Agenda 03-03-09
~~~'1:Y~T8~ eRA
ill East Side~ West S.,de~Seaside Renaissance
If any person decides to appeal any decision made by the Board with respect to any matter considered at this meeting, he or she will
need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings
is made, which record includes the testimony and evidence upon which the appeal is to be based.
Special Meeting of the eRA Board
Tuesday, March 3, 2009
City Commission Chambers
100 E. Boynton Beach Blvd
Boynton Beach, FL 33435
6:15 PM
I. Call to Order - Chairman Jerry Taylor
II. Roll Call
III. Consideration of Second Amendment to Purchase and Sale Agreement with
NSG Properties, Inc and Grindstone Management LLC
IV. Adjournment
"'~1~
~~~<tY~Te~lc RA
iIii East Side-West Side-Seaside Rena',ssance
If any person decides to appeal any decision made by the Board with respect to any matter considered at this meeting, he or she will
need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings
is made, which record includes the testimony and evidence upon which the appeal is to be based.
Special Meeting of the eRA Board
Tuesday, March 3, 2009
City Commission Chambers
100 E. Boynton Beach Blvd
Boynton Beach, FL 33435
6: 15 PM
I. Call to Order - Chairman Jerry Taylor
II. Roll Call
III. Consideration of Second Amendment to Purchase and Sale Agreement with
NSG Properties, Inc and Grindstone Management LLC
IV. Adjournment
~~~<tY~Te~ eRA
iIii East Side-West Side-Seaside Renaissance
eRA BOARD MEETING OF: March3,2009
I I Consent Agenda I X I Old Business
New Business
Legal
Other
SUBJECT: Consideration of Second Amendment to Purchase and Sale Agreements with NSG Properties,
Inc and Grindstone Management, LLC
SUMMARY: Attached is an executed and amended Purchase and Sale Agreement, along with the
first and second amendments. The material terms have been changed to include the following:
· Loan concept is denied
· Parties will close on the sale within ten (10) business days after the CRA waives its first right of
refusal
· The initial purchase price has been decreased but the Buyer will pay Owner a "bonus" if it resells
the property within three (3) years
· Owner will retain the right of first refusal to buy the property back if it is not resold in three years
· The contract has been assigned by Grindstone Management, LLC to Thirty Six Hundred
Holdings, LLC who is the owner of the adjacent shopping center
Approval of this agreement would remove the CRA's option for the first right of refusal and restrict
controls of future impact to the site.
FISCAL IMPACT: None
CRA PLAN, PROGRAM OR PROJECT: Federal Highway Corridor Redevelopment Plan
RECOMMENDATIONS: Waive the CRA's Right of First Refusal in connection with the Second
Amendment to Commercial Contract between NSG Properties, Inc. and Thirty-Six Hundred Holdings,
LLC, and deliver to NSG Properties, Inc. and Thirty-Six Hundred Holdings, LLC a written waiver of the
Right of First Refusal, to be held by CRA's attorney pending closing of the proposed transaction, in
order to evidence the CRA's decision in writing.
~/~
Executive Director
James Cherof
eRA Attorney
T:\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS\Completed Agenda Item Request Forms by Meeting\FY 2008 - 2009 Board Meetings\Special Meeting 3.3.09\Second
Amendment to PA Piatinum.doc
This Instrument was Prepared By,
Record and Return To:
Peter L. Desiderio, Esq.
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
New River Center
200 East Las Olas Boulevard
Suite 2100
Ft. Lauderdale, Florida 33301
WAIVER OF RIGHT OF FIRST REFUSAL
WAIVER OF RIGHT OF FIRST REFUSAL (this "Waiver") made as of this _ day
of , 2009, by and between NSG Properties, Inc., a Florida corporation, whose
address for notice under this Agreement is 3675 South Federal Highway, Boynton Beach,
Florida 33435, Attention: Norman Goddard ("Owner"), Thirty-Six Hundred Holdings, LLC, a
Florida limited liability company, whose address for notice under this Agreement is 6300 N.E.
1 st Avenue, 3rd Floor, Fort Lauderdale, Florida 33334, Attention: Brian Smith, ("Buyer"), and
Boynton Beach Community Redevelopment Agency, a public body, corporate and politic, duly
created and operated pursuant to Chapter 163, Florida Statutes, whose address for notice under
this Agreement is 915 S. Federal Highway, Boynton Beach, Florida 33435 ("CRA").
Recitals
A. Owner and Buyer entered into that certain Commercial Contract dated January 6,
2009, as amended by First Amendment to Commercial Contract dated February 9, 2009, as
further amended by Second Amendment to Commercial Contract dated February 13, 2009
(collectively, the "Contract"), for the sale by Owner to Buyer of the property described therein
and more particularly described on Exhibit "A" attached hereto and made a part hereof (the
"Property"), at the price and on the terms and conditions set forth in the Contract;
B. The CRA and Owner previously entered into that certain Restrictive Covenant
and Right of First Refusal recorded in Official Records Book 22788, Page 1102, of the Public
Records of Palm Beach County, Florida (the "Restrictive Covenant") which includes a right of
first refusal in favor of the CRA (the "Right of First Refusal").
C. In connection with the closing on the sale of the Property by Owner to Buyer, the
parties hereto desire to evidence the CRA's election not to exercise and to waive its Right of
First Refusal.
NOW, THEREFORE, the parties hereto, in consideration ofTen and 00/100 U.S. Dollars
($10.00) and the covenants contained herein and other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, hereby agree as follows:
1. Recitals. The above recitals are true and correct and are incorporated herein by
this reference.
2. Election not to Exercise Right of First Refusal. The CRA has been provided a
copy of Buyer's Offer (as defined in the Restrictive Covenant) by Owner in accordance with
Section 3(a) of the Restrictive Covenant. The CRA has determined, and hereby covenants to
Owner and Buyer that the CRA does not wish to exercise and hereby waives its Right of First
Refusal and any other rights under the Restrictive Covenant with respect to the transfer of the
Property from Owner to Buyer.
3. Termination of Right of First Refusal. Only in the event Owner and Buyer close
on the purchase and sale of the Property, as evidenced by the transfer of fee simple title to the
Property by Owner to Buyer in the form of a Deed, the CRA hereby agrees and confirms to
Buyer and Seller that the CRA's Right of First Refusal under the Restrictive Covenant and all of
the CRA's rights, remedies and options related to the Right of First Refusal under the Restrictive
Covenant, are and shall be terminated (including, without limitation, Section 3 of the Restrictive
Covenant) immediately upon the recordation of a Deed (the "Buyer's Deed") of the Property to
Buyer, and the parties hereto consent to the recording of this Waiver in the Public Records of
Palm Beach County, Florida, after the recordation of the Buyer's Deed.
