash or
liquidated claims, including without limitation all proceeds of insurance
(including unearned premiums) and condemnation awards, including interest
thereon.

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         2. Security for Promissory Note; Indebtedness.

                  2.1. Indebtedness. This Mortgage secures the payment of (a)
the Promissory Note ("Note") from Borrower to Lender, dated this same date, in
the amount of $9,000,000.00, as set forth on page 1 hereof, evidencing a Loan in
said amount (the "Loan"), calling for monthly payments at the rate of interest
stated therein, due and payable in accordance with the terms as set forth in the
Note between Borrower and Lender of even date herewith; (b) all indebtedness and
obligations arising under the provisions of the Mortgage; (c) all indebtedness
and obligations arising pursuant to the Assignment of Rents, Leases and Profits
of even date herewith by Borrower in favor of Lender; all indebtedness and
obligations arising pursuant to said Note, the terms of same being incorporated
herein by reference; any Guaranty Agreement executed as a guaranty of the Note,
and any and all other agreements or assignments securing the Note (all of the
foregoing collectively being the "Loan Documents"); (d) all indebtedness and
obligations arising pursuant to any instrument evidencing the advance of
additional sums at Lender's sole option, by Lender to Borrower; (e) any and all
renewals or extensions of any such item of indebtedness or obligation or any
part thereof; (f) any future advances which may be made by Lender to Borrower,
whether made to protect the security or otherwise, and whether or not evidenced
by additional promissory notes or other evidences of indebtedness (but nothing
in this Mortgage shall be interpreted to require Lender to make any future
advances); (g) all current or future obligations of Borrower to Lender arising
from or growing out of any existing or future interest rate swap transaction and
agreement (or other similar transaction or agreement) between Borrower and
Lender or any affiliate of Lender (and this Mortgage shall be deemed a "Credit
Support Document" as defined in any such agreement); (h) any sums advanced as a
result of the draw down upon any letters of credit issued by Lender at the
request of Borrower; and (i) all interest due on all of the same (all of the
above are hereinafter collectively the "Indebtedness", which term shall also
include any part or portion thereof). Nothing in this Mortgage shall be
construed to obligate Lender to make any renewals or additional loans or
advances or to issue any letters of credit.

                  2.2. Future Advances. It is further covenanted and agreed by
the parties hereto that this Mortgage also secures the payment of and includes
all future, or further advances as may be made by the Lender herein or its
successors or assigns to and for the benefit of the Borrower, its heirs,
personal representatives or assigns, within twenty (20) years from the date
hereof, or within such lesser period of time as may be provided hereafter by law
as a prerequisite for the sufficiency of actual notice or record notice of the
optional future or additional advances as against the rights of creditors or
subsequent purchasers for valuable consideration. Specifically and not by way of
limitation of the foregoing, the Borrower authorizes the Lender to, and any
future advances under the provisions of this paragraph shall, include any and
all payments, whether of principal, interest or otherwise, which may be made by
the Lender under any future mortgage or liens to which the Lender subordinates
the lien and payment of the Note and Mortgage. The total amount of indebtedness
secured by this Mortgage may decrease or increase from time to time, but the
total unpaid balance so secured at any one time shall not exceed two (2) times
the original principal balance under the Note plus interest thereon and any and
all disbursements made for the payment of taxes, levies or insurance on the
property covered by the lien of this Mortgage with interest on such
disbursements at the rates specified in the Note referred to in this Mortgage.
Such further or future advances shall be wholly optional with the Lender and the
same shall bear interest at the same rate as specified in the Note referred to
herein, unless and until said interest rate shall be modified by subsequent
agreement. Any such future or further advances which may be made by the Lender
or its successors or assigns in

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accordance with this paragraph shall be secured by this Mortgage to the same
extent as if such future or further advances were made on the date of the
execution hereof, irrespective of whether the Note and Mortgage are in default
or whether the Note is past maturity and is due and payable in its entirety.

         3. Warranty of Title. Borrower warrants to Lender good, marketable and
insurable fee simple title to the Mortgaged Property and warrants and agrees
that the same is free from all encumbrances and liens created by Borrower
whatsoever, except for those certain permitted encumbrances as described in that
certain mortgagee policy of title insurance delivered by Borrower to Lender in
connection herewith in form approved by Lender; that Borrower has good and legal
right, power and authority to so mortgage the Mortgaged Property to Lender; that
Borrower and its successors in interest will forever warrant and defend the
title of the Mortgaged Property as represented above and the estate and priority
of this Mortgage against the lawful claims and demands of all persons
whomsoever; and that Borrower will execute, acknowledge and deliver all and
every such further assurances to the Lender of the title to all the Mortgaged
Property. All of these covenants shall run with the land.

         4. Payment of the Note and Indebtedness. Borrower agrees to pay
promptly the principal of and all interest on the Note and other Indebtedness at
the times and in the manner provided in the Note and the other Loan Documents,
all without any deductions or credits for taxes or other similar charges imposed
upon Borrower or for any claim, set off or offset by Borrower against Lender.

         5. Maintenance and Repairs: Compliance with Laws.

                  5.1. Borrower shall (a) not permit, commit or suffer to exist
any waste, impairment or deterioration of the Mortgaged Property (except normal
wear and tear in the ordinary course of business); (b) keep and maintain the
Mortgaged Property and every part thereof and the fixtures, machinery and
appurtenances in good working condition; (c) effect such repairs and make all
needed and proper replacements so that the Improvements, fixtures, equipment,
goods, machinery and appurtenances will at all times be in good working
condition, fit and proper for the respective purposes for which they were
originally erected or installed; (d) make such repairs as Lender may reasonably
require so that the Mortgaged Property is in good working condition; (e) fully
comply with all statutes, laws, ordinances, regulations, requirements, orders or
decrees relating to the Mortgaged Property enacted or imposed by any federal,
state or municipal authority, including courts and administrative agencies of
competent jurisdiction; (f) observe and fully comply with all conditions and
requirements necessary to preserve and extend any and all rights, licenses,
permits (including, but not limited to, zoning variances, special exceptions and
nonconforming uses), privileges, franchises and concessions which are applicable
to the Mortgaged Property or which have been granted to or contracted for by
Borrower in connection with any existing or presently contemplated use of the
Mortgaged Property; and (g) permit Lender or its agents, at all reasonable
times, to enter upon and inspect the Mortgaged Property, subject to the
reasonable rights of tenants, as stated in their leases as approved by Lender.
No work shall be undertaken by Borrower in excess of $500,000 without having all
plans and specifications prepared by a licensed architect satisfactory to
Lender, and then submitted to Lender for written approval.

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<PAGE>

                  5.2. Lender shall have the right, at any time and from time to
time, to engage an independent party to determine whether the Mortgaged Property
is being maintained so that it is in good working condition. If the maintenance
is determined to be below this standard, such party shall determine the
estimated cost of such repairs and replacements as are necessary to place the
Mortgaged Property in good working condition, and Borrower shall promptly
perform the repairs and replacements, at Borrower's sole expense. Borrower
acknowledges that upon such a determination the security of this Mortgage will
be impaired to the extent of the estimated cost of such repairs and
replacements. In such event, Borrower shall also reimburse Lender for the
reasonable cost of such inspection, and the same shall be a part of the
Indebtedness secured hereby.

         6. Taxes. Borrower agrees to:

                  (a) pay, before delinquency and before any penalty for
nonpayment attaches thereto, all taxes, assessments, water rates, sewer rentals
and other governmental, municipal or public dues, charges, fines or impositions
which are or may be levied against the Mortgaged Property or any part thereof;
to deliver to Lender, at least thirty (30) days before delinquency, receipted
bills evidencing payment thereof; or to pay in full, under protest and in the
manner provided by statute, any tax, assessment, rate, rental, charge, fine or
imposition which Borrower may desire to contest; and

                  (b) if the State of Florida enacts any law imposing in any
manner a tax upon this Mortgage, Borrower shall immediately pay the Indebtedness
in full, except that this provision will not apply in the event Borrower
lawfully pays in full any such tax; and

                  (c) keep the Mortgaged Property free from statutory liens of
every kind.

         In the event of a default by Borrower under the terms of this Section
6, Lender shall have the right, but not the obligation, to advance funds
necessary to pay in full such taxes or charges as a future advance hereunder, to
be secured by this Mortgage and immediately due and payable, together with
interest at the Default Rate in the Note.

         7. Insurance.

                  7.1. Borrower agrees to keep the Improvements, fixtures,
equipment and all tangible personal property on the Property, insured against
loss, damage and abatement of rental income resulting from fire and such other
hazards, casualties and contingencies (including, but not limited to, vandalism,
malicious mischief and so-called "all risk" coverage) in such amounts and with
such limits as may be required by Lender, with Lender named as an additional
insured, mortgagee, and loss payee thereunder. Borrower further agrees to
continuously maintain the following described policies of insurance:

                  (a) Casualty insurance against loss and damage by all risks of
physical loss or damage, including without limitation fire, windstorm,
lightening, rising and wind-driven water (including without limitation
hurricanes), sinkhole, explosion, collapse, riot, riot attending a strike, civil
commotion, flood, smoke, war risks (when and if war risk coverage is available),
and all other risks covered by the so-called "Extended Coverage" endorsement
together with

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<PAGE>

vandalism and "malicious mischief" and "sprinkler leakage" endorsements, and by
the so-called "all perils" endorsement, together with such other risks as Lender
may reasonably require; and

                  (b) Comprehensive general public liability and indemnity
insurance against bodily injury and property damage in any way arising in
connection with the Mortgaged Property and product liability (with personal
injury endorsement), and automobile liability and contractual liability, with
such limits as the Lender may reasonably require but in any event not less than
$10,000,000.00; and

                  (c) Employer's liability insurance and worker's compensation
insurance; and

                  (d) In the event that Borrower leases to one or more unrelated
third parties any portion of the Improvements which equals or exceeds
thirty-three percent (33%) of the gross square footage of the Improvements, Rent
and rent value insurance in amount sufficient to pay during any period of up to
one (1) year in which the improvements constituting the Mortgaged Property may
be damaged or destroyed (i) all projected annual rents derived from the
Mortgaged Property, and (ii) all other amounts (including, but not limited to,
all taxes, assessments, utility charges, operating expenses and insurance
premiums) required herein to be paid by Borrower or by tenants of the Mortgaged
Property; and

                  (e) Broad form boiler and machinery insurance on all equipment
and objects customarily covered by such insurance (if any thereof are located at
the Mortgaged Property), providing for full repair and replacement cost
coverage, and other insurance of the type and in the amounts as Lender may
reasonably require, but in any event not less than that customarily carried by
persons owning or operating like property; and

                  (f) During the making of any alterations or improvements to
the Mortgaged Property permitted by Lender (i) insurance covering claims based
on the owner's contingent liability not covered by the insurance covered in
subsection (b) above, and (ii) worker's compensation insurance covering all
persons engaged in making such alteration or improvements; and

                  (g) Flood Insurance in an amount equal to 100% of the highest
insurable value of the Improvements on a replacement cost basis or the maximum
amount of coverage available through the Federal Insurance Administration
("FIA"), since the FIA has designated the Mortgaged Property to be in a special
flood hazard area and designated the community in which the Mortgaged Property
is located eligible for sale of subsidized insurance; and

                  (h) In addition to the foregoing, builder's risk insurance
with extended coverage shall be maintained during any period of construction,
repair or replacement of the Improvements, insuring the Improvements against all
casualties on a progressively insured basis for not less than one hundred
percent (100%) of the replacement cost of the Improvements for the benefit of
Borrower, Lender, the contractor and all subcontractors as their respective
interests may appear, on a completed value form with an installation floater
covering materials and supplies in transit to the land. During such
construction, repair or replacement, Borrower shall require Borrower's
contractors to maintain (or, if Borrower acts as the contractor, then Borrower
shall maintain) worker's compensation insurance in the amounts required by law
and adequate contractor's general comprehensive liability insurance (including
automobile liability coverage)

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<PAGE>

which shall name the subcontractors as insureds and shall include supplemental
endorsements, a completed operations endorsement and personal injuries and broad
form property damage endorsements.

                  (i) Such other insurance of the types and in amounts as Lender
may reasonably require, so long as such insurance is commercially reasonable for
comparable properties in the area in which the Mortgaged Property is located.

