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3 BANK shall have, but shall not bt limited to, tM followrrq rrghts, tech of rNhrth may be extrased at any tirrtt whetMr or not this note is dw: lal to
trledgs or trarttltr thrs soft and 1M Collateral, whereupon BANK shall be rtlrwsd of all dutres and responsrbrlrtits hereurxkr and rttitvtd Iron any and all
lr;rbrlrty with respect to any Collateral to plrtdged or transttrrtd, and any pledgee or transltrte shall fa pll purposes stand rn the plan of BANK Mreundtr
and have all the rights of BANK Mreunder; Ib1 to transttr tM whole or any part of the pledged CollaterN into the name of itstlt or its nominN: le) to
nutrfy the Olstigprs on any Collateral to make payment to BANK of any amounts due or to become due thtrton; Idl to demand, wt for, cotleCt. or make
any compromise or settlement tt deems dtstrsble with reterena to the Collateral; and It) to take possession or control of any prou+ds of flit CollaterN.
4. BANK rs hereby given a Iren upon and a securrty interest in all property of each Oblgor now or at any runt herealttr in the possession of BANK in
any capacity whatsoever. including but nol limited to any balance or slttrt of any deposit, trust or agency account, as t+eNrity for the paymutt of this
sou, and s similar lien upon tM security interest in all such property of each Maker as security for tM payment of all other liabihtits of tech MNta to
BANK end BANK shall have tM saint rghts ss to wch property as it Ms wrth respect to tM Collateral pledged by the MAKER.
5. If BANK drams itself insecure or upon tM otxurrtrtct d any default Mrwnder, BANK shall have NI tM remedies of a tetvred party under tM
Uniform Corrtnttrcial Cods fa tM State of Florida, and without limiting tM generality of the forsgorng, BANK shall haw tM right, at its option, and
wrthout notice or demand, to declare tM entire amount of this note rtrrtaining unpaid, and all other liabilities of any Obligor w any of wch liabilities
selected by BANK, immediately due and payable, less any unearned inttrKt Or other charges sad any rebates required by law lit being tM intention
hereof that under no circumstances shall BANK or any holder hereof be tntitted to receive at any time any charges not allowed or permitted by law or
any interest in excess of tM ntaxrmum allowed by lawl: to sat off against this note all money owed by BANK in any capacity to est:h or any Obliges.
whether or not due, and also to set off against all other liabilities of each Maker to BANK alt money owed by BANK in any capacity to tech or any Maker
and BANK shall be deemed to haw exercised wch rpht of at off and to Mw made a charge against any such money immediately upon tM Otcurrenp of
wch default corn though wch charge is made a entered on tltt books of BANK wbtequent tMreto. Unless tM Collateral is patishabk o? thrtattns to
decline speedily in value or is of a type customarily sold os • rtcogniied market, BANK will give MAKER reasonable notiq of tM tirrtt and place of any
public sale thereof or of tM rims afar which a private salt will W. Mkt. TM requirement of reasonable notice shall bt rMt if such notice K rrsailtd, posugt
prepaid, to any Maker at tM addrea given below or at any other arfdrtss shown on tM records of tM BANK, at kart ten 1101 days before the time of tM
salt. Upon disposition of any CollaterN after tM otxurrtnoe of any default hereunder, Obligors shNl b end remain liable for any deficiency, and BANK
shall account to MAKER for any surplus, but BANK shall haw tM right to apply NI a any part of such surplus lor to hold tM sense as a restrw) painst
any and all other liabilities of tads or any Maker to BANK.
6. No delay or omission on tM pan of BANK in txertisirq any right Mrwrtder sftell operas as a waiver M wch right or of any rpht under this soft. No
waiver shall be bindirq on BANK unless in a writing signed by an authorised BANK officer, and thin only to tM extent specifically set forth tltertin.
Presentment, demand, protest and notice of dishonor, art hereby waived by each end every Obligor. TM Oblgors, jointly and sewnlly, promise and egret
to pay in tM event of a default, all costs end expenses incurred in the eolketion of this note, inctudirtg'attorrtty's teas cquN to ten pN cent (10li) of tM
principal win, a wch larger amount K may be reasonable end just, and Nso thoN costs, expenses and attorneys' fees incurred in appelkte proceedings.