4. This Waiver may be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute and be construed as one and the
same instrument.
5. This Waiver shall be interpreted and construed in accordance with and governed
by the laws of the state where the Property is located.
6. This Agreement shall apply to, bind and inure to the benefit of the parties hereto
and their respective successors and assigns.
The remainder of this page is blank. The signature pages follow.
IN WITNESS WHEREOF, the parties hereto have duly executed this Waiver as of the
day and year first above written.
WITNESSES:
OWNER:
NSG Properties, Inc.,
a Florida corporation
Print:
By:
Norman S. Goddard, President
Print:
ACKNOWLEDGMENT
STATE OF
)
)
COUNTY OF
The foregoing instrument was sworn to, subscribed, and acknowledged before me this
_ day of ,2009, by Norman S. Goddard, as President ofNSG Properties, Inc., a
Florida corporation, on behalf of the corporation. He is personally known to me or presented a
driver's license as identification and did not take an oath.
Notary Stamp/Seal:
Notary Signature:
Notary Print:
Notary Public, State of
Commission No.:
My Commission Expires:
WITNESSES:
Print:
Print:
STATE OF
)
COUNTY OF
)
BUYER:
Thirty-Six Hundred Holdings, LLC,
a Florida limited liability company
By:
Name:
Print:
ACKNOWLEDGMENT
The foregoing instrument was sworn to, subscribed, and acknowledged before me this
_ day of , 2009, by , as of Thirty-Six Hundred
Holdings, LLC, a Florida limited liability company, on behalf of the limited liability company.
He is personally known to me or presented a driver's license as identification and
did not take an oath.
Notary Stamp/Seal:
Notary Signature:
Notary Print:
Notary Public, State of
Commission No.:
My Commission Expires:
WITNESSES:
CRA:
Boynton Beach Community Redevelopment
Agency, a public body, corporate and
politic, duly created and operated pursuant
to Chapter 163, Florida Statutes
Signature
Print Name
Signature
By:
Name:
Its:
Print Name
ACKNOWLEDGMENT
STATE OF FLORIDA )
) SS:
COUNTY OF PALM BEACH )
The foregoing instrument was acknowledged before me by , as
of Boynton Beach Community Redevelopment Agency, a public
body, corporate and politic, duly created and operated pursuant to Chapter 163, Florida Statutes,
on behalf of the public body, corporate and politic, duly created and operated pursuant to
Chapter 163, Florida Statutes, and who is personally known to me or has produced a Florida
driver's license as identification.
Witness my signature and official seal this _ day of
aforesaid.
,2009, in the County and State
Notary Public State of Florida
Print Name:
My Commission Expires:
Notary Seal/Stamp:
H:\8659\19876\DWaiverOFROFRRP Nrpa
Exhibit "A"
LEGAL DESCRIPTION
exHIBIT "A"
"" lying." '"1m BB8ch county, FlorIda, more plll1lcularly dB8crlliad al
. 0 .
COm... InterwloUon 0' U\I ~ r1Ghkf.war 11111 01 tho florid. E8It
COat lIa 111. EllIl-Wnt Q_ _on Una of Saollon 4, T...._rp 48
South, Ron err P8Im 8elOb COunly. flO,rll8l1l1enoe I_Ij'ollomg IIId
ElI1Il-W8llt au on \.111.. . dIalInoII OIIO.GO flit; lII.nce ll_rty, pIIl'IIlllI
wIlli III. ..rot rlgll"""-...y '" III. FIorkIa lint COat lIallllOay, a 1IiaIa"" 01
12.117 feet to . ..ctl..n, willi tlIe NGttllerly rlg/l""''''''ay line of Gulfalr.em
BOIIIeVlIId,_ aIona UId NOI'IlIerly r111lJt-ofoWllY au a d..,...... of 70.$1
feet 18111_ poInt of of. 0IIM1 to IIJe S..", lilllIflIlIa ..d/Cllo 0I1HO.oII ....
mot . oenIIIllftgho II' IS"; _ EMIII\t Ilanrr lit. aro of ..Ill ClIrv.
. __ of 2114 ..ndnue !ularfll. lIIl1/11 .1" r1ll11t-of-Way 1In., tanvant
II> _ &Ill,", . ... II> ... Milt 01 8IlIInnlnll of ... Parcel to be
b_n dNm'Jbedl1h u. 1nIaItY. oIcmg tlIe ...... oourn, . dlllena. at
217.'. feet to ... polat. -... of. lll1M1 __ II> tho NartIIWest havInv .
..diu. 0' 20 leet ond a "ZIP 01 n d.g.... 17' 10"; III..... &aollrly and
NOJtberly along .... .0 01 _, . Iff_.. 01 24.21 !let 10 I poblt In tho
Wnlarly rlgbklfoWay Una 01 . IlIgJwRIp No. 1 (S.R. # 8); Vlono. NDr1Ilerlr llong
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We_IV, mailing IIIId angl. wi proceeding GGur.. ..r 107 0I81P'0" 33' 34',
m........d from Nnrlll to \!rut. a of 2.... filii 1hI_ SoulIMIrIr. milking In
anale wlllllhe ptIOedlllg ca..... gr... 33' 1Z" m_rocI from Eal III SO,ulh,
a tIl8lanc. 0118".80 'eel tot he 1'01 nlngldonlCl.lcrlhed.
o
... . 0lI!lI
r
1:\ W -PLD\05460\003\ Waiver _ oC Right_ of]irst_ Refusal revised 3-2-9.doc
This Instrument was Prepared By,
Record and Return To:
Peter L. Desiderio, Esq.
Steams Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
New River Center
200 East Las Olas Boulevard
Suite 2100
Ft. Lauderdale, Florida 33301
.WAIVER OF RIGHT OF FIRST REFUSAL
.WAIVEROF RIGHT OF FIRST REFUSAL (this '~Waiver")made as of this _ day
of , 2009, by and between NSG Properties, Inc., a Florida corporation, whose
address for notice under this Agreement is 3675 South Federal Highway, Boynton Beach,
Florida 33435, Attention: Norman Goddard ("Owner"), Thirty-Six Hundred Holdings, LLC, a
Florida limited liability company, whose address for notice under this Agreement is 6300 N.E.