                  Borrower will pay promptly when due any premiums on such
insurance. All such insurance shall be carried with companies approved by Lender
and lawfully operating in the State of Florida. The certificates of insurance
(written on Accord form #27) and renewals shall be deposited with and held by
Lender, shall evidence full payment of the premiums therefor, shall name Lender
as loss payee or additional insured (as its interest may appear) and the
policies shall have attached thereto (i) in the case of casualty policies, a
standard "New York," "Union," or non-contributory mortgage clause (providing in
substance that Lender is an insured under a separate insurance contract and that
defenses of the insurer against Borrower are inapplicable to Lender); (ii) an
agreed amount endorsement; (iii) a replacement cost endorsement (and all
casualty policies shall be not less than the amount of the Note and not less
than the full insurable value of the Mortgaged Property on a replacement cost
basis, with a "stipulated value" or "stated value" endorsement providing for
automatic increases in policy value to cover cost increases due to inflation);
and (iv) an inflation guard endorsement all in form acceptable to Lender. The
policies shall include an endorsement waiving any suspension of coverage in the
event the Improvements shall be or become vacant or unoccupied. Borrower shall
not carry separate insurance, concurrent in kind or form and contributing in the
event of loss with any insurance required hereunder, unless Lender is included
as a mortgagee thereunder pursuant to the type of clause described in clause (i)
above. All policies shall provide for at least thirty (30) days advance written
notice to Lender prior to any cancellation, non-renewal or material modification
thereof. Any deductible clauses shall be subject to the Lender's prior written
approval, which approval shall not be unreasonably withheld.

                  7.2. In the event of a change in ownership of or occupancy of
the Mortgaged Property (except for changes in tenant occupancy in the ordinary
course of business, as approved by Lender), Borrower shall immediately deliver
notice by mail to all insurers.

                  7.3. The Lender is hereby authorized and empowered, at its
option, to adjust or compromise any claim against the Borrower under any
insurance policies on the Mortgaged Property. Borrower shall promptly notify
Lender of any claim asserted against Borrower on account of any injury or
claimed injury to persons or property arising from the Borrower's ownership or
development of the Mortgaged Property and shall deliver to Lender the original
or true copy of each summons or other process, pleading or notice issued in any
suit or other proceeding to assert or enforce any such claim, suit or other
proceeding promptly after Borrower is served with the same.

                  The Borrower hereby appoints the Lender agent and
attorney-in-fact to collect and receive insurance proceeds, and to deduct
therefrom Lender's expenses incurred in the collection of such proceeds;
provided, however, that nothing contained in this paragraph shall require Lender
to incur any expense or take any action hereunder. In the event any losses shall
be payable on any insurance policies on the Mortgaged Property, the Borrower
hereby appoints

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the Lender agent and attorney-in-fact to endorse such proceeds, checks or drafts
for the purpose, at the sole option of the Lender, of (a) applying them in
payment of the Indebtedness secured by this Mortgage, whether or not then due;
or (b) holding the balance of such proceeds to be used to reimburse Borrower for
the cost of reconstruction or repair of the Mortgaged Property, provided that no
Event of Default shall have occurred and be continuing under the Note or this
Mortgage, and the Borrower shall be required to restore the Mortgaged Property
to the equivalent of its original condition and use as same exist on the date of
this Mortgage, or to such other condition and use as Lender may approve in
writing.

                  7.4. In the event Lender elects to allow insurance proceeds to
be disbursed for restoration of the Improvements (or such disbursement is
required under the last sentence of Section 7.3. above), the insurance proceeds
shall be paid to Lender for Lender to hold and disburse in accordance with this
Section. Borrower shall provide Lender with a good faith estimate by a third
party approved by Lender of the costs of completing the work. If the estimated
cost of completing the work exceeds the amount of insurance proceeds, then
Borrower shall deposit with Lender additional funds from Borrower or other
sources which shall be sufficient to make up the difference. The insurance
proceeds shall be disbursed by Lender from time to time upon the Lender being
furnished with (a) satisfactory evidence that the insurance proceeds, together
with any additional funds which may be provided by Borrower, continue to
constitute sufficient amounts to fully pay the estimated costs of completion of
such work; and (b) such architect's certificates, waivers of lien, contractor's
sworn statements and such other evidences of costs and of payment as the Lender
may reasonably require and approve. Lender may, in any event, require that all
plans and specifications for such restoration, repair, replacement and
rebuilding be submitted to and approved by the Lender prior to commencement of
work. No payment made prior to the final completion of the work shall exceed
ninety (90%) percent of the cost of the work performed. Funds other than
proceeds of insurance shall be disbursed prior to disbursement of insurance
proceeds. Any insurance proceeds and other funds paid over to the Lender to be
applied to the work may, at Lender's sole option, be invested for the account of
the Borrower in an interest bearing account as may be mutually satisfactory to
both Lender and Borrower, and the interest earned on such account or instrument
shall be held in such account and applied in the same manner as the principal.

                  7.5. In the event of a foreclosure of this Mortgage or other
transfer of title to the Mortgaged Property extinguishing the Indebtedness or
the lien to this Mortgage, all right, title and interest of Borrower in and to
any insurance policies then in force shall pass to and are hereby assigned by
Borrower to the purchaser or grantee.

         8. Alterations, Removal and Demolition. No Improvements shall be
materially altered, removed or demolished, and no fixtures, equipment or
appliances on, in or about the Improvements shall be severed, removed sold, or
mortgaged in any manner which materially alters the value or use of the
Improvements, without the prior written consent of Lender. In the event all or
any part of the fixtures, appliances equipment or other goods are demolished or
destroyed, Borrower shall promptly replace the same with similar fixtures and
appliances at least equal in quality and condition to those replaced, free from
any security interest in or any encumbrance thereon or reservation of title
thereto (however, if any such items were originally leased or encumbered, the
replacements may be so leased or encumbered).

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         9. Mechanics Lien.

                  9.1. Borrower will keep the Mortgaged Property free from any
mechanic's liens, other statutory liens or claims, and any other claims of all
persons supplying labor or materials which enter into the construction,
alteration, repair or replacement of any and all Improvements.

                  9.2. Notwithstanding the above provisions, Borrower shall have
the right to contest at its sole expense any such lien or claim of any person
supplying such labor or materials, in accordance with the provisions of Chapter
713, Florida Statutes. However, within ten (10) days after the filing of any
mechanic's lien or other statutory claim which Borrower may desire to contest,
Borrower shall, at Lender's sole option, furnish Lender with cash, a bond (in
statutory form or such other form as Lender may find satisfactory), an
irrevocable unconditional letter of credit approved by and in favor of Lender,
or other security as Lender may find satisfactory, in an amount equal to one and
one half (l l/2) times the amount of such lien. Lender may also require an
endorsement to its mortgagee policy or title insurance insuring over such lien.
Any such contest shall not otherwise create or result in a failure on the part
of Borrower to comply with the terms, provisions and conditions hereof.

                  9.3. Borrower shall in any event, including under the
circumstances described in the above subsection, pay in full any such mechanic's
lien or other statutory lien or claim prior to any foreclosure of the same or
other event which would jeopardize Borrower's title to the Mortgaged Property or
the lien of this Mortgage.

         10. Documentary Stamps, Intangible Taxes, and Other Taxes.

         If at any time the State of Florida shall determine that the intangible
tax paid in connection with this Mortgage, is insufficient or that the
documentary stamps affixed to this Mortgage are insufficient, and that
additional intangible tax should be paid or that additional stamps should be
affixed, Borrower shall pay for such stamps and taxes, together with any
interest or penalties imposed in connection with such determination, and
Borrower indemnifies and holds the Lender harmless from such obligations. If any
such sums shall be advanced by the Lender, they shall be evidenced, shall bear
interest, and shall be paid and shall be secured as provided in Section 14.

         If at any time the United States government, or any other governmental
authority, requires internal revenue or other documentary stamps hereon on the
Note or any of the other Loan Documents, or requires payment of an interest
equalization tax upon all or any part of the Indebtedness, then the Indebtedness
shall be and become due and payable at the election of Lender ninety (90) days
after Lender mails a notice of such election to Borrower. However, Lender shall
have no such election and the Note and this Mortgage shall remain in effect if
Borrower lawfully pays for such stamps or such tax and does in fact pay such tax
when the same is due and payable. Borrower further agrees to deliver to Lender,
at any time upon written demand, evidence of citizenship and such other evidence
as may be required by any government agency having jurisdiction, in order to
determine whether the obligation secured hereby is subject to or exempt from any
such tax.

         11. Indemnification of Lender Against Costs. Borrower agrees to save
Lender harmless from all costs and expenses, including, without limitation,
reasonable attorneys' fees, receiver's fees, trustee's fees, and expenses and
all costs of a title search and preparation of a

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survey, incurred by reason of any action, suit, proceeding, hearing, motion or
application before any court or administrative body (including an action to
foreclose or to collect the Indebtedness) in and to which Lender may be or
become a party by reason of this Mortgage, including but not limited to
condemnation, bankruptcy, probate and administration proceedings, as well as any
other of the foregoing in which a proof of claim is by law required to be filed
or in which it becomes necessary to defend or uphold the terms of this Mortgage.
All funds paid or expended by Lender in that regard, together with interest
thereon from date of such payment at the rate set forth in the Note, shall be a
part of the Indebtedness and shall upon notice to Borrower be immediately due
and payable by Borrower to the Lender. Any amounts not paid within ten (10) days
after a statement therefor has been sent to Borrower, shall earn interest at the
Default Rate stated in the Note, until the same is paid.

         12. Eminent Domain.

                  12.1. All compensation, proceeds and awards paid to or
received by Borrower in any taking by eminent domain or conveyance in lieu
thereof that may affect all or any part of or interest in the Mortgaged Property
(whether permanently or temporarily), including severance and consequential
damages and damages from a change in the grade of any street, are hereby
assigned to Lender subject to the terms hereof. Borrower hereby appoints Lender
as its attorney-in-fact, coupled with an interest, to collect and receive the
proceeds thereof and to give proper receipts therefor. Borrower authorizes and
empowers Lender, as such attorney-in-fact, at Lender's option, on behalf of
Borrower (notwithstanding the fact that the Indebtedness may not then be due and
payable or that the Indebtedness is otherwise adequately secured), to adjust or
join with Borrower in adjusting or compromising the claim for any such
compensation, proceeds or awards. After deducting all costs of collection, such
compensation, proceeds and awards shall be applied, at the option of Lender, as
follows: (a) as a credit upon any portion of the Indebtedness, as selected by
Lender; or (b) to restoring the Improvements, provided that no Event of Default
has occurred and the Mortgaged Property can be restored to a condition and use
acceptable to Lender in its sole discretion.

                  12.2. In the event Lender elects not to apply such
compensation, proceeds or awards to the Indebtedness (or such application is not
permitted under the last sentence of Section 12.1 above), Lender shall release
any such amounts in the same manner and under the same conditions as are
specified in Section 7.4 above for the disbursement of insurance proceeds
received in the event of casualty loss to the Mortgaged Property.

                  12.3. Borrower agrees to give Lender immediate notice of the
actual or threatened commencement of any such eminent domain proceeding, and
agrees to promptly send to Lender copies of any and all papers served or
received by Borrower in connection with any such proceedings. Borrower also
agrees to make, execute and deliver to Lender at any time or times, upon
request, free, clear and discharged of any encumbrance of any kind whatsoever,
any and all further assignments and/or other instruments which are deemed
necessary by Lender for the purpose of validly and sufficiently assigning to
Lender all such compensation, proceeds and awards to Lender.

         13. Estoppel Statements. Within fifteen (15) days after written request
from the other party, Borrower and Lender agree to furnish to the other, or to
any third parties identified

                                       10
<PAGE>

in the request, an estoppel statement, duly acknowledged, of the amount of the
indebtedness and, if so requested, the nature thereof.

         14. Advances by Lender to Protect Security.

                  14.1. Upon default by Borrower in performance of any of the
terms, covenants or conditions in this Mortgage, or upon a default of any party
obligated under the Note or other Loan Documents in the performance of any
terms, covenants or conditions in such documents, Lender may, at its option and
whether or not it elects to declare the Indebtedness due and payable, pay such
amounts and take such actions as Lender may deem necessary or appropriate to
cure the default or protect the value of the security for the Note. Lender may
take such actions and make such payments without the same being a waiver of any
other remedy. In connection with any such advance, Lender, at its option, may
and is hereby authorized to obtain a report of title prepared by a title
insurance company, the cost of which shall be paid by Borrower upon demand. Any
amounts so paid by Lender, all costs incurred by Lender under the authorizations
contained in this Section, and any other costs, charges or expenses incurred by
Lender in the protection of the Mortgaged Property, with interest at the Default
Rate stated in the Note, shall be immediately payable by Borrower to Lender upon
notice, and shall be additional Indebtedness, and any amounts so advanced shall
be a future advance hereunder, secured by this Mortgage.

