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MORTGAGE NOTE
$9,000,000
(subject to adjustment)
Fort Lauderdale, Florida
March 5, 1981
FOR VAGUE RECEIVED, the undersigned (the "Maker")
promises to pay to the order of the Homer Hoyt Institute, Bernard
Paskin, Sarah Bassin, Robert dassin, and Brenda Fincf (the
"Payees") principal and interest as set forth in paragraphs (a),
(b), (c), and (d) below. Principal and interest shall be payable
to the Homer Hoyt Institute, as agent for the payees,•at P. O. Box
34277, Washington, D.C. 20034, or~to such other agent ~nd at such
other place as the holdPr of this Note may designate in writing.
The following amounts shall be payable under this Note:
(a) A principal sum of Nine Million and No/100 Dollars
($~,Ou0,000.00) (referred to in this Nc,te as the "Inftial
Principal Sum"), adjusted as set forth below, shall be payable on
the•"Initial Payment Date", which shall be the earlier of (a) the
second anniversary of this Note or (b) issuance of the first
building permit for construction of a residential dwelling unit or
units on certain real propecty located in St. Lucie County,
Florida (the "Property"), which is subject to a mortgage bearing
the same date as~this Note (the "Mortgage") which secures payment
of this Note. If upon the Initial Payment Date the Maker has made
aoplication for all necessary Governmental Approva2s and such
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