1 st A venue, 3rd Floor, Fort Lauderdale, Florida 33334, Attention: Brian Smith, ("Buyer"), and
Boynton Beach Community Redevelopment Agency, a public body, corporate and politic, duly
created and operated pursuant to Chapter 163, Florida Statutes, whose address for notice under
this Agreement is 915 S. Federal Highway, Boynton Beach, Florida 33435 ("CRA").
Recitals
A. Owner and Buyer entered into that certain Commercial Contract dated January 6,
2009, as amended by First Amendment to Commercial Contract dated February 9, 2009, as
further amended by Second Amendment to Commercial Contract dated February 13, 2009
(collectively, the "Contract"), for the sale by Owner to Buyer of the property described therein
and more particularly described on Exhibit "A" attached hereto and made a part hereof (the
"Property"), at the price and on the terms and conditions set forth in the Contract;
B. The CRA and Owner previously entered into that certain Restrictive Covenant
and Right of First Refusal recorded in Official Records Book 22788, Page 11 02, of the Public
Records of Palm Beach County, Florida (the "Restrictive Covenant") which includes a right of
first refusal in favor of the CRA (the "Right of First Refusal").
C. In connection with the closing on the sale of the Property by Owner to Buyer, the
parties hereto desire to evidence the CRA's election not to exercise and to waive its Right of
First Refusa~
NOW, THEREFORE, the parties hereto, in consideration ofTen and 00/100 U.S. Dollars
($10.00) and the covenants contained herein and other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, hereby agree as follows:
.- u___.._. - .--- -------.-- -. 1.
lDeleted: AGREEMENT
REGARDING RESTRICTIVE
COVENANT~
Al'm
rD~I~t~~ AGREEMENT REGARDING]
LRESTRICTlVE COVENANT AND
r;-"- -~--.-_.._~~.-J
l Deleted: Al!feement
,-...-..-"-.. ---...--------- ,---
[De. leted: and to- amend the Restrictive
Covenant in accordance with the terms
and provisions of this Agreement
~ -.-.- . . .
1. Recitals. The above recitals are true and correct and are incorporated herein by
this reference.
2. Election not to Exercise Right of First Refusal. The CRA has been provided a
copy of Buyer's Offer (as defmed in the Restrictive Covenant) by Owner in accordance with
Section 3(a) of the Restrictive Covenant. The CRA has determined, and hereby covenants to
Owner and Buyer that the CRA does not wish to exercise and hereby waives its Right of First
Refusal and any other rights under the Restrictive Covenant with respect to the transfer of the
Property from Owner to Buyer.
3. Termination of Right of First Refusal. Only in the event Owner and Buyer close
on the purchase and sale of the Property, as evidenced by the transfer of fee simple title to the
Property by Owner to Buyer in the form of a Deed, the CRA hereby agrees and confirms to
Buyer and Seller that the CRA's Right of First Refusal under the Restrictive Covenant and all of
the CRA's rights, remedies and options related to the Right of First Refusal under the Restrictive
Covenant, are and shall be terminated (including, without limitation, Section 3 of the Restrictive
Covenant) immediately upon the recordation of a Deed (the "Buyer's Deed") of the Property to
Buyer, and the parties hereto consent to the recording of this .Waiver in the Public Records of
Palm Beach County, Florida, after the recordation of the Buyer's Deed.
4. This,Waivecmay be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute and be construed as one and the
same instrument.
5. Jhis .Waiver.shall be interpreted and construed in accordance with and governed
by the laws of the state where the Property is located.
fl. This Agreement shall apply to, bind and inure to the benefit of the parties hereto
and their respective successors and assigns.
The remainder of this page is blank. The signature pagesfollow.
lD-~~:-A;~~~~ u-.-=~J
( Deleted: Agreement-----=:J
Deleted: All notices or other
comtmmications required or permitted to
be given pursuant to this Agreement shall
be in writing and shall be considered as
properly given if (a) mailed by first class
United States mai~ postage prepaid,
registered or certified with return receipt
requested; (b) by delivering same in
person to the intended addressee; or
(c) by delivery to an independent third
party commercial delivery service for
same day or next day delivery and
providing for evidence of receipt at the
office of the intended addressee. Notice
so mailed shall be effective upon its
deposit with the United States Postal
Service or any successor thereto; notice
sent by a commercial delivery service
shall be effective upon delivery to such
commercial delivery service; notice given
by personal delivery shall be effective
only if and when received by the
addressee; and notice given by other
means shall be effective only if and when
received at the office or designated
address of the intended addressee. For
pmposes of notice, the addresses of the
parties shall be as set forth above;
provided, however, that every party shall
have the right to change its address for
notice hereunder to any other location
within the continental United States by
the giving of thirty (30) days notice to the
other parties in the manner set forth
herein.ll
11
6. .
(~~!!ted: Agre=';~~_
(~~;d-;7-------
rF~~~~~~;~~~_ .
IN WITNESS WHEREOF, the parties hereto have duly executed this .Waiveras of the
day and year first above written.
WITNESSES:
OWNER:
NSG Properties, Inc.,
a Florida corporation
Print:
By:
Print:
Norman S. Goddard, President
ACKNOWLEDGMENT
STATE OF
COUNTY OF
)
The foregoing instrument was sworn to, subscribed, and acknowledged before me this
_ day of ,2009, by Norman S. Goddard, as President ofNSG Properties, Inc., a
Florida corporation, on behalf of the corporation. He is personally known to me or presented a
driver's license as identification and did not take an oath.
Notary Stamp/Seal:
Notary Signature:
Notary Print:
Notary Public, State of
Commission No.:
My Commission Expires:
( Deleted: Agre:ment
WITNESSES:
Print:
Print:
STATE OF
COUNTY OF
BUYER:
Thirty-Six Hundred Holdings, LLC,
a Florida limited liability company
By:
Name:
Print:
ACKNOWLEDGMENT
The foregoing instrument was sworn to, subscribed, and acknowledged before me this
_ day of , 2009, by , as of Thirty-Six Hundred
Holdings, LLC, a Florida limited liability company, on behalf of the limited liability company.
He is personally known to me or presented a driver's license as identification and
did not take an oath.
Notary Stamp/Seal:
Notary Signature:
Notary Print:
Notary Public, State of
Commission No.:
My Commission Expires:
WITNESSES:
CRA:
Boynton Beach Community Redevelopment
Agency, a public body, corporate and
politic, duly created and operated pursuant
to Chapter 163, Florida Statutes
Signature
Print Name
Signature
By:
Name:
Its:
Print Name
ACKNOWLEDGMENT
STATE OF FLORIDA )
) SS:
COUNTY OF PALM BEACH )
The foregoing instrument was acknowledged before me by , as
of Boynton Beach Community Redevelopment Agency, a public
body, corporate and politic, duly created and operated pursuant to Chapter 163, Florida Statutes,
on behalf of the public body, corporate and politic, duly created and operated pursuant to
Chapter 163, Florida Statutes, and who is personally known to me or has produced a Florida
driver's license as identification.