                  14.2. In making any payment authorized above relating to
taxes, assessments, water rates, sewer rentals and other governmental or
municipal charges, fines, impositions or liens, Lender may rely upon any bill,
statement or estimate procured from the appropriate public officer without
inquiry into the accuracy of the bill, statement or estimate, and without
inquiring into the validity of any tax, assessment, sale, forfeiture, tax lien
or title or claim thereof. Lender, in making such a payment relating to any
apparent or threatened adverse title, lien, statement of lien, encumbrance,
claim or charge, shall be the sole judge of the legality or validity of same.

         15. Further Encumbrances.

                  15.1. Borrower shall not grant any other lien, mortgage or
security interest encumbering the Mortgaged Property, nor make any further
assignment of the leases and rentals of the Mortgaged Property, without the
prior written consent of the Lender, which the Lender may grant or withhold in
its sole discretion; any such unpermitted lien or mortgage or assignment or
security interest shall entitle the Lender to accelerate the maturity of the
Note and foreclose this Mortgage. Any such other lien or mortgage or assignment
of security interest shall be junior to this Mortgage and to all permitted
tenancies now or at any time in the future affecting the Mortgaged Property and
shall be subject to all renewals, extensions, modifications, releases, interest
rate increases, future advances, changes or exchanges permitted by this
Mortgage, all without the joinder or consent of such junior lien holder or the
mortgagee or assignee or security holder and without any obligation on the
Lender's part to give notice of any kind to any of them.

                  15.2. Borrower shall maintain in good standing any other
mortgage or encumbrance to secure debt affecting any part of the Mortgaged
Property from time to time and shall not commit or permit or suffer to occur any
default under such mortgages or encumbrances,

                                       11
<PAGE>

nor shall Borrower accept any future advance under or modify the terms of any
such mortgage or encumbrance which may then be superior to the lien of this
Mortgage.

                  15.3. Notwithstanding anything to the contrary in the Note,
this Mortgage, or any other Loan Document, if a default should occur under any
other lien, claim or other encumbrance against the Mortgaged Property, whether
such lien, claim or other encumbrance is alleged to be superior or inferior to
the lien of this Mortgage, the Lender may immediately, declare this Mortgage and
the debt secured by it to be due and payable and may, at its option, without
notice, proceed to foreclose this Mortgage and any other Loan Documents.

         16. Subrogation. The Lender is hereby subrogated (a) to the lien(s) of
each and every mortgage, lien or other encumbrance on the Mortgaged Property
which is fully or partially paid or satisfied out of the proceeds of the Loan,
and (b) to the rights of the owner(s) and holder(s) of any such mortgage, lien
or other encumbrance. The respective rights under and priorities of all such
mortgages, liens or other encumbrances shall be preserved and shall pass to and
be held by the Lender as security for the Loan, to the same extent as if they
had been duly assigned by separate instrument of assignment and notwithstanding
that the same may have been canceled and satisfied of record.

         17. Partial Releases by Lender.

         Lender, without notice to Borrower, without regard to the
consideration, if any, paid therefor, and notwithstanding the existence at that
time of any inferior mortgages, deeds of trust or other liens on the Mortgaged
Property, may release any part of the Mortgaged Property or other security
described in the Loan Documents and may release any person liable for any
Indebtedness without in any way affecting the priority of this Mortgage, to the
full extent of the remaining Indebtedness, on the remainder of the Mortgaged
Property. Lender may also agree with any party obligated for the Indebtedness or
having any interest in the Mortgaged Property or other security for the
Indebtedness to extend the time for payment of any part or all of the
Indebtedness or to modify the terms for the payment thereof, or take additional
security for the payment of the Indebtedness. No such action or agreement will
release or impair the lien or effect of this Mortgage or bar Lender from
exercising any right, power or privilege granted in this Mortgage or in any of
the other Loan Documents, in the event of any default or any subsequent default.

         18. Usury. Nothing contained in this Mortgage or the other Loan
Documents shall be construed or shall so operate either presently or
prospectively to (a) require Borrower to pay interest at a rate greater than the
rate which is now or hereafter lawful for transactions of this kind in the State
of Florida, or (b) require Borrower to make any payment or do any act contrary
to law. If the interest rate exceeds any applicable law relating to interest,
then this Mortgage and the Loan Documents shall be interpreted and construed to
require payment of interest only to the extent of such maximum lawful rate, not
to exceed the rate set forth in the Note or in this Mortgage, where applicable.
Any and all sums received by the Lender in excess of those lawfully collectible
as interest shall be applied against the principal of the Loan immediately upon
the Lender's receipt of the sums, with the same force and effect as though the
payor had specifically designated such extra sums to be so applied to principal
and Lender had agreed to accept such extra payment(s) as prepayments.

                                       12
<PAGE>

         19. Actions and Proceedings. Lender shall have the right (but not the
obligation) to appear in and defend any proceedings or action with respect to
the Mortgaged Property, and to bring any action or proceedings respecting the
Mortgaged Property as Lender deems advisable, either in its own name or in the
name of and on behalf of Borrower, all at Borrower's expense.

         20. Sale of Mortgaged Property, Transfer of Property, Transfer of
Interest in Borrower.

                  20.1. Borrower understands that Lender, in making the loan
evidenced by the Note, is relying to a material extent upon the business
expertise and net worth of Borrower and its partners, joint venturers,
beneficiaries or stockholders (where applicable), and upon its and their
continuing interest in the Mortgaged Property and in the entity which is the
Borrower. Accordingly, neither Borrower nor the partners or joint venturers in
Borrower (if Borrower is partnership or joint venture), or the beneficiaries of
Borrower (if Borrower is a trust), or the stockholders in Borrower (if Borrower
is a corporation) shall, without Lender's prior written consent (which Lender
may withhold in its sole and unfettered discretion), either directly or
indirectly, voluntarily or involuntarily:

                  (a) sell, assign, transfer, convey or dispose of the Mortgaged
Property, by installment sale contract or otherwise, or any part thereof.
However, in the event of a sale of the entire Mortgaged Property by Borrower to
a third party, the Lender may, in its sole and absolute discretion, permit such
third party to assume this Mortgage provided that the reputation, skill and
creditworthiness of said third party is acceptable to Lender, in such Lender's
sole and absolute discretion. In the event of such assumption, the Borrower
shall not be released from its liability under the Note and the Loan documents
and The PBSJ Corporation, a Florida corporation ("the Guarantor") shall likewise
not be released from its liability and shall continue to be liable under the
Guaranty Agreement executed of even date herewith.

                  (b) sell, assign, transfer, convey or dispose of any general
partnership interest in Borrower or its general partners, if any (if a
partnership), any joint venture interest in Borrower, or its general partners,
if any (if a joint venture), any majority or controlling beneficial interest in
Borrower or its general partners, if any (if a trust), or any majority or
controlling voting interest or interests in any class of stock of Borrower or
its general partners, if any (if a corporation), whether by a transfer of
existing stock or issuance of new stock;

                  (c) leases to one or more unrelated third parties any portion
of the Improvements which equals or exceeds thirty-three percent (33%) of the
gross square footage of the Improvements, or lease the Mortgaged Property
(whether or not in the ordinary course of business) with an option to purchase;

                  (d) allow or permit a sale, assignment, transfer, conveyance
or disposition by devise or descent or by operation of law of any interest or
estate in the Mortgaged Property or any general partnership interest, joint
venture interest, shareholder interest or majority beneficial interest in
Borrower (as such terms may be applicable to partnerships, joint ventures and
trusts);

                  (e) further encumber the Mortgaged Property, voluntarily or
involuntarily, or by operation of law, or allow to exist against the Mortgaged
Property any lien, mortgage, deed of trust, or other financial encumbrance; or

                                       13
<PAGE>

                  (f) create or allow the creation of any lien or security
interest on any of the Mortgaged Property.

                  20.2. Any action described in the above subsection shall be an
Event of Default hereunder (as hereafter defined in Section 27), for which
Lender will be entitled to its remedies for default, as provided herein. The
word "Mortgaged Property" as used herein shall have the full meaning earlier
given, and specifically shall include any parts or portions of the Mortgaged
Property.

                  20.3. Whether or not Lender's consent has been obtained,
Borrower shall give immediate written notice to Lender of any conveyance,
transfer or change of ownership of the Mortgaged Property or of any interest as
described in this Section 20.

         21. Notices. Any notice required or permitted to be given hereunder
must be in writing and given (a) by depositing same in the United States mail,
addressed to the party to be notified, postage prepaid and registered or
certified with return receipt requested; (b) by delivering the same in person to
such party; (c) by transmitting a facsimile copy to the correct facsimile phone
number of the intended recipient; or (d) by depositing the same into the custody
of a national overnight commercial delivery service addressed to the party to be
notified. In the event of mailing, notices shall be deemed effective three (3)
days after posting; in the event of overnight delivery, notices shall be deemed
effective on the next business day following deposit with the delivery service;
in the event of personal service or facsimile transmission, notices shall be
deemed effective when received, except if facsimile transmission is used, then a
duplicate original must also be sent out by overnight courier service for
next-day delivery. As used herein, "business day" shall mean any day during
which Lender is open for business. For the purpose of notice, the addresses of
the parties shall be the addresses set forth in the introductory paragraph of
this Mortgage.

         From time to time either party may designate another or additional
addresses for all purposes of this Mortgage by giving the other party no less
than ten (10) days' advance notice of such change of address in accordance with
the notice provisions hereof.

         22. Assignment of Leases, Rents and Profits.

                  22.1. Borrower hereby unconditionally grant to Lender a lien
against the leases, rents and profits and does hereby further assign, transfer
and set over to Lender, all right, title and interest of Borrower in and to all
leases, and all rents, income, receipts, revenues, issues and profits from or
due or arising out of the Mortgaged Property. This assignment is also evidenced
by a separate document entitled Assignment of Rents, Leases and Profits, of even
date herewith, executed by Borrower and recorded simultaneously herewith, which
constitutes one of the Loan Documents. All of the terms, covenants and
conditions of the Assignment of Rents, Leases and Profits, all of the defined
terms as used therein, and all amendments and supplements to such Assignment,
are hereby expressly incorporated herein by this reference and made a part
hereof as though fully set forth.

                  22.2. In addition to observing the covenants of Borrower in
the Assignment of Rents, Leases and Profits, Borrower (a) will not execute any
further assignment of any of its right, title or interest in the Leases, Rents,
Contracts and Profits; (b) will enforce the performance

                                       14
<PAGE>

and observance of the covenants and obligations of the tenants under the Leases;
(c) will not, except where Borrower is the landlord and the tenant is in default
thereunder, terminate or consent to the cancellation or surrender of any Lease
of office or retail space, now existing or hereafter to be made (except that any
such Lease may be canceled if simultaneously upon the cancellation Borrower as
landlord enters into a new Lease with a new tenant); (d) will not modify any
such Lease where Borrower is the landlord to shorten the unexpired Lease term or
decrease the amount of the rent and other charges payable by the tenant
thereunder; (e) will not accept prepayments of any installments of rent to
become due under any Leases in excess of one (1) month, except prepayments in
the nature of security for the performance of the lessees' obligations
thereunder; (f) will not in any other manner impair the value of the Mortgaged
Property or the security of this Mortgage; (g) will observe and perform each and
every term to be observed or performed by Borrower pursuant to the terms of any
agreement or recorded instrument affecting or pertaining to the Mortgaged
Property; (h) will not permit any Lease to be subordinated to any mortgage which
is subordinate to this Mortgage; and (i) will not enter into any new Leases
except those approved by Lender. Notwithstanding anything herein contained to
the contrary, items (c), (d), (e), (h) and (i) above shall not be applicable if
the Borrower leases to one or more unrelated third parties any portion of the
Improvements which accounts for less than thirty-three percent (33%) of the
gross square footage of the building(s) constructed thereon.

         23. Covenants and Restrictions on Mortgaged Property - Interests.

                  23.1. Borrower represents and warrants that to the best of
Borrower's knowledge neither this Mortgage, the Mortgaged Property, nor the
contemplated use of the Improvements, constitute a breach of, or a violation of,
any covenants, conditions, easements or restrictions, whether of record or not,
affecting or binding upon the Mortgaged Property, or alternatively that such
breach or violation has been approved or waived by all parties required by law
to so approve or waive such breach or violation. Borrower covenants and agrees
that it will take all action necessary to prevent any such breach or violation
from hereafter occurring, and defend and indemnify Lender from any consequences
of such a breach or violation.