A11 nouns and pronouns contained in this instrurrttnt shell ttttan and inchsde tM plural as well es tM sirtgukr, and tM masculine, feminist and Muter
gender whenever and wrfterever tM context so admits or requires.
7. Each Obligor Mreby expressly consents to any end ell extensions and renewals, in whole or in part, and alt delays in time of payment or other
performance which tM holder Mreaf may grant or permit st any time and iron time to time_without limitation, and without arty notice to or further
consent of any Obligor. No action or inaction by BANK shall disdtarge My party liable for tM payment Mreof, and tM liability of all such parties shell
continue until actual payment is reaivtd by 1M BANK. Without limiting the generality of tM ioregoirg, tM release or discharge of any Obligor shall not
discharge any other Obligor, and tM rtltase or impairment of CollaterN, tM taking of a rertewN note, for part or NI of intltbtedMSS Mreurtder, or a
clcange in the interest rate, shall not discharge any Obligor.
S. The BANK is author.zed by all Oblgors without notice to asy of them to date [his note as of the day when tM first disbursement of iM loan
evidenced hereby is made, and to fill is any blank spaces Mrein to conform to tM terms upon which tM loan evidesCtd hereby is rt?ade.
9. Both principal and interest on this promissory note are payable in lawful money of the Unitrtd States of America without deduction for or on account
of any present or future taxes, duties w other charges levied Or imposed On this note Or the proceeds, maker or holder hereof by any government, or any
~nstrumentslity, authority or political wbdivision tltertot. Maker agrees upon tM request of BANK to pay NI such sexes, duties and other charges in
addition to principal and interest on this promissory mote, exelusiw of United Starts income texts end Fbrida income axes.
10. Tht BANK'S rights hereunder end under any otMr security agreement or other writing or under applicable law shall be cumulative. BANK at its
option may make subsequent advances evidenced by this Note, In which awns this Note shall remain valid and Mtorgablt notwithstanding partial or
total payment, reborrowing, or repayment of sums tdvsngd Mrtunder.
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THE FOLLOWING PARAGRAPH ADDITIONALLY APPLIES TO ENDORSERS HEREOF. _ _ ~
In addition to the liability ss endorsers, which tM undersigned Mreby aswme, for value received and intending to be legally bound, the undersigned ~ '
` I:ind rf more than one, each of them jointly and severally) lal Mreby become wrety to the payee of tM within note, its wcoessors, endorsees end assigns,
I for the payment of the within note, and hereby unconditionally guarantce tM payment of the within noes end ell extensions or renewals thereof and all
sums payable under or by virtue thereof including, without limitation, all amounts of principal and interest and all expenses (including attorneys fetal rt.
incurred in the collection thereof, the enforcement of rights thereunder or with respect to any security therefor and the enforcement Mreot,end waive
presentment, demand, notice of dishonor, protest and all other notices whatsoever; end lbl consent and agree lil that all or any of tM Collateral may be
i exchanged, release:), wrrendered or sold from time to time, (ii) that the payment of the note, or any of tM IiN„lilies of tM Maker tfsereof may bt
extended or card note renewed any number of times and for any period iwMther or not longer than tM original period of said Hotel, (iii) that tM holder
or said note may grant any releases, compromises or indulgences with respect to said note or any extensions or renewals tMreof or any security therefor
or to any party liable thereunder or hereunder Irncludirrg but not limited to failure or refusal to exercise one or more of tM rights or remedies provided
by card Hotel, and (iv) that any 'of the provis}orts of said note may be modified; all without notice to or consent of and without affecting the liability of
the undersigned as endorsers and wreties; and further consent asd agree that asy of tM undersgrtad may be sued by the holder with or without
loaning any of the other endorsers or makers of said note and without first or contemporaneously suing any such other persons, Or otherviirst seeking or
proceeding to collect from them or any of them, and without first or contemporaneously undertaking to enforce any rights with respect to any sttlrrity.
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ENDORSERS: ~ / ,i3 ~ _ - / 4~
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Amount of
Documentary Stamps ~ ,
Required on this Nott: ~ - ;
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