Witness my signature and official seal this _ day of
aforesaid.
,2009, in the County and State
Notary Public State of Florida
Print Name:
My Commission Expires:
Notary Seal/Stamp:
H:\8659\19876\DWaiverOFROFR lRP AlIpS
Exhibit "A"
LEGAL DESCRIPTION
.........
-l:\W~PLD\9S~_60\0<!~\'Y:l!jvllI Qf Jijld:!t o( Fin! ij...til~pl revised 3-2_-9.d~_
Deleted: I:\W-
PLD\OS460\003\Waiver_oCRight_of Fir
st_Refusal.doc -
NSG Properties/ Thirty Six Hundred Holdings
Page 1 of2
Bright, Lisa
From: Ryan Aiello [raiello@nasonyeager.com]
Sent: Tuesday, March 03, 20092:00 PM
To: Jim Cherof
Cc: OJ Doody; Shana Bridgeman; Bright, Lisa
Subject: FW: NSG Properties! Thirty Six Hundred Holdings
Attachments: DWaiverOFROFRRPAdoc; DWaiverOFROFR 1 RPAdoc
Jim, per our discussion, attached is a red line and clean version of the waiver incorporating your comments.
Please let me know if this is acceptable.
Thanks,
Ryan
From: Peter Desiderio [mailto:PDesiderio@swmwas.com]
Sent: Tuesday, March 03, 2009 1:55 PM
To: Ryan Aiello
Cc: Brian Smith
Subject: Re: NSG Properties/ Thirty Six Hundred Holdings
Approved. Thanks.
Peter L. Desiderio, Esq.
Stearns Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
New River Center, Suite 2100
200 East Las Olas Boulevard
Fort Lauderdale, Florida 33301
Phone: 954-462-9540
Fax: 954-462-9567
email: pdesideriQ@swmwas.com
CIRCULAR 230 DISCLOSURE: To ensure compliance with recently-enacted U.S. Treasury Department
Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax
advice contained in this communication, including any attachments, is not intended or written by us to be used,
and cannot be used, by anyone for the purpose of avoiding federal tax penalties that may be imposed by the
federal government or for promoting, marketing or recommending to another party any tax-related matters
addressed herein.
CONFIDENTIALITY NOTICE: The information contained in this E-mail message is attorney privileged and
confidential information intended only for the use of the individual(s) named above. If the reader of this
message is not the intended recipient, you are hereby notified that any dissemination, distribution or copy of
this communication is strictly prohibited. If you have received this communication in error, please contact the
sender by reply E-mail and destroy all copies of the original message. Thank you.
3/3/2009
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5614710894
p.2
NASON YEAGER GERSON
WHITE ~ LIOCE,PA
ATTORNEYS AT LAW
MELLON UNITED NATIONAL BANK. TOWER
1645 PALM BEACH LA~ BOULEVARD
SUITE 1200
WEST PALM BEACH. FLORJD^ 33401
RYAN P. AIELL.O
DIRECf DIAL.
(56i) 471-3502
E-MAIL ADDRESS:
niello@oallOOyultt.com
TELEPHONE (5GD 686-3307 . fACSIMILE (561) 686-5442
www.nllsonyeagc:r.com
February 18,2009
VIA FACSIMIl,E (56]) 737..3258
~ EMATI. bri.,htltdlbbfLWl
Boynton Beach Community
Redevelopment Agency
Attn: Lisa A. Bright, Executive DireGtor
91 S S; Federal Highway
Boynton Beach, Florida 33435
RE: NSG Properties, Inc. ("Q\\'nerl')/Boynton Beach
Community Redevelopment Agency ("CRail)
Ow: File No. 8659/19876
Dear Lisa:
Attached is an executed amended Purchase and Sale Agreement, -with first and second
amendments. As you may be aware, when the parties amend the contritet, it "opens l.l.p" the
eRA's right of first. 'refusal. Accordingly. the eRA bas a new period of fifteen (15) days to
determine whether or not it wishes to exclds.c its right of first refusal and purchase th;; "s~lbject
property via the amended contract.
Please focus your attention oJ). the second amendment, which contains the material telms which
have been changed. Them~jor changes include:
1 , The loan conCept is deleted;
2. 'nle parties will ~lose on tbe sale w!1.mn ten business days after the CRAls wai ves
its right of first refusal;
3. The initial purchase price has been d~~reased, but Buyer will pay Owner a
"bonus" .fit resdls fhe property ""ithin three yeats; ..
4. Owner will retaIn a right i)f first refusal to buyf.he properl." back if it is not res:old
in three years; and .
5. The contract has be.:n a~signed by C.JIin(Jstonc Manttgement, LLC t() Thirty Six
Hundred Holdings, LLC, which; s the owner of the a~jacenl shopping center
parceL
1 have also attached Iln Agreement Regarding Rrstrictlve COV~lLant and Right of First R\~fu~ai
that the Buyer1s ai>>king for in order to clear up any title issues. This document puts the puhlic on.
no1ice that the eRA has in fact waived its right (If first refusal and would be recorded with th!~
deed to Buyer. If th,= eRA chooses not to {;xerci~e the nght of first refusal, this waiver should
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5814710894
p.3
Boynton Beach Community
Redevelopment Agency
Attn: Lisa A. Bright, Executive Director
February 18, 2009
Page 2
not be an issue. Please note that in no way does the waiver impact the restrictive covenant
against adult entertainment businesses; this prohibition will always remain on the property.
Please feel :free to contact me with any questions. As always I am available to discuss with you
the details of the transaction and clarify any questions you or the Board may l1ave.
Sincerely,
NASON, YEAGER, GERSON,
WHITE & LIOCE, P.A.
/1t~/~~
Ryan P. Aiello
Enclosure
cc: Norman Goddard
Peter L. Desi~rio, Esq.