                  23.2. Borrower shall at all times faithfully and timely
perform or cause to be performed all of the terms, covenants and conditions on
Borrower's part to be performed, which are contained in any restriction,
agreement, easement, permit or other document affecting the Mortgaged Property.
Borrower covenants and agrees that it will not waive or modify any of the
material terms of any of the restrictions, agreements, easements, permits or
other instruments, or the rights or easements created thereby, or cancel or
surrender same, or release or discharge any party thereunder or person bound
thereby of or from terms, covenants or conditions thereof, or permit the release
or discharge of any party thereunder, without the prior written consent of
Lender. Borrower shall take all necessary action to enforce the performance of
all of the obligations of the other parties to, and the person bound by such
restrictions, agreements, easements, or permits, or other documents.

                  23.3. Borrower will promptly send to Lender copies of all
notices, advises, demands, requests, consents, statements, approvals,
disapprovals, authorizations, determinations, satisfactions, waivers,
designations, refusals, confirmations and denials which it shall give or receive
under any of the aforesaid agreements, easements, permits and other documents.

                                       15
<PAGE>

                  23.4. Borrower shall give prompt written notice to Lender of
(i) any action or proceeding instituted by or against Borrower in any court or
by any Governmental Authority, or of any such proceedings threatened against
Borrower which might result in a judgment or judgments, and (ii) any other
action, event or condition of any nature known to Borrower or of which it should
have knowledge which constitutes an Event of Default, or a default of Borrower
under any contract instrument or agreement to which Borrower is a party or by
which Borrower or any of its properties or assets may be bound or to which any
may be subject, which actions, proceedings, events, conditions or default might
have a material adverse effect upon the business, operations, properties, assets
or conditions (financial or otherwise), of Borrower.

         24. Financial Covenants.

                  24.1 As soon as available and in any event within ninety (90)
days after the end of each fiscal year of Borrower and Guarantor, Borrower shall
provide to Lender a consolidated audited financial statement and consolidating
unaudited financial statement, all prepared in conformity with generally
accepted accounting principles consistently applied. The audited financial
statements shall be prepared by a nationally recognized independent public
accounting firm selected by Borrower but reasonably acceptable to Lender
together with a certificate of such accounting firm stating that in the course
of the regular audit of the business of Borrower said firm obtained no knowledge
that an Event of Default or an event which, with the giving of notice or lapse
of time or both, would constitute an Event of Default under this Mortgage or any
other Loan Document, has occurred and is continuing or if, in the opinion of
such firm, an Event of Default or an event which, with the giving of notice or
lapse of time or both, would constitute an Event of Default under this Mortgage
or any other Loan Document has occurred and is continuing, a statement as to the
nature thereof.

                  24.2 As soon as available and in any event within forty-five
(45) days after the end of each fiscal quarter, an unaudited consolidated
financial statement as of the end of such fiscal quarter certified as to
accuracy and completeness by the Chief Financial Officer of Borrower and
Guarantor and accompanied by a certificate of the Chief Financial Officer
stating that he or she has no knowledge that an Event of Default or an event
which, with the giving of notice or lapse of time or both, would constitute an
Event of Default under this Mortgage or any other Loan Documents has occurred
and is continuing.

                  24.3 Together with each quarterly financial statement and
certificate under Subsection 24.2, Borrower shall also provide to Lender a
financial covenant compliance certificate (evidencing Guarantor's compliance
with the financial covenants set forth in Sections 24.6, 24.7 and 24.8, which
shall include supporting evidence of the computation establishing compliance),
and a Performance Based Pricing Grid calculation in form and content
satisfactory to Lender.

                  24.4 Borrower shall keep and maintain at all times at
Borrower's address set forth herein, or such other place as Lender may approve
in writing, complete and accurate books of accounts and records, in accordance
with generally accepted accounting principles, consistently applied, adequate to
reflect correctly the results of the operation of the Project and copies of all
written contracts, budgets, change orders, leases and other instruments which
affect the Project. Such books, records, contracts, budgets, change orders,
leases and other instruments shall be subject to examination and inspection at
any reasonable time by Lender.

                                       16
<PAGE>

                  24.5 In the event that Borrower leases to one or more
unrelated third parties any portion of the Improvements which equals or exceeds
thirty-three percent (33%) of the gross square footage of the building, then
Borrower shall furnish to Lender, at any time within fifteen (15) days of
Lender's request and demand for same, information, satisfactory Lender in form
and content, regarding rental income and expenses related to leasing to any such
unrelated third party, a rent roll, tenant roster and any other information
reasonably requested by Lender.

                  24.6 Borrower shall cause Guarantor to maintain, on a
quarterly basis, a minimum Tangible Net Worth greater than or equal to
Guarantor's Tangible Net Worth as of September 30, 1999, with annual increases
to Guarantor's Tangible Net Worth equal to fifty percent (50%) of Guarantor's
net income for each succeeding fiscal year end during the term of the Loan. As
used herein, "Tangible Net Worth" means the aggregate amount of assets shown on
the balance sheet of Guarantor at any particular date (but excluding from such
assets capitalized, organization and development costs, capitalized interest,
debt discount and expense, goodwill, patents, trademarks, copyrights,
franchises, licenses, amounts due from officers, employees, directors,
stockholders and affiliates, and such other assets as are properly classified
"intangible assets" under generally accepted accounting principles) less
liabilities at such date, all computed in accordance with generally accepted
accounting principles applied on a consistent basis.

                  24.7 Borrower shall cause Guarantor to maintain, on a
quarterly basis, beginning on March 31, 2000, for Guarantor's previous four (4)
fiscal quarters taken as a whole, a Fixed Charge Coverage Ratio of not less than
1.3:1 during the term of the Loan. "Fixed Charge Coverage Ratio" means the ratio
of (a) Guarantor's net income before income tax, interest expense and lease
expense, to (b) Guarantor's interest expense, lease expense and current
maturities of long term debt.

                  24.8 Borrower shall cause Guarantor to maintain, on a
quarterly basis, a ratio of funded debt to EBITDA, not greater than 3.0:1
computed on a four (4) quarter rolling basis during the term of the Loan.
"Funded Debt Ratio" means the ratio of (a) Guarantor's long term liabilities
(including, without limitation, notes payable, mortgage payable and capital
lease obligations), to (b) Guarantor's EBITDA.

         25. Negative Covenant.

                  25.1 Borrower shall not cause, permit or allow to remain any
lien or encumbrance (other than in favor of Lender) upon the Property for more
than ten (10) days after it has become effective or filed, whichever is sooner.

         26. Conditions Precedent to Advance of Loan Funds. As conditions
precedent to the making of the advance of Loan fund evidenced by the Note,
Borrower shall satisfy to Lender's satisfaction the following conditions
precedent:

         (a) The Loan Documents, each in form and substance satisfactory to
Lender, shall have been executed and delivered to Lender and recorded in the
Public Records of the county wherein the Property is located.

                                       17
<PAGE>

         (b) The title insurer shall have issued to Lender a title insurance
policy without any exception from coverage except for those certain permitted
encumbrances as described in that certain mortgagee policy of title insurance
delivered by Borrower to Lender in connection herewith in form approved by
Lender.

         (c) Lender shall have received two (2) complete sets of original
as-built plans for the Recent Improvements.

         (d) Lender shall have received two (2) copies of an as-built survey
meeting Lender's requirements executed and sealed by the surveyor who prepared
the survey.

         (e) Lender shall have received two (2) copies of Lender's standard
surveyors report completed, executed and sealed by the surveyor who prepared the
survey, which report shall contain no matters unsatisfactory to Lender.

         (f) Lender shall have received a legal opinion from Borrower's and
Guarantor's counsel opining that (i) each of Borrower and Guarantor is duly
organized, validly existing and in good standing under the laws of the State of
Florida, is duly authorized to enter into the Loan transaction and the Loan
transaction will not conflict with or result in a violation of its partnership
agreement, articles of incorporation or other documents pursuant to which it was
created and exists or by which it is governed; (ii) no approval, authorization
or other action by, or filing with, any governmental authority is required in
connection with the execution of the Loan Documents by Borrower or Guarantor;
(iii) the Loan Documents have been duly executed and delivered by Borrower and
Guarantor and are valid and binding obligations of such parties enforceable
against them in accordance with their respective terms; (iv) to the best of such
counsel's knowledge, after due and reasonable inquiry, the execution and
delivery of the Loan Documents will not conflict with or result in a violation
of any agreement, contract, instrument, order, judgment, etc., applicable to the
parties, the Property or the Project; (v) to the best of such counsel's
knowledge, after due and reasonable inquiry, there are no material legal or
administrative proceedings (other than those disclosed in financial statements)
pending or threatened against Borrower, Guarantor or the Project (or any part
thereof) that would not substantially impact Borrower's or Guarantor's ability
to conduct their respective business or meet their respective obligations under
the Loan Documents, and Borrower and Guarantor are not in default with respect
to any order, writ, judgment, etc., of any Governmental Authority; and (vi) the
Loan is not usurious or otherwise illegal in any respect under the laws of the
State of Florida or the laws of the United States.

         (g) Borrower shall have procured policies of insurance acceptable to
Lender in accordance with this Mortgage.

         (h) Lender shall have received a copy of the final certificate of use
and occupancy for the Recent Improvements.

         (i) Lender shall have received evidence satisfactory to Lender that
Borrower and Controlled Persons or Entities have invested not less than
$11,471,592.00 into the Project, and that said investment in the Project is free
of any and all liens. As used herein, "Controlled Person or Entity" means any
solvent firm, partnership, corporation or individual that controls, is
controlled by, or is under common control with Borrower. A person or entity
shall not be

                                       18
<PAGE>

deemed in control of another person or entity unless such controlling person or
entity controls in excess of fifty percent (50%) of the voting rights of (or, if
a partnership or other unincorporated entity, in excess of fifty percent (50%)
of the interest in) the controlled person or entity.

         (j) Lender shall have received such further documents and opinions as
Lender may reasonably request.

         (k) There shall not have occurred a material adverse change in the
financial condition of Borrower or Guarantor since the date of the last
financial statements submitted to and approved by Lender, nor shall there be any
pending or threatened material adverse litigation against Borrower or Guarantor.
Lender shall, in its sole and absolute discretion, determine what constitutes a
material adverse change in financial condition and material adverse litigation.

         (l) The Recent Improvements shall have been completed (including, but
not limited to, all on-site and off-site improvements and all utilities) to the
satisfaction of Lender and the following documents shall have been furnished to
Lender (i) all required affidavits from the construction contractor and
Borrower, (ii) final releases or waivers of all applicable contractors',
mechanics' and materialmen's liens, (including, without limitation, the lien
rights of the construction contractor) which releases or waivers must be
acceptable to Lender and the title insurer, (iii) a certificate of occupancy for
the Recent Improvements, any required approval by the Board of Fire Underwriters
or its equivalent having jurisdiction over the Project, and any other approval
required by any Governmental Authority to the extent that any such approval is a
condition to the lawful use and occupancy of the Recent Improvements and the
opening of same to the public.

         27. Bankruptcy: Assumption or Assignment.

                  27.1. The parties agree that Borrower has substantial duties
of performance apart from its mere financial obligations under this Mortgage,
the Note and other debt instruments or obligations which this Mortgage secures,
and that parties other than the Borrower could not adequately and fully perform
the covenants to be performed by Borrower in this Mortgage. The parties also
agree that this Mortgage is an agreement for the making of loans and for the
extending of debt financing or financial accommodations. No assumption of or
assignment of this Mortgage shall be allowed in bankruptcy. Should an assumption
or assignment of this Mortgage be permitted in violation of this covenant, the
parties agree that Lender will not have adequate assurance of performance unless
and until Lender is allowed access to adequate financial and other information
to satisfy itself that the trustee in bankruptcy or proposed assignee is fully
able to assume the financial and personal covenants of Borrower under this
Mortgage, in full accordance with its terms and that sufficient collateral is
pledged and sufficient bonds or letters of credit are posted by the trustee in
bankruptcy or proposed assignee to guarantee performance of such obligations.
The parties further agree that the definition of the term "adequate assurance"
as set forth in Section 365(b)(3) of the U.S. Bankruptcy Code, as amended, shall
be applicable directly or by analogy to any determination of adequate assurance
in connection with this Mortgage.