H:\8659\19876\LBriaht02-1 B-OORP IIItpt
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5614710894
p.4
FIRST AMENDMENT
F@b 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5614710894
p.5
FIRST AMENDMEl\"T TO COMMERCIAL CONTRACT
TIllS FIRST AMENDMENT TO COMMERCIALCONTRACI' ("First Amendment"), is made and
entered into this _ day of February. 2009, ~n NSG PROPERTIES, INC., a Florida cotporatioo (the
"Seller''), and GRINDSTONE MANAGEMENT, ILC, a Florida limited liability <<lmpany (the "Buyer'~,
WITNESS ETH:
WHEREAS, SellCl' and Buyer entered into that certain Commercial Contract dated Ianuary 6, 2009
(the "Contract'). for the sale by Seller to Buyer of tbe property descn'bed therein (the "Property"), at the price
and on the terms and conditions set forth in the Contract; end
WHEREAS, Seller and Buyer have agreed to amend and modify the Contract as more particularly set
forth below..
NOW, THEREFORE, in consideration of the recitDls, the mutual covenants hereinafter set forth and
other good and valuable consideration. the receipt and sufficiency of which are hereby mutually acknowledged,
it is hereby agreed by and between the petties as follows:
1. Recitals. The above recitals are true and correct and lIe incorporated herein by this reference.
2. ~10s.inR. Loan Date. The PreClosing Loan Date is hereby changed to 5 :00 P.M. Eastern
Standard TUne on February 17,2009.
3. Counterparts. Facsimile. Facsimile orpdf copies of this First Amendment and signatures shall
be binding as originals. This First Amendmmt maY be executed ill anynumberofoountaparts. each of which
shallbe effective only upon deliwry and thereafter shall be deemed an original, and all of which shall be taken
to be one md the same instrument, with the same effect as if all parties hereto had signed the same signature
page. Any signature page of their First Amendment may be detached from any counterpart of this First
Amendment without impairing the legal effect of any sisnatures thereon and may be attached to another
counterpart of this First Amendment identical in form hereto but having attached to it one or more additimal
signature pages.
4. Conflict. In the event of any direct conflict between the terms and provisions of this First
Amendment IIld the terms and provisions of the Contract, the terms ami provisions of this First Amendment
shall control. To the extent that there shall be no such direct conflict, the Contract shall remain in full force
and efJecllUld the parties hereto hereby ratifY same. The Buyer and Seller have jointly negotiated and drafted
this First Amendment and it shall not be interpreted against either party as the drafter thereof. All rules of
contract interpretation iooluded in the ContTact are applica.ble to this First Amendment.
s. C!pitalized Terms. All capitalized tams not defined herein shall have the meanings given to
them in the Contract.
1
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5614710894
p.6
IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as of the day
and year first written above.
SET .1.F.a:
BLUR;
MANAGEMENT, LLC,
liability company
1:\W.plD\O~03\Amend,,*I]in.t_ Commercial_ConttKUofSO_PlD_02-'l9-09.doc
2
Feb 18 2009 2:58PM NASON YEAGER GERSON WHITE 5614710894
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SECOND AMENDMENT
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5614710894
p.8
SECOND AMENDMD7T TO COMMERCIAL CONTRACT
THIS SECOND AMENDMENT TO COMMERCIAL CONTRACT ("Second Amcndmentj, ismade
and entered into this i.!L- day ofFebnwy, 2009, between NSG PROPERTIES, INC., I Florida corporation
(the "Sellet'), and THIRTY-SIX HUNDRED HOLDINGS, LLC, a Florida limited liability company (the
"Euyer").
WITNESSETH:
WHEREAS, Seller and Buyer entered into that certain Commercial Contract dated January 6, 2009, as
amended by First Amendment to Commercial Contract dated February 9,2009 (collectively, the "Contract"),
for the We by Seller to Buyer of the property described therein (the ''Property''), at the price and on the terms
and conditions set forth in the Contract; and
WHEREAS, Seller and Buyer have agreed to amend and modifY the Contract as more particularly set
forth below.
NOW, THEREFORE, in consideration of the recitals, tbemutual covenan~ hereinafter set forth and
other good ad valuable consideration, the receipt and sufficieDcyofwhicb are hereby mutually acknowledged,
it is hereby agreed by and between the parties as follows:
1. Recitals. The above recitals are true and COJreCt and are inc;orporated herein by this reference.
2. Exlu'bits. Eddbit "B", EUlbit "C" and Exhibit "D" of the Contract are all hereby deleted
in their entirety BIld shall be of no further force or effect.
3. Purchase Price. The Purchase Price is hereby changed from One Million Two Hundred Fifty
Thousand and 00/100 U.S. Dollars ($1,250,000.00) to Nine Hundred Thousand and 00/100 U.S. Dollars
($900,000.00). .
01. SellcrBonus. As usedherei~ "Property Transfer" shall mean the conveyance of title 10 the
property or any portion thercofby Buyer, as seller, to any person or entity whatsoever, as purchaser, and sha.1l
also include (A) any direct or indirect tranafer of a majority interest in Buyer, except for transfers amoDg
current members or their affiliated or related persons or entities, or (B) any ground lease for a teon of more
thin ten (10) yeaD of the Property or any portion thereof. In the event that Seller and Buyer close on the sale of
the Property pursuant to the Contract, and a Property Transfer occurs prior to March 1, 2012, Buyer shall pay
Seller a one (L) time bonus simultaneously at closing of the Property Transfer calculated as follows. If the
Property Transfer occurs: (i) prior to March I, 2010, then the bonus paid by Buyer to Seller Jhall be Two
Hundred Fifty Thousand and 00/100 U.S. Dollars ($250,000.00), (ii) on or after March 1,2010 but prior to
March 1,20] I, then the bonus paid by Buyer to Seller shall be OneHundrcd Fifty Thousand and 00/100 U.S.
Dollars ($ l~O,()OO.OO), or (iii) on or after March 1, 2011 but prior to March I, 2012, then the bonus paid by
Buyer to Seller shall be Fifty Thousand and 001100 U.S. DoUars ($50,000.00). Notwithstanding lIlything
contained herein to the contrary, in the event that SeUer aod Buyer close on the Ale of the Property, and a
Property Transfer fails to occur prior to March 1, 2012 (the "Trigger Date"), then Seller sball not be entitled to
receive and Buyer shall have no obligation whatsoever to pa.y Seller any loans or other amounts whatsoever.