                  27.2. In the event Borrower becomes a debtor in bankruptcy,
the debtor in possession or trustee in bankruptcy shall not be permitted to use,
sell or lease any of the Mortgaged Property, whether or not in the ordinary
course of business, without providing

                                       19
<PAGE>

adequate protection to Lender. The parties agree that the language in Section
365 of the U.S. Bankruptcy Code, as amended, shall be the exclusive definition
of the term "adequate protection" in connection with any use, sale or lease of
the Mortgaged Property. The cash payment referred to in that section shall mean
the full payments required under the Note and all other indebtedness which this
mortgage secures, plus payment representing the full replacement value of the
Mortgaged Property used, sold or leased; the replacement liens referred to in
that section shall mean liens on property, the actual market value of which is
equal to or greater than the replacement cost of the Mortgaged Property used,
sold or leased, and the term "indubitable equivalent" as used in that section
shall mean protection afforded by either grants of administrative expense
priority, grants to Lender of ownership interest of a continuing business
surviving the bankruptcy, or grants to Lender of protected securities issued by
a continuing business surviving the bankruptcy, which completely compensate
Lender for the loss of the present value (computed at the then market rate of
interest for commercial loans) of its interest in the Mortgaged Property. For
purposes of computation, the value of the Mortgaged Property shall be the actual
market cost of replacement real estate in approximately the same location and
condition as the Mortgaged Property, and with similar improvements.

                  27.3. The parties agree that because of the extreme financial
importance to Lender of this transaction, Lender will be irreparably harmed by
any stay of its collection efforts or the exercise of its remedies under this
Mortgage.

         28. Changes in Zoning. Borrower covenants not to initiate, join in, or
consent to any change in any zoning ordinance, private restrictive covenants, or
other public or private restriction changing, limiting or restricting the uses
which may be made of the Mortgaged Property, without the prior written consent
of Lender.

         29. Covenants to Run with Land. All covenants contained in this
Mortgage shall run with the land until this Mortgage is released of record, and
even after such release certain covenants specified herein (including without
exception the provisions of Section 29 below) shall run with the land.

         30. Default and Remedies.

                  30.1. Each of the following occurrences shall be a default
hereunder (an "Event of Default"):

                  (a) Failure of Borrower to make any payment of principal or
interest on the Note when the same is due, whether at maturity or by
acceleration or otherwise, or any other payment, charge or assessment due Lender
from Borrower under the Note, this Mortgage or the other Loan Documents.

                  (b) Failure of Borrower to comply with any requirement or
provision of Section 6 ("Taxes") or Section 7 ("Insurance") hereof.

                  (c) There occurs an event defined as an "Event of Default" in
Section 20 ("Sale of Mortgaged Property; Transfer of Interest in Borrower")
hereof.

                                       20
<PAGE>

                  (d) Failure of Borrower, within fifteen (15) days after the
date of a written notice from Lender of such failure, to promptly and completely
observe and perform each and every other obligation, covenant and agreement
contained in the Note, in this Mortgage or in any of the other Loan Documents or
violates any negative covenant contained in the Loan Documents (excluding from
this provision, however, the Events of Default described in any other subsection
of this Section 27, if said cure periods are different than those as set forth
in this sub-section). If the breach is intrinsically incapable of being cured
within such time, then in such case the breach shall constitute an Event of
Default only if Borrower does not (i) commence actions to cure the breach within
fifteen (15) days after the date of Lender's notice; (ii) agree with Lender, in
writing, as to an outside cure date for completion; and (iii) diligently pursue
the cure to completion by such date.

                  (e) A trustee, receiver or liquidator of the Mortgaged
Property or of Borrower is appointed by order of a court of competent
jurisdiction and the appointment is not withdrawn or the party dismissed within
thirty (30) days of the date of the appointment.

                  (f) The filing by any of the creditors of Borrower, of any
general partner of Borrower (if Borrower is a partnership), or of any guarantor
of any Indebtedness, of a petition in bankruptcy against Borrower or any general
partner of Borrower (if Borrower is a partnership) or such guarantor, or for the
reorganization of Borrower or any general partner of Borrower (if Borrower is a
partnership) or such guarantor, pursuant to the federal Bankruptcy Code or any
similar law, federal or state, and the same is not discharged within thirty (30)
days after the date of filing thereof.

                  (g) Borrower or any general partner of Borrower (if Borrower
is a partnership), joint venturer of Borrower (if Borrower is a joint venture),
holder of any beneficial interests in Borrower (if Borrower is a trust), the
holder(s) of an interest or interests in any class of stock of Borrower or any
general partner thereof (if Borrower or any general partner thereof is a
corporation) or any guarantor of any Indebtedness takes, authorizes or permits
any of the following actions: (i) files a petition in bankruptcy or, for an
arrangement, or for reorganization pursuant to the federal Bankruptcy Code or
any similar law, federal or state; (ii) files a petition or answer consenting
to, or acquiescing in, a reorganization, arrangement, adjustment, composition,
liquidation, dissolution or similar relief, under any present or future statute,
law or regulations, (iii) is adjudicated as a bankrupt; (iv) becomes insolvent,
howsoever evidenced; (v) makes an assignment for the benefit of creditors; (vi)
admits its inability to or fails to pay its debts generally as they become due;
or (vii) consents to the appointment of a receiver or receivers of all or any
part of its assets.

                  (h) Borrower, or any general partner thereof (if not a natural
person or persons), is dissolved.

                  (i) Any majority or controlling interest (in terms of stock or
voting rights) in Borrower or any general partner thereof or any guarantor of
the Indebtedness is transferred or pledged, whether by one or a series of
transactions (if Borrower or any general partner thereof is a corporation), or
any general partner or joint venturer of Borrower transfers or pledges any of
its partnership or joint venture interest in Borrower (if Borrower or any
general partner thereof is a partnership or joint venture), or any holder of a
beneficial interest of Borrower transfers or pledges any of its beneficial
interest in Borrower (if Borrower is a trust).

                                       21
<PAGE>

                  (j) Any warranty, representation or statement made or
furnished to Lender by or on behalf of Borrower or any Guarantor, including, but
not limited to, statements made by Borrower or any Guarantor in any financial or
credit statement or application for credit made prior to or contemporaneously
with the Note, this Mortgage or any other Loan Document, proves to have been
false in any material adverse respect when made or furnished.

                  (k) The granting or entry of a final judgment, order or decree
for the payment of money against Borrowers in an amount equal to or greater than
$500,000.00, either individually, or in the aggregate, and Borrower's failure to
discharge the same or cause it to be discharged within ten (10) days after the
date of a written notice from Lender.

                  (l) The occurrence of a default under any security or loan
document evidencing or securing any junior financing of Borrower or encumbering
the Mortgaged Property (whether or not Lender has given its consent to such
financing).

                  (m) Borrower engages in any junior financing of the Mortgaged
Property, or any subordinate lien is recorded against the Mortgaged Property.

                  (n) Borrower engages in any deliberate waste of the Mortgaged
Property, or any portion thereof.

                  (o) A violation of any of the environmental covenants of
Borrower hereunder, or under the other Loan Documents. The curing provisions
above shall not be applicable to these covenants unless expressly agreed to by
Lender in a separate writing.

                  (p) Borrower's execution of any management agreement affecting
the Mortgaged Property not first approved by Lender, in writing.

                  (q) The filing of a notice limiting future advances, under
Section 697.04(1)(b), Florida Statutes, limiting future advances under this
Mortgage.

                  (r) Any material adverse change in the financial condition of
Borrower or any guarantor of the Indebtedness.

                  (s) The anticipatory repudiation by Borrower of the Loan or
the respective obligations under any Loan Document, or any declaration or action
by Borrower or its agents or officers or any of them of evidencing their
intention not to perform any of their collective or individual obligations under
any Loan Document as and when the same become due.

                  (t) Any value impairment of the collateral in the Lender's
sole discretion. In the event this should occur, in addition to all other rights
of the Lender, Lender may require that a new appraisal be provided to Lender at
Borrower's sole expense.

                  (u) The failure of Borrower to comply with all requirements
imposed by the Americans With Disabilities Act, (42 U.S.C. 12101 et seq.) and
all amendments thereto (the "ADA"). The Borrower further agrees to indemnify,
defend and hold the Lender harmless from and against any loss to the Lender,
including without limitation, attorneys' fees incurred by Lender as a result of
the Borrower's noncompliance with the ADA.

                                       22
<PAGE>

                  (v) If Guarantor shall fail to maintain a Tangible Net Worth,
Fixed Charge Coverage Ratio or Funded Debt Ratio at the levels and within the
ratios (as applicable) required under Section 24 and such failure is not cured
within thirty (30) days after the reporting deadlines required of Borrower under
Section 24.

                  30.2. During any time an Event of Default exists, Borrower
will pay to Lender the entire principal of the Note then outstanding, and all
accrued and unpaid interest thereon, and any other amounts payable hereunder or
under any of the Loan Documents, and also interest at the Default Rate on the
then unpaid principal of the Note and on all amounts Borrower is required to pay
pursuant to any provision of this Mortgage or any of the Loan Documents. In
addition thereto, Borrower shall pay such further amounts as shall be sufficient
to cover the reasonable costs and expenses of collection and enforcement of the
Note, this Mortgage and the Loan Documents. In the event Borrower fails to pay
such amounts, Lender shall be entitled and empowered, subject to the
limitations, if any, set forth herein, to institute such action or proceedings
at law or in equity as may be necessary or desirable to Lender for the
collection of the amounts due, and may prosecute any such action or proceedings
to judgment or final decree. Lender may enforce any such judgment or final
decree against Borrower and collect, out of the property of Borrower wherever
situated, as well as out of the Mortgaged Property in any manner provided by
law, monies adjudged or decreed to be payable.

                  30.3. Lender shall be entitled to recover judgment against
Borrower before, after or during any proceedings for the foreclosure of this
Mortgage, and the right of Lender to recover such judgment shall not be affected
by any entry or sale hereunder, or by the exercise of any other right, power or
remedy for the enforcement of Lender's remedies under this Mortgage. In case of
proceedings against Borrower in insolvency or bankruptcy, or any proceedings for
Borrower's reorganization or involving the liquidation of Borrower's assets,
then Lender shall be entitled to prove the whole amount of principal and
interest due upon the Note and other Indebtedness to the full amount thereof,
without deducting therefrom any proceeds obtained from the sale of the whole or
any part of the Mortgaged Property. However, in no case shall Lender receive
from the aggregate amount of the proceeds of the sale of the Mortgaged Property
and the proceeds of any other actions a greater amount than the amount of the
Indebtedness due from Borrower, including all principal, interest,
reimbursements and other charges which constitute parts of the Indebtedness.

                  30.4. During all times during which an Event of Default
exists, Lender shall have the following rights and remedies:

                  (a) Lender may declare the entire principal amount of the Note
then outstanding, together with accrued and unpaid interest thereon, and all
other items of Indebtedness hereunder, to be due and payable immediately, even
if the same are not then due and payable.

                  (b) Regardless of whether Lender accelerates the Indebtedness
as authorized above, Lender in person or by agent may (i) enter upon, take
possession of, manage and operate the Mortgaged Property; (ii) make or enforce
(or if the same be subject to modification or cancellation, modify or cancel)
any or all of the Leases and Contracts (the capitalized terms as used in this
Section shall have the same meanings as such terms are used in the Assignment of
Leases, Rents and Profits recorded simultaneously herewith) upon such terms or
conditions as

                                       23
<PAGE>

Lender deems proper; (iii) sign new Leases and Contracts in the name of Lender
or Borrower, evict existing tenants, and fix or modify rents and payments under
Contracts; (iv) make repairs and alterations and do any acts which Lender deems
proper to protect the security hereof; and (v) without taking possession, in its
own name or in the name of Borrower, sue for or otherwise collect and receive
the Rents and Profits, including those past due and unpaid. During the time of
Lender's actions as permitted herein, Lender shall collect the Rents and Profits
of the Mortgaged Property and apply the same, less the costs and expenses of
operation and collection (including reasonable attorneys' fees and expenses), to
the Indebtedness, in such order as Lender may determine.

                  (c) Upon request of Lender, Borrower shall assemble and make
available to Lender at the Mortgaged Property any of the personalty which has
been removed from the Mortgaged Property. The entering upon and taking
possession of the Mortgaged Property, the collection of any Rents and Profits,
and the application of the same as provided herein, shall not operate to cure or
waive any default previously or subsequently occurring, or affect any notice of
default delivered by Lender hereunder, or invalidate any act done pursuant to
any such notice.

                  (d) Notwithstanding possession of the Mortgaged Property by
Lender or a receiver, and the collection, receipt and application of Rents and
Profits as described above, Lender shall be entitled to exercise every right
contained in this Mortgage or by law upon or after the occurrence of a default.
Any of the actions described herein may be taken by Lender either in person or
by agent, with or without bringing any action, and may be taken regardless of
whether any notice or default or election to sell has been given hereunder, and
without regard to the adequacy of the security for the Indebtedness.

                  (e) Lender shall be entitled to the appointment of a receiver
by a court having jurisdiction, who shall be entitled without notice to take
possession of and protect the Mortgaged Property, operate the same, collect the
Rents and Profits therefrom, and otherwise exercise any rights or authority
granted to Lender in this Mortgage or in the separate Assignment of Rents,
Leases and Profits. Lender's right to the appointment of a receiver shall
continue regardless of the value of the Mortgaged Property as security for the
Indebtedness or the solvency of any person or corporation liable for the payment
of such amount, and shall exist to the full extent provided by law.
Notwithstanding the appointment of any receiver, liquidator or trustee for
Borrower, or of any of its property, or of the Mortgaged Property, Lender shall
be entitled to retain possession and control of all Mortgaged Property now or
hereafter held under this Mortgage, including, but not limited to, the Rents and
Profits.

                  (f) Lender may, at its option, bring an action in any court of
competent jurisdiction to foreclose this instrument or to enforce any of the
covenants and agreements hereof.

                  (g) All of the remedies of Lender hereunder or otherwise
provided by law shall be concurrent and cumulative, and may be exercised
together or independently. Expenses incurred by Lender, including reasonable
attorneys' fees and expenses, shall be additions to the Indebtedness secured
hereby. The rights and powers in this Section shall be irrevocable and shall
continue after sale hereunder if Borrower continues to have any redemption
rights with respect to the Mortgaged Property (to extent redemption rights are
permitted hereunder).

                                       24
<PAGE>

                  (h) The failure of Lender to exercise its right to accelerate
the maturity of the Indebtedness or to exercise any remedies hereunder in any
one or more instances, or acceptance by Lender of partial payments, shall not
constitute a waiver of any default or extend or affect the grace period, if any,
provided herein. Lender shall continue to have all of its remedies as long as an
Event of Default exists. Acceleration of maturity, once claimed hereunder by
Lender, may, at the sole option of Lender, be rescinded by written
acknowledgment to that effect to Borrower by Lender, but the tender and
acceptance of partial payments alone shall not in any way effect or rescind such
acceleration of maturity, nor extend or affect the grace period, if any.

                  (i) No recovery of any judgment by Lender and no levy of an
execution under any judgment upon the Mortgaged Property shall affect, in any
manner or to any extent, the lien of this Mortgage upon the Mortgaged Property,
and any liens, rights, powers, and remedies of Lender shall continue unimpaired
as before.

                  (j) In exercising the remedies herein described or taking of
any of the actions which are authorized herein, Lender will be acting solely and
exclusively as agent for Borrower in attempting to realize the maximum return
from the Mortgaged Property and in attempting to obtain payment for Lender of
the amounts which Lender is to receive pursuant to the Note. The parties
acknowledge that in so doing, Lender will not be or be deemed to be an "owner"
or "operator" of the Mortgaged Property under any environmental statute, law,
regulation or ordinance, and will not be assuming any obligations of Borrower to
fully comply with all such statutes, laws, regulations or ordinances, as more
particularly described in this Mortgage. Borrower will specifically defend and
indemnify Lender against any such liability, cost, loss, or expense.

         31. Waiver of Marshaling, Appraisement, Valuation, Stay, Extension, and
Redemption Laws. Lender shall have the right to determine the order in which any
or all of the Mortgaged Property shall be subjected to the remedies provided
herein. Lender shall have the right to determine the order in which any or all
portions of the Indebtedness secured hereby are satisfied from the proceeds
realized upon the exercise of the remedies provided herein.

         32. Environmental Representations and Warranties of Borrower.

                  (a) Borrower represents and warrants to Lender that Borrower
has undertaken an appropriate inquiry into the previous ownership and uses of
the Mortgaged Property consistent with good commercial or customary practice in
an effort to minimize liability with respect to any substances defined or
classified or identified as "hazardous substances," "hazardous wastes,"
"hazardous materials," "toxic substances" or other contaminants or pollution
under any applicable federal or state or local laws, ordinances, rules or
regulations now or hereafter in effect ("Hazardous Substances"). Borrower
represents and warrants that the Mortgaged Property is presently free from
contamination by Hazardous Substances and that the Mortgaged Property and the
activities conducted thereon do not pose any significant hazard to human health
or the environment or violate any applicable federal, state or local laws,
ordinances, rules or regulations pertaining to Hazardous Substances or
industrial hygiene or environmental conditions ("Environmental Laws"). Borrower
shall not cause or permit the Mortgaged Property to be used for the generation,
handling, storage, transportation, disposal or release of any Hazardous
Substances except as exempted or permitted under applicable Environmental Laws,
and Borrower shall not cause or permit the Mortgaged Property or any

                                       25
<PAGE>

activities conducted thereon to be in violation of any applicable Environmental
Laws. Borrower agrees to indemnify Lender and hold Lender and its directors,
officers, employees, successors and assigns harmless from and against any and
all claims, losses, damages (including all foreseeable and unforeseeable
consequential damages), liabilities, fines, penalties, charges, interest,
administrative or judicial proceedings and orders, judgments, remedial action
requirements, enforcement actions of any kind, and all costs and expenses
incurred in connection therewith (including without limitation attorneys' fees
and expenses), directly or indirectly resulting in whole or in part from the
violation of any Environmental Laws applicable to the Mortgaged Property or any
activity conducted thereon, or from any past, present or future use, generation,
handling, storage, transportation, disposal or release of Hazardous Substances
at or in connection with the Mortgaged Property, or any decontamination,
detoxification, closure, cleanup or other remedial measures required with
respect to the Mortgaged Property under any Environmental Laws. All sums paid
and costs incurred by Lender with respect to the foregoing matters shall bear
interest, shall be paid and shall be secured as provided in Section 14. This
indemnity shall survive the full payment and performance of the Obligations and
the satisfaction of this Mortgage, and it shall inure to the benefit of any
transferee of title to the Mortgaged Property through foreclosure of this
Mortgage or through deed in lieu of foreclosure.

         33. Merger. There shall be no merger of this Mortgage or any other
document securing the Note with the fee estate of the Property by reason of the
fact that the same party may hold or acquire, directly or indirectly, the Note,
this Mortgage or any other document securing the Note and at the same time be
the owner of the fee estate of the Mortgaged Property or thereafter acquire the
fee estate of the Property, or by reason of the fact that the same party may
hold or acquire, directly or indirectly, the fee estate of the Property and at
the same time be the owner and holder of the Note, this Mortgage or any other
instruments securing the Note or thereafter acquire the Note, this Mortgage or
any other instrument securing the Note.

         34. Delay or Omission - No Waiver. No delay or omission of the Lender
or of any holder of the Note to exercise any right, power or remedy accruing
upon any default shall exhaust or impair any such right, power or remedy or
shall be construed to be a waiver of any such default, or acquiescence therein;
and every right, power and remedy given by this Mortgage to the Lender may be
exercised from time to time and as often as may be deemed expedient by the
Lender.

                  If the Lender (i) grants forbearance or an extension of time
for the payment of any sums secured hereby; (ii) takes other or additional
security for the payment thereof; (iii) waives or does not exercise any right
granted herein or in the Note; (iv) releases any part of the Mortgaged Property
from the lien of the Mortgage or otherwise changes any of the terms of the Note
or this Mortgage; (v) consents to the filing of any map, plat or replat thereof;
(vi) consents to the granting of any easement thereon; or (vii) makes or
consents to any agreement subordinating the lien or charge of this Mortgage, any
such act or omission shall not release, discharge, modify, change or affect the
obligations under the Note, this Mortgage or otherwise of the Borrower or any
subsequent purchaser of the Mortgaged Property or any part thereof, or any
maker, co-signer or guarantor; nor shall any such act or omission preclude the
Lender from exercising any right, power or privilege herein granted or intended
to be granted in the event of any other default then made or of any subsequent
default, except as otherwise expressly provided in an instrument or instruments
executed thereby. In the event of any sale or transfer by

                                       26
<PAGE>

operation of law or otherwise of all or any part of the Mortgaged Property, the
Lender, without notice to any person or corporation, is hereby authorized and
empowered to deal with any such vendee or transferee with reference to the
Mortgaged Property or the terms or conditions hereof, as fully and to the same
extent as it might deal with the original parties hereto and without in any way
releasing or discharging any of the liabilities or undertakings hereunder.

         35. Offsets. No Indebtedness secured by this Mortgage shall be deemed
to have been offset or compensated by all or any part of any claim, cause of
action, counterclaim or part of any claim, cause of action, counterclaim or
cross-claim, whether liquidated or unliquidated, which Borrower now or hereafter
may have or may claim to have against Lender; and, in respect of the
Indebtedness now or hereafter secured hereby, Borrower waives to the full extent
permitted by law the benefits of any applicable law, regulation or procedure
which substantially provides that where cross-demands for money have existed
between persons at any point in time when neither demand was barred by the
applicable statute of limitations, and an action is thereafter commenced by one
such person, the other person may assert in his answer the defense of payment in
that the two (2) demands are compensated so far as they equal each other,
notwithstanding that an independent action asserting his claim would at the time
of filing his answer be barred by the applicable statute of limitations.

         36. Discontinuance of Proceedings - Position of Parties Restored. In
case the Lender shall have proceeded to enforce any right or remedy under this
Mortgage by foreclosure, entry or otherwise, and such proceedings shall have
been discontinued or abandoned for any reason, or shall have been determined
adversely to the Lender, then and in every such case the Borrower and the Lender
shall be restored to their former positions and rights hereunder, and all
rights, powers and remedies of the Lender shall continue as if no such
proceeding has been taken.

         37. Loss of Note. In the event the Note is mutilated, destroyed, lost
or stolen, Borrower shall deliver to Lender in substitution therefor a new
promissory note containing the same terms and conditions as the Note, with a
notation thereon of the unpaid principal and accrued but unpaid interest.
Borrower shall be furnished with reasonably satisfactory evidence of the
mutilation, destruction, loss or theft of the Note, and also such security of
indemnity as may be reasonably requested by Borrower.

         38. WAIVER OF TRIAL BY JURY. BORROWER AND LENDER HEREBY IRREVOCABLY,
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A
TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS MORTGAGE, AND ANY AGREEMENT CONTEMPLATED TO BE
EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER EXTENDING CREDIT TO BORROWER.
FURTHER, BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF LENDER,
NOR THE LENDER'S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER
WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT
TO JURY TRIAL PROVISION.

                                       27
<PAGE>

         39. Management Agreement. The Mortgaged Property shall at all times be
operated by Borrower, or a substitute professional management company selected
by Borrower and acceptable to Lender pursuant to the terms of a management
agreement in form and substance satisfactory to Lender. The management agreement
must provide that at Lender's option, the agreement may be terminated
immediately upon the occurrence of an Event of Default under the Mortgage, or
Lender's acquisition of title to the Mortgaged Property whether by foreclosure,
deed in lieu of foreclosure, or otherwise. All management agreements, fees and
commissions payable to such management company, including, but not limited to,
leasing commissions, shall be subordinated to the lien of this Mortgage.

         40. Further Assurances. Borrower, upon the reasonable request of
Lender, will execute, acknowledge and deliver such further instruments and do
such further acts as may be necessary, desirable or proper to carry out more
effectively the purpose of the Loan Documents and to subject to the liens
thereof any property intended by the terms thereof to be covered thereby, and
any renewals, additions, substitutions, replacements or betterments thereto.
Upon any failure by Borrower to execute and deliver such instruments,
certificates and other documents on or before fifteen (15) days after receipt of
written request therefor, Lender may make, execute and record any and all such
instruments, certificates and Borrower irrevocably appoints Lender the agent and
attorney-in-fact of Borrower to do so.

         41. Survival of Warranties and Covenants. All covenants, agreements,
representations and warranties made in this Mortgage and the other Loan
Documents shall be deemed to have been material and relied upon by Lender and
shall survive the execution and delivery to Lender of the Loan Documents and the
disbursement and advancement of funds thereunder. The execution by Lender of any
satisfaction of Mortgage releasing and canceling this Mortgage of record or any
assignment of the Mortgage shall not be deemed to release Borrower from its
covenants, agreements, representations, warranties and indemnities made in this
Mortgage and the other Loan Documents, and such covenants, agreements,
representations, warranties and indemnities shall survive same. This section
shall survive the payment of the Indebtedness.