Buyer shaU deliver written notice to Seller at least fifteen (1 S) days prior to any Property Tmnsfer which lets
forth the closing date of the Property Transfer and the Dame and contact infonnation of any elcrow agent, title
agent, or attorney bandLina the c:108iDS of such Property Transfer. At Closina under the Contract, Buyer aDd
Seller shall record a memorandum of Seller's rights to a bonus punuant to this Section 4 in the Public Records
1
Feb 18 2009 2:58PM
NASON YEAGER GERSON WHITE 5814710894
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of Palm Beach County, Florida, provided that (i) the form of such Mcmonmdum shall be prcpaRld by and in
form and content required by Buyer provided same is reasonably acceptable to Seller, and (ii) such
MeII\Qrandum shall provide that a Notice ofTennination exeCuted solely by the Buyer tbat certifies that the
rights established by the Memorandum have been terminated shall tennina1e the Memorandum and third
parties shall be entitled to rely on such Notice ofTerrnina1ion.
5. ~ Only in the event a Property Transfer fails to occur by the Trigger Date subject to all
terms. coodiuons and other provisions of this Section 5, commencing on the Trigger Date and expiring on the
Tennination Date (as hereinafter defined), Seller shall have the option (the "Option") to purchase the Property
for Niue Hundred Thousand and 0011 00 U.S. Dollars ($900,000.00) in accordance with a Purchase and Sale.
A.greement in a form reasonably acceptable to Buyer and Seller (~"Purchase Contract"). The Option sbal1 be
exercised as follows:
(a) Only in the event. a Property Transfer does not occur prior to the Trigger Dat~ within
five (5) calendar days after the Trigger Date. Buyer shall provide Seller with written notice (the '~") that
the Property Transfer has not occurred and soch Notice sball contain the unexecuted Purchase Contract
(b) Seller shall have five (~) calendar days from the date that Seller receives the Notice
and Pmchase Contract (the "Submission Date") to execute the Purchase Contract to purchasetbe Property and
de1iverto the Escrow Agent designated in the Purchase Contract the required deposits (the "Offer"). Within
five (5) calendar days after receipt of the Offer (which must be identic81 in all respects to the Purchase
Contract) and written confirmation that the Escrow Agent has received the required deposits, Buyer sball
execute and cIe1iver the Ofler to Sellee.
(0) If Seller wls to timely or properly execute the Purcbase Contract and deliver all
required deposits pursuant to'the terms of this Contract, then Seller shall be deemed to have waived its rights
hereunder and the Option shall be deemed terminated and of no further force and effect.
(d) Notwithstanding anything to the eontral)' contained in this Contract, this Option shall
terminate and be of no force and effect whatsoever on the earlier to occur of any of the following (the
"rermination Date"): (i) the date of the Property Transfer provided such occurs prior to March I, 2012; (ii) the
termination of this Contract; (iii) the failure of Seller to titmly exccutethe Purchase Contract and deliver same,
together with all required deposits prior to the Submission Date; (iv) Sener waives its rights UDder this ~
~ pursuant to a waiver signed by Seller; or (v) an assignment or transfer of Sellor' s rights hereunder.
(e) Notwithstanding.anything in this Contract to the contrary, Buyer's rights under this
Section 5 are not independent of the other provisions of this Contract and may not be assigned separately from
an assignment of this entire Contract. Such rights shall survive the Closing. but shall not survive after the
Termination Date.
(f) At Closing under the Contract, Boyer and Seller &hall record a memorandum of
Seller's Option rights pursuant to this Section 5 in the Public Records ofPaJm Beach County, Florida. provided
that (i) the form of such Memorandum shall be prepared by and in form and canteDt required by Bu.yer
provided same is reasonably acceptable to Sel1er, and (ii) such Memorandum shall provide that a Notice of
Termination executed solely by the Buyer that certifies that the rights es1ablilhed by the Memorandum have
been terminated shall terminate the Memorandum and third parties shall be entitled to rely on such Notice of
Tenninauon.
2
F@b 18 2009 2:59PM
NASON YEAGER GERSON WHITE 5614710894
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6. Seller's Affirmative Covenants.
(a) Section 4<illb) of the Addendwn to Commercial Contract is hereby deleted in its
entirety and is replaced with the following: "(b) entering into any backup contract or sinular agreement for the
ProP&rty or entering into, creating or incurring, or suffering to exist. any easemen~ mortpgel lease. lien,
pledge, contract, or other agreements or encumbrances in any way affecting the Property; an<1".
(b) Section 4(iv) of the Addendum to Commercial Contract is hereby deleted in its
entirety and shall be of no further force or effect.
7. Restrictive Covenant. Seller hereby covenBDts to Buyer and agrees to resubmit the Contract. as
amended by this Second Amendment to the CRA (as defined in the Restrictive Covenant) within five (5)
business days from the date that the last oftbe parties hereto signs this Second Amendment in the manner and
in accordance with Section 3 of the Restrictive CovenanL Seller shall provide Buyer with written evidence of
the CRA"s ~ponse promptly upon receipt thereof. BuyC2' shall not be obligated to close unless and until the
CRA shall have waived the Right of First Refusal and Buyer .hall have been provided with written
confmnation executed by the eRA and acceptable to Buyer of luch waiver (the "eRA Waiver", the form of
which shall be reasonably acceptable to Buyer and Seller). In .he event that the eRA Waiver is not provided to
Buyer by May II, 2009. then either Buyer or Seller may terminate this Contract by written ootice to the other
no later than May 13, 2009 (the HCRA Notice Date"), in which case this Contract will terminate and be of no
:further force and effect and both parties shall be relieved of all obligations ~der and Escrow Aaent shall
automatically refund the Deposit together with all interest earned thereon to the Buyer, without the consent of
Seller or any other person or entity being Iequired, and without delivering written notice to Seller. Upon
Escrow Agent's disbwsement of the Deposit to Buyer, Escrow Agent shall automatically be released :from any
and all liability created undor this Contract or otherwise in connection with the escrowed Dep08it, without the
necessity of Buyer and Seller, or either, executing any docmnentation.
8. ClosinR Date. The Closing Date is hereby cbanged to the elate that is ten (10) business days
after Buyer's receipt of the eRA Waiver (the ''Closing Date").
9. PreClosin, Loan to Seller. Section 7 of the Addendum to Commercial Contract is hereby
deleted in its entirety and shall be of no further force or effecl Notwiths1anding anything contained in the
Contract or this Second Amendment to the contraIy, Buyer shall not be obligated to provide any type of loan or
financina whatsoever to Seller.
10. Counterp8l1S. Facsimile. Facsimile or pdf copies of this Second Amendment and siptw:es
shall be binding as originals. This Second Amendment may be executed in any number of countclparts, each
of which shall be effective only upon delivezy and thereafter shall be deemed an original, and all of which &ball
be taken to be one and the SIlD1e instrument, with the same effect as if all parties hereto had silned the same
sianature page. Any signature paae of their Second Amendment may be detached from any counterpart of this
Second Amendment without impairing the lep! effect of any signatures thereon and may be attached to
another counterpart of this Second Amendment identical in fonn hereto but having attached to it one or more
additional signature Plies.