         42. Tax and Insurance Escrow. Upon the occurrence of an Event of
Default or any event or condition shall exist which, but for notice or the
passage of time, or both, may result in an Event of Default at the sole option
of Lender in order to more fully protect the security of this Mortgage, on
written notice to Borrower, Borrower shall pay to Lender, on each of the monthly
due dates of interest payments or principal and interest payments, as set forth
in the Note, an amount equal to one-twelfth of the annual (i) taxes and (ii)
insurance premiums for such insurance as is required hereunder. Borrower shall
also pay into such account such additional amounts, to be determined by Lender
from time to time, as will provide a sufficient fund at least thirty (30) days
prior to the due dates of the next installment of such taxes and insurance
premiums, for payment of such taxes and insurance premiums so as to realize the
maximum discounts permitted by law. Amounts held hereunder by Lender shall be
non-interest bearing and may be commingled with Lender's other funds. Upon
assignment of this Mortgage, Lender shall have the right to pay over the balance
of such amounts then in its possession to the assignee and Lender shall
thereupon be completely released from all liability with respect to such
amounts. Upon full payment of the Indebtedness, or, at the election of Lender at
any prior time, the balance of such amounts shall be paid over to Borrower and
no other party shall have any

                                       28
<PAGE>

right or claim thereto. Amounts held by Lender pursuant to this Section 39 may
be used by Lender in sufficient time to allow Lender to satisfy Borrower's
obligations under the Loan Documents to pay taxes and required insurance
premiums, within the maximum discount period, where applicable and shall not
bear interest.

         43. Intentionally Deleted.

         44. No Representations by Lender. By accepting or approving anything
required to be observed, performed or fulfilled or to be given to Lender,
pursuant to the Loan Documents, including (but not limited to) any officer's
certificate, survey, appraisal or insurance policy, Lender shall not be deemed
to have warranted or represented the sufficiency, legality, effectiveness or
legal effect of the same, or of any term, provision or condition thereof, and
such acceptance or approval thereof shall not be or constitute any warranty or
representation with respect thereto by Lender.

         45. Borrower-Lender Relationship. Borrower acknowledges and agrees that
the relationship created by the loan evidenced by the Note, Mortgage and the
other Loan Documents is that of lender-borrower, creditor-debtor and
mortgagee-mortgagor, and the parties do not intend any partnership, joint
venture, trustee-beneficiary or other similar relationship to exist or be
created between Borrower and Lender.

         46. Release of Lender. Borrower acknowledges that it is executing the
Note, this Mortgage and each of the Loan Documents of its own voluntary act,
free from duress and undue influence. Borrower hereby releases Lender and its
employees, agents, and counsel from any claims that it may have (arising prior
to the execution of this Mortgage, the Note and the Loan Documents) against
Lender, its employees, its agents and counsel for the acts of any of the
foregoing parties in connection with the loan evidenced by the Note and secured
by the Mortgage and the Loan Documents (except for claims directly resulting
from the gross negligence and willful misconduct of Lender).

         47. Indemnification. Without limiting any of the other provisions
contained in this Mortgage, the Note or the Loan Documents, Borrower agrees to
indemnify and hold Lender harmless against and with respect to any and all
liability, deficiency, damage, cost or expense resulting from any
misrepresentation, material omission, breach of warranty or representation, or
the non-fulfillment of any covenants or agreement on the part of Borrower under
or relating to this Mortgage, the Note or the other Loan Documents, and any and
all actions, suits, proceedings, demands, assessments, judgments, costs, legal
and accounting fees or other expenses incident to the foregoing indemnification
of the Borrower pursuant to this subsection. This section shall survive the
repayment of a Loan.

         48. Homestead. The subject Property is not the residence or homestead
of the Borrower and does not constitute their homestead.

         49. Intentionally Deleted.

         50. Intentionally Deleted.

                                       29
<PAGE>

         51. Representations and Warranties. The Borrower represents and
warrants to the Lender:

                  (a) the proceeds of the Loan are not being used to purchase or
carry any "margin stock" within the meaning of Regulation "G", "U", or "T" of
the Board of Governors of the Federal Reserve System, nor to extend credit to
others for that purpose.

                  (b) the extension of credit secured by this Mortgage is exempt
from the provisions of the Federal Consumers Credit Protection Act
(Truth-in-Lending Act) (the "Act") and Regulation "Z" of the Board of Governors
of the Federal Reserve System (the "Regulation"), because Borrower is a person
fully excluded from the Act and the Regulation, and/or because said extension of
credit is only for business or commercial purposes of Borrower and the proceeds
of the Loan are not being used for personal, family, household or agricultural
purposes. Borrower acknowledges and agrees that the Lender is relying on the
representations and warranties in this Mortgage and all other Loan Documents as
a precondition to making the Loan, and that all such representations and
warranties shall survive the closing of the Loan and any bankruptcy proceedings.

                  (c) To the best of Borrower's knowledge and after reasonable
customary investigation, the Property and the Recent Improvements comply with
all applicable covenants, conditions and restrictions affecting the Property or
any portion thereof, and comply with all applicable Governmental Requirements.
As used herein, "Governmental Requirement" means any law (including without
limitation OSHA, EPA, ERISA and ADA), statute, code, ordinance, order, rule,
regulation, judgment, decree, writ, injunction, franchise, permit, certificate,
license, authorization, or other direction or requirement now existing or
hereafter enacted, adopted, promulgated, entered, or issued applicable to the
Project or Mortgagor by any federal, state, county, municipal or other
government, governmental department, commission, board, bureau, court, agency or
any instrumentality of any of them. The Borrower has obtained a final
certificate of use and occupancy entitling it to occupy and use the Project for
its intended purposes.

                  (d) To the best of Borrower's knowledge and after reasonable
customary investigation, there is no (i) plan, study or effort by any by any
federal, state, county, municipal or other government, governmental department,
commission, board, bureau, court, agency or any instrumentality of any of them
(the "Governmental Authority") or any non-governmental person or agency which
may adversely affect the planned use of the Project, or (ii) any intended or
proposed Governmental Requirement (including, but not limited to, zoning
changes) which may adversely affect the current or planned use of the Project.

                  (e) No defect or condition of the Property or the soil or
geology thereof exists which will impair the use, or the operation of the
Project for its intended purpose.

                  (f) To the best of Borrower's knowledge and after reasonable
customary investigation, a survey of the Property acceptable to Lender, and all
plot plans and other documents heretofore furnished by Borrower to Lender with
respect to the Property and Improvements are accurate and complete as of their
respective dates. There are no encroachments onto the Property and no
improvements on the Property encroach onto any adjoining property.

                                       30
<PAGE>

                  (g) Borrower is a Florida corporation, duly organized, validly
existing and in good standing under the laws of Florida; has the power and
authority to own its properties and to carry on its business as now being
conducted; is in compliance with all Governmental Requirements; and has not
amended or modified its corporate charter, by-laws, or articles of
incorporation, except as previously disclosed in writing to Lender prior to the
execution hereof.

                  (h) The execution, delivery and performance by Borrower of the
Loan Documents on its part heretofore executed and delivered and to be executed,
delivered and performed, are within its powers and purposes; have been duly
authorized by all requisite action of Borrower; do not require the approval of
any Governmental Authority; and will not violate any Governmental Requirement,
Borrower's articles of incorporation or any indenture, agreement or other
instrument to which it is a party or by which it or any of its property is
bound; or be in conflict with, result in a breach of or constitute (with due
notice or lapse of time, or both) a default under any such indenture, agreement
or other instrument, or result in the creation or imposition of any lien charge
or encumbrance of any nature whatsoever upon any of its property or assets,
except as contemplated by the provisions of the Loan Documents; and the Loan
Documents heretofore executed and delivered and to be executed and delivered by
it, constitute the legal, valid and binding obligations of Borrower enforceable
in accordance with their respective terms.

                  (i) There is no action, suit, proceeding, or investigation now
pending (or to the best of Borrower's knowledge, threatened) against, involving
or affecting Borrower or the Project at law, in equity or before any
Governmental Authority that if adversely determined as to Borrower or the
Project, would result in a material adverse change in its business or financial
condition or its operation and ownership of any of its properties nor, to the
best of Borrower's knowledge, is there any basis for such action, suit,
proceeding or investigation.

                  (j) Borrower acknowledges that Lender has relied upon
Borrower's representations, has made no independent investigation of the truth
thereof and is not charged with any knowledge contrary thereto that may be
received by an examination of the public records wherein the Property is located
or that may have been received by any officer, director, agent, employee, or
shareholder of Lender.

         52. Miscellaneous.

                  52.1. In the event of a conflict between the terms, covenants
and conditions of this Mortgage and those of any other Loan Document, the terms,
covenants and conditions of the document which shall enlarge the interest of
Lender in the Mortgaged Property, afford the Lender greater financial security
in the Mortgaged Property and/or assure payment of the Indebtedness in full,
shall control.

                  52.2. Any and all of the rights and obligations of Lender
under the Loan Documents may be assigned by Lender to another institutional
lender, including, but not limited to, a related affiliate corporation of
Lender. In such event, Borrower agrees to attorn to such assignee and to execute
such consents thereto and other documentation as may reasonably be required to
facilitate such assignment, provided such consents and documentation do not add
to the obligations of Borrower. Lender shall also have the right to participate
the Loan with other institutional lenders, including, but not limited to,
related affiliate corporations of Lender.

                                       31
<PAGE>

                  52.3. The Loan Documents contain the entire agreement between
the parties hereto and there are no promises, agreements, conditions,
undertakings, warranties and representations, whether written or oral, express
or implied, between the parties hereto other than as set forth in the Loan
Documents.

                  52.4. The headings and captions of various paragraphs of this
Mortgage are for convenience only and are not to be construed as defining or
limiting, in any way, the scope or intent of the provisions hereof.

                  52.5. An accounting term not otherwise defined shall have the
meaning assigned to it in accordance with generally accepted accounting
principals.

                  52.6. In the event any one or more of the provisions contained
in this Mortgage or in the Note or in the Loan Documents shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Mortgage or Note or other Loan Document, but this Mortgage or Note or other Loan
Document shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein or therein.

                  52.7. This Mortgage and the rights of enforcement hereunder
shall, without regard to the place of contract or payment, be construed and
enforced according to the laws of the State of Florida.

                  52.8. Time is of the essence of this Mortgage, and the waiver
of the options or obligations secured hereby shall not at any time thereafter be
held to be an abandonment of such rights. Notice of the exercise of any option
granted to Lender herein, or in the Note, is not required to be given, except as
otherwise provided herein.

                  52.9. The covenants herein contained are joint and several and
shall bind, and the benefits and advantages thereof shall also inure to the
benefit of, the respective heirs, successors and assigns of the parties.

                  52.10. Whenever used, the singular number shall include the
plural, the plural the singular and the use of any gender shall include all
genders.

                  52.11. All references to monies in this Mortgage shall be
deemed to mean lawful monies of the United States of America.

         NOW, THEREFORE, if the Note and the interest thereon and the
Indebtedness be paid when due and the said agreements be faithfully performed as
aforesaid, then these presents shall cease and be void and the Mortgaged
Property shall be released at the cost of Borrower.

         IN WITNESS WHEREOF, Borrower has executed this Mortgage or caused this
Mortgage to be executed by its duly authorized representatives the day and year
first above written.

                                       32
<PAGE>

                                         BORROWER:

                                         POST, BUCKLEY, SCHUH & JERNIGAN, INC.,
                                         a Florida corporation

                                         By:
---------------------------------           ---------------------------------
Witness Signature                        Name: Richard A. Wickett
Print:                                   Title: Senior Executive Vice President
      ---------------------------
                                                     [CORPORATE SEAL]

---------------------------------
Witness Signature
Print:
      ---------------------------

STATE OF FLORIDA                    )
                                    ) ss:
COUNTY OF MIAMI-DADE                )

         The foregoing instrument was acknowledged before me this 19th day of
March, 2001, by Richard A. Wickett, as Senior Executive Vice President of Post,
Buckley, Schuh & Jernigan, Inc., a Florida corporation, on behalf of the
corporation. He is personally known to me; or has produced _____________________
as identification.

                                         ---------------------------------------
                                         NOTARY PUBLIC, STATE OF FLORIDA
                                         Print Name:
                                         Commission Number:

                                       33EXHIBIT 10.3

(Multicurrency-Cross Border)

                                   I S D A(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                            dated as of March 8, 2001

   SunTrust Bank                      and               Post, Buckley, Schuh
                                                        & Jernigan, Inc.
     Party A                                                  Party B

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:

1.       Interpretation

(a)      Definitions. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

(b)      Inconsistency. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)      Single Agreement. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a sin-le agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.       Obligations

(a)      General Conditions.
         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

       Copyright(C)( 1992 b@, International Swap Dealers Association. Inc.

<PAGE>

(b)      Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      Netting. If on any date amounts would otherwise be payable:--

         (i) in the same currency; and

         (ii) in respect of the same Transaction.

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)      Deduction or Withholding for Tax.

         (i) Gross-Up. All payments under this Agreement will be made without
         any deduction or withholding for or on account of any Tax unless such
         deduction or withholding is required by any applicable law, as modified
         by the practice of any relevant governmental revenue authority, then in
         effect. If a party is so required to deduct or withhold, then that
         party ("X") will:-

                  (1) promptly notify the other party ("Y") of such requirement;

                  (2) pay to the relevant authorities the full amount required
                  to be deducted or withheld (including the full amount required
                  to be deducted or withheld from any additional amount paid by
                  X to Y under this Section 2(d)) promptly upon the earlier of
                  determining that such deduction or withholding is required or
                  receiving notice that such amount has been assessed against Y;

                  (3) promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities, and

                  (4) if such Tax is an lndemnifiable Tax, pay to Y, in addition
                  to the payment to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary to ensure
                  that the net amount actually received by Y (free and clear of
                  lndemnifiable Taxes, whether assessed against X or Y) will
                  equal the full amount Y would have received had no such
                  deduction or withholding been required. However, X will not be
                  required to pay any additional amount to Y to the extent that
                  it would not be required to be paid but for:--

                           (A) the failure by Y to comply with or perform any
                           agreement contained in Section 4(a)(i), 4(a)(iii) or
                           4(d); or

                           (B) the failure of a representation made by Y
                           pursuant to Section 3(f) to be accurate and true
                           unless such failure would not have occurred but for
                           (1) any action taken by a taxing authority, or
                           brought in a court of competent jurisdiction, on or
                           after the date on which a Transaction is entered into
                           (regardless of whether such action is taken or
                           brought with respect to a party to this Agreement) or
                           (11) a Change in Tax Law.

                                        2
<PAGE>

         (ii) Liability. If:--

                  (1) X is required bv any applicable law, as modified by the
                  practice of any relevant governmental revenue authority to
                  make any deduction or withholding in respect of which X would
                  not be required to pay an additional amount to Y under Section
                  2(d)(i)(4);

                  (2) X does not so deduct or withhold; and

                  (3) a liability resulting from such Tax is assessed directly
                  against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e)      Default Interest, Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.       Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(0, at all times until the
termination of this Agreement) that:--

(a)      Basic Representations.

         (i) Status. It is duly organized and validly existing under the laws of
         the jurisdiction of its Organisation or incorporation and, if relevant
         under such laws, in good standing;

         (ii) Powers. It has the power to execute this Agreement and any other
         docui-nentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Aorreement that it is required by this Aereement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorise such execution, delivery and
         performance;

         (iii) No Violation or Conflict. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order orjudgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) Consents. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) Obligations Binding. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganisation,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

                                        3
<PAGE>

(b)      Absence of Certain Events. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

(c)      Absence of Litigation. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, Governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)      Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)      Payer Tax Representation. Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(e) is accurate and true.

(f)      Payee Tax Representations. Each representation specified in the
Schedule as being made by it for the purpose of this Section (3)(f) is accurate
and true.

4.       Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:

(a)      Furnish Specified Information. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i) any forms, documents or certificates relating to taxation specified
         in the Schedule or any Confirmation; (ii) any other documents specified
         in the Schedule or any Confirmation; and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification.

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)      Maintain Authorisations. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

(c)      Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      Tax Agreement. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure.

                                        4
<PAGE>

(e)      Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.       Events of Default and Termination Events

(a)      Events of Default. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:--

         (i) Failure to Pay or Deliver. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) Breach of Agreement. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) Credit Support Default.

                  (1) Failure by the party or any Credit Support Provider of
                  such party to comply with or perform any agreement or
                  obligation to be complied with or performed by it in
                  accordance with any Credit Support Document if such failure is
                  continuing after any applicable grace period has elapsed;

                  (2) the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and effect for the purpose of
                  this Agreement (in either case other than in accordance with
                  its terms) prior to the satisfaction of all obligations of
                  such party under each Transaction to which such Credit Support
                  Document relates without the written consent of the other
                  party; or

                  (3) the party or such Credit Support Provider disaffirms,
                  disclaims, repudiates or rejects, in whole or in part, or
                  challenges the validity of, such Credit Support Document;

         (iv) Misrepresentation. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

         (v) Default under Specified Transaction. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects in whole or
         in part, a Specified Transaction (or such action is taken by any person
         or entity appointed or empowered to operate it or act on its behalf);

         (vi) Cross Default. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however
         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or

                                        5
<PAGE>

         collectively) in an a(,cre,,ate amount of not less than the applicable
         Threshold Amount (as specified in the Schedule) which has resulted in
         such Specified Indebtedness becoming, or becomin- capable at such time
         of being declared, due and payable under such agreements or
         instruments, before it would otherwise have been due and payable or (2)
         a default by such party, such Credit Support Provider or such Specified
         Entity (individually or collectively) in making one or more payments on
         the due date thereof in an a-gre-ate amount of not less than the
         applicable Threshold Amount under such agreements or instruments (after
         giving effect to any applicable notice requirement or grace period);

         (vii) Bankruptcy. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:--

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or (B) is not
                  dismissed, discharged, stayed or restrained in each case
                  within 30 days of the institution or presentation thereof, (5)
                  has a resolution passed for its winding-up, official
                  management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its assets or has a distress, execution,
                  attachment, sequestration or other legal process levied,
                  enforced or sued on or against all or substantially all its
                  assets and such secured party maintains possession, or any
                  such process is not dismissed, discharged, stayed or
                  restrained, in each case within 'JO days thereafter: (8)
                  causes or is subject to any event with respect to it which,
                  under the applicable laws of any jurisdiction, has an
                  analogous effect to any of the events specified in clauses (1)
                  to (7) (inclusive); or (9) takes any action in furtherance of,
                  or indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts., or

         (viii) Merger Without Assumption. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other- party) to the performance
                  by such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b)      Termination Events. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any event specified below constitutes an Illegality if
the event is specified in (i) below, a Tax Event if the event is specified in
(ii) below or a Tax Event Upon Merger if the event

                                        6
<PAGE>

is specified in (iii) below, and, if specified to be applicable, a Credit Event
Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

         (i) Illegality. Due to the adoption of, or anv change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or anv change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or deliverv in
                  respect of such Transaction or to comply with anv other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction:

         (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Chan-e in Tax Law, the party (which will be the Affected Party) will,
         or there is a substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

         (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pav an additional amount in respect of an lndemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any lndemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or anv applicable Specified Entity of
         X consolidates or amal amates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) Additional Termination Event. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applyin-, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c)      Event of Defautl and Illegality. If an event or circumstance which
         would otherwise constitute or give rise to an Event of Default also
         constitutes an Illegality, it will be treated as an Illegality and will
         not constitute an Event of Default.

                                        7
<PAGE>

6.       Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaultina Party") has occurred and is
then continuing, the other party (the "Non-defaulting, Party") may, by not more
than 20 days notice to the Defaultin- Party specifying the relevant Event of
Default, designate a day not earlier than the dav such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately precedin- the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)      Right to Terminate Following Termination Event.

         (i) Notice. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii) Transfer to Avoid Termination Event. If either an Illegality under
         Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it elves notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv) Right to Terminate. If.--

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an

                                        8
<PAGE>

         Additional Termination Event if there is only one Affected Party may,
         by not more than 20 days notice to the other partv and provided that
         the relevant Termination Event is then continuing, designate a dav not
         earlier than the day such notice is effective as an Early Termination
         Date in respect of all Affected Transactions.

(c)      Effect of Designation.

         (i) If notice designating an Early Termination Date is civen under
         Section 6(a) or (b), the Earlv Ten-nination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further pavments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, pavable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

(d)      Calculations.

         (i) Statement. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) Payment Date. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as afterjudgment) in the Termination Currency, from (and including) the
         relevant Early Termination Date to (but excluding) the date such amount
         is paid, at the Applicable Rate. Such interest will be calculated on
         the basis of daily compounding and the actual number of days elapsed.

(e)      Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

         (i) Events of Default. If the Early Termination Date results from an
         Event of Default:--

                  (1) First Method and Market Quotation. If the First Method and
                  Market Quotation apply, the Defaulting Party will pay to the
                  Non-defaulting Party the excess, if a positive number, of (A)
                  the surn of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non- defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Am(funts owing
                  to the Defaulting Party.

                  (2) First Method and Loss. If the First Method and Loss apply,
                  the Defaulting Party will pay to the Non-defaulting Party, if
                  a positive number, the Non-defaulting Party's Loss in respect
                  of this Agreement.

                                       9
<PAGE>

                  (3) Second Method and Market Quotation. If the Second Method
                  and Market Quotation apply, an amount will be payable equal to
                  (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currenev Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4) Second Method and Loss. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pav it to the
                  Non-defaulting Party; if it is a negative number, the Non-
                  defaulting Party will pay the absolute value of that amount to
                  the Defaulting Party.

         (ii) Termination Events. If the Early Termination Date results from a
         Termination Event:--

                  (1) One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(c)(i)(')), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

                  (2) Two Affected Parties. If there are two Affected Parties:--

                           (A) if Market Quotation applies, each party will
                           determine a Settlement Amount in respect of the
                           Terminated Transactions, and an amount will be
                           payable equal to (1) the sum of (a) one-half of the
                           difference between the Settlement Amount of the party
                           with the higher Settlement Amount ("X") and the
                           Settlement Amount of the party with the lower
                           Settlement Amount ("Y") and (b) the Termination
                           Currency Equivalent of the Unpaid Amounts owing to X
                           less (11) the Termination Currency Equivalent of the
                           Unpaid Amounts owing to Y; and

                           (B) if Loss applies, each party will determine its
                           Loss in respect of this Agreement (or, if fewer than
                           all the Transactions are being terminated, in respect
                           of all Terminated Transactions) and an amount will be
                           payable equal to one-half of the difference between
                           the Loss of the party with the higher Loss ("X") and
                           the Loss of the party with the lower Loss ("Y").

                  If the amount payable is a positive number, Y will pay it to
                  X; if it is a negative number, X will pay the absolute value
                  of that amount to Y.

         (iii) Adjustment for Bankruptcy. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) Pre-Estimate. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

                                       10
<PAGE>

7.       Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a)      a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)      a party may make such a transfer of all or any part of its interest in
any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       Contractual Currency.

(a)      Payment in the Contractual Currency. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable law,
any obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)      Judgments. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)      Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence -ranted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made f6r any other sums payable in respect of this
Agreement.

(d)      Evidence of Loss. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

                                       11
<PAGE>

9.       Miscellaneous

(a)      Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)      Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)      Counterparts and Confirmations.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      No Waiver of Rights. A failure or delay in exercising any right, power
or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)      Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      Offices; Multibranch Parties

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or organisation of such party, the
obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be
repeated by such party on each date on which a Transaction is entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

                                       12
<PAGE>

11.      Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out- of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.      Notices

(a)      Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other chan(Ye the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      Governing Law and Jurisdiction

(a)      Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      Jurisdiction. With respect to any suit, action or proceedings relating
to this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         nonexclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

                                       13
<PAGE>

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      Service of Process. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d)      Waiver of Immunities. Each parry irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.      Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a)      in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)      in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable, the Default Rate;

(c)      in respect of ail other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)      in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

                                       14
<PAGE>

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchan-e control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annurn equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitations a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organized, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or 3 or
6(e)(ii)(2)(A) applies. Loss does not include a parry's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

                                       15
<PAGE>

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market- maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged. after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding (ir similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of.--

(a)      the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

                                       16
<PAGE>

(b)      such party's Loss (whether positive or negative and without reference
to any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meaninc, specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction., cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any -ovemment or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Terminated- Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that parry and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

                                       17
<PAGE>

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

SUNTRUST BANK                              POST, BUCKLEY, SCHUH & JERNIGAN, INC.

By:                                        By:
   --------------------------------           ----------------------------------
Name: Fred D. Woolf                        Name: Richard A. Wickett
Title: Vice-President                      Title: Sr. Executive Vice President
Date: 3/30/01                              Date: 3/13/01

                                       18

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