11. Conflict. In the event of any direct conflict between the terms and provisions of this Second
Amendment and tbetcrms eQ provisions of the Contnlct. the tetms and provisioos of this Second Amendment
shall controL To the extent that there shall be no such direct conflict. the Contract shall remain in full force
3
Feb 18 2009 2:59PM
NASON VEAGER GERSON WHITE 5614710894
p. 11
and effect and the parties hereto hereby ratify same. The Buyer and Seller have jointly negotiated and drafted
this Second Amendment and it shall not be inteIpreted against either party as the drafter thereot: All rules of
contract interpretation included in the Contract are applicable to this Second Amendment.
12. p.pitalized Terms. All capitalized terms not dcfmed herein shall have the meanings given to
them in the Contract.
13. ~_ Section 2(b) of the Addendum to Commercial Contract is h<<ebyemended to include
the Restrictive'Covenant. provided that as of the Closing the Right of First Refusal contained therein must be
both waived by the CRA and insured over by the Title Company.
14. Acknow1edsmcnt. Buyer and Seller hereby acknowledge and agree that as of the date hereof,
to their knowledge, there exists no event of default under the Contract.
15. AssiIlDlJlel1l The parties hereby acknowledge and agree that the Contract bas been assigned
by Grindstone Management, LLC to Buyer.
IN WITNESS WHEREOF, the parties have caused this Second Amendment to be executed as oftbe
day and year :first written above.
~ELLER:
NSOPROPERTlE S'2)C
a Florida ~ ration \ 1\1 A
~v bt:I.tJ~
By: :;. __ I,..,
Print.
Title: to
BUYER:
THIRTY -SIX HUNDRED HOlDINGS, LLC.
:~~~
~~Asi AA4
Title: .'/)??A. ~
ACKNOWLEDGED AND AGREED:
MANAGEMENT, LLC,
liability company
/"1A/'Iu?-
H:\Il6~\l9876\OSecolll1AmenclmeatToOcII_IRPAIrpa
4
Feb 18 2009 2:59PM NASON YEAGER GERSON WHITE 5614710894
p.12
WAIVER OF RIGHT OF FIRST REFUSAL
Feb 18 2009 2:59PM
NASON YEAGER GERSON WHITE 5614?10894
p.13
This Instrument was Prepared By,
Record and Return To:
Peter L. Desiderio, Esq.
Steams Weaver Miller Weissler
Alhadeff & Sitterson, P.A.
New River Center
200 East Las Olas Boulevard
Suite 2100
Ft. Lauderdale, Florida 33301
AGREEMENT REGARDING RESTRICTIVE COVENANT
AND RIGHT OF FIRST REFUSAL
AGREEMENT REGARDING RESTRICTIVE COVENANT AND RIGHT OF FIRST
REFUSAL (this "AiIeement'') made as of this _ day of ,2009, by and between
NSG Properties, Inc., a Florida corporation, whose address for notice under this Agreement is
3675 South Federal Highway, Boynton Beach, Florida 33435, Attention: Norman Goddard
("Owner"), Thirty-Six. Hundred Holdings, LLC, a Florida limited liability company, whose
address for notice under this Agreement is 6300 N.R pt Avenue, 31'11 Floor, Fort Lauderdale,
Florida 33334, Attention: Brian Smith, ("~"), and Boynton Beach Community
Redevelopment Agency, a public body, corporate and politic, duly created and operated pursuant
to Chapter 163, Florida Statutes, whose address for notice under this Agreement is 915 S.
Federal Highway, Boynton Beach, Florida 33435 ('~").
Recitals
A. Owner and Buyer entered into that certain Commercial Contract dated January 6,
2009, as amended by First Amendment to Commercial Contract dated February 9, 2009, as
further amended by Second Amendment to Commercial Contract dated February 13, 2009
(collectively, the "Contract"), for the sale by Owner to Buyer of the property described therein
and more particularly described on Exhibit "A" attached hereto and made a part hereof (the
c;Propcrty"), at the price and on the terms and conditions set forth in the Contract;
B. The CRA and Owner previously entered into that certain Restrictive Covenant
and Right of First Refusal recorded in Official Records Book 22788, Page 1102, of the Public
Records of Palm Beach County, Florida (the "Restrictive Covenant") which includes a right of
fIrst refusal in favor of the CRA (the "Right of First Refusal").
C. In connection with the closing on the sale of the Property by Ovmer to Buyer, the
parties hereto desire to evidence the CRA's election not to exercise and to waive its Right of
First Refusal and to amend the Restrictive Covenant in accordance with the terms and provisions
of this Agreement.
Feb 18 2009 3:00PM
NASON YEAGER GERSON WHITE 5614710894
p.14
NOW, THEREFORE, the parties hereto, in consideration ofTen and 00/100 U.S. Dollars
(SI0.00) and the covenants contained herein and other good and valuable consideration, the
receipt, sufficiency and adequacy ofwbich are hereby acknowledged, hereby agree as follows:
1. Recitals. The above recitals are true and correct and are incorporated herein by
this reference.
2. Election n01 to Exercise RieJlt of First Refusal. The eRA has been provided a
copy of Buyer's Offer (as defined in the Restrictive Covenant) by Owner in accordance with
Section 3(a) of the Restrictive Covenant. The eRA has determined, and hereby covenants to
Ovmer and Buyer that the CRA docs not wish to exercise and hereby waives its Right of First
Refusal and any other rights under the Restrictive Covenant with respect to the transfer of the
Property from Owner to Buyer.
3. Termination of Right of First Refusal. Only in the event Owner and Buyer close
on the purchase and sale of the Property, as evidenced by the transfer of fee simple title to the
Property by Owner to Buyer in the form of a Deed" the CRA hereby agrees and confirms to
Buyer and Seller that the CRA's Right of First Refusal under the Restrictive Covenant and all of
the CRA's rights, remedies and options related 10 the Right of First Refusal under the Restrictive
Covenant, are and shall be tenninated (including, without limitation, Section 3 of the Restrictive
Covenant) immediately upon the recordation of a Deed (the "Buyer's Deed'') of the Property to
Buyer, and the parties hereto consent to the recording of this Agreement in the Public Records of
Palm Beach County, Florida, after the recordation of the Buyer's Deed. Notwithstanding
anything contained in this Agreement or in the Restrictive Covenant to the contrary, if Buyer
acquires fee simple title to the Property Buyer shall not be liable or bound to the eRA (a) for any
act, obligation or omission of Owner; or (b) for any claims, offsets or defenses \\omch the CRA
might have against Owner; or (c) by any modification or amendment of the Restrictive
Covenant, or any waiver of any terms of the Restrictive Covenant, unless such modification,
amendment, or waiver was consented to in writing by Buyer. If Buyer becomes the fee simple
title owner of the Property, Buyer shall be liable to CRA under the Restrictive Covenant only for
matters arising during Buyer's period of ownership of the Propeny, and such liability shall
terminate upon the transfer by Buyer of its interest in the Property and the assumption of such
liability by Buyer's transferee.
4. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original but all of which together shall constitute and be construed as one and
the same instrument.
5. All notices or other communications required or pennitted to be given pursuant to
this Agreement shall be in writing and shall be considered as properly given if (a) mailed by first
class United States mail, postage prepaid, registered or certified with return receipt requested;
(b) by delivering same in person to the intended addressee; or (c) by delivery to an independent
third party commercial delivery service for same day or next day delivery and providing for
evidence of receipt at the office of the intended 'addressee. Notice so mailed shall be effective
upon its deposit with the United States Postal Service or any successor thereto; notice sent by a
commercial delivery service shall be effective upon delivery to such commerciaJ delivery
Feb 18 2009 3:00PM
NASON VEAGER GERSON WHITE 5614710894
p.15
service; notice given by personal delivery shall be effective only if and when received by the
addressee; and notice given by other means shall be effective only if and when received. at the
office or designated address of the intended addressee. For purposes of notice, the addresses of
the parties shall be as set forth above; provided, however, that every party shall have the right to
change its address for notice hereWlder to any other location within the continental United States
by the giving of thirty (30) days notice to the other parties in the manner set forth herein.
6. This Agreement shall be interpreted and construed in accordance with and
governed by the laws ofthe state where the Property is located.
7. This Agreement shall apply to, bind and inure to the benefit of the parties hereto
and their respective successors and assigns.
The remainder of this poge is blank. The Sig1lilfllre pages follow.
Feb 18 2009 3:00PM
NASON YEAGER GERSON WHITE 5614710894
p. 16
IN WITNESS WHEREOF. the parties hereto have duly executed this Agreement as of
the day and year first above written..
WITNESSES:
OWNER:
Print:
NSG Properties, Inc.,
a Florida corporation
By:
Print:
Norman S. Goddard, President
ACKNOWLEDGMENT
STATE OF
)
COUNTY OF
)
The foregoing instrument was sworn to, subscribed, and acknowledged before me this
_ day of .2009. by Norman S. Goddard, as President ofNSG Properties, Inc., a
Florida corporation. on behalf of the corporation. He is personally known to me or presented a
driver's license as identification and did not take an oath.
Notary Stamp/Seal:
Notary Signature~
Notary Print:
Notary Public, State of
Commission No.:
My Commission Expires:
Feb 18 2009 3:00PM
NASON YEAGER GERSON WHITE 5614710894
p. 17
WITNESSES:
BUYER:
Thirty-Six Hundred Holdings, LLC,
a FLorida limited liability company
Print:
Print:
By:
Name:
Print:
ACKNOWLEDGMENT
STATE OF
)
COUNTY OF
)
The foregoing instrument was sworn to. subscribed, and acknowledged before me this
_ day of , 2009, by . as of Thirty-Six Hundred
Holdings, LLC, a Florida limited liability company, on behalf of the limited liability company.
He is personally known to me or presented a driver's license as identification and
did not take an oath.
Notary Stamp/Seal:
Notary Signature:
Notary Print
Notary Public, State of
Commission No.:
My Commission Expires:
Feb 18 2009 3:00PM
NASON YEAGER GERSON WHITE 5814710894
p.18
WITNESSES:
~
Boynton Beach Community Redevelopment
Agency. a public body, corporate and
politic, duly created and operated pursuant
to Chapter 163. Florida Statutes
Signature
Print Name
Signature
By:
Name:
Its:
Print Name
ACKNOWLEDGMENT
STATE OF FLORIDA )
) SS:
COUNTY OF PALM BEACH )
The foregoing instrument was acknowledged before me by . as
of Boynton Beach Community Redevelopment Agency, a public
body, corporate and politic, duly created and operated pursuant to Chapter 163, Florida Statutes,
on behalf of the public body, corporate and politic, duly created and operated pursuant to
Chapter 163, Florida Statutes, and who is personally known to me or has produced a Florida
driver's license as identification.
Witness my signature and official seal this _ day of
aforesaid.
, 2009, in the County and State
Notary Public State of Florida
Print Name:
My Commission Expires:
Notary Seal/Stamp:
Feb 18 2009 3:00PM
NASON YEAGER GERSON WHITE
5614710894
p.19
Exhibit "A"
LEGAL DESCRIPTION
. :...,: '.
.., .
-.-
I:\W-PLD'tC~460\OO3'Waiver_oCRiJbt_or_FirsUlefusal.do<:
Feb 18 2009 3:01PM
NASON YEAGER GERSON WHITE 5614710894
p.20
ORIGINAL CONTRACT
F@b 18 2009 3:01PM
NASON YEAGER GERSON WHITE 5614710894
ell I ,) ,\~ I t r G ~ t t.. 1
f. ~ '\ r,'~J ,[~ \, ;;.} ,.)l
~~~~,.t:id-l/~~.
I .-IID buy end
4 p,...".. fix.. . FJalfdll COIJIWllfJOII
I .... ta ullhe pRlplII'ly d.crlled .:
. StrMI Addr.a: .1175 8aufh 11'..,., High_V. ScnrntoII Such. Rodda 1U~5
. ...".--.
f"Bllvr'l.
rs-nv'),
., l..8gIJ DIllCllptJan:
1 s.. AftItcIIW IbtfIIbIt .A ".
t
...
n . and Ih8 ralll:l1ftlg PlIl'lanal Praperty:
12 iliA
11
'It
15 (d aJI1edlVllly niIImId la a till "Property") on thB terms amd condftJoM set tilth below. lha '"EffIIatIft D8te- of !hI.
'I COntractl. tha dIt. on which tile lISt of the hrtie& 8fUl1& th.1IbIst offer. ......... of lie ........In ... Contnct. TIme
17 periodl of S d8ylllr 1_ will b. computed wlUlallllnclldng SlIblrdey. Sundey. or nIIionlllepl ~ and any Ura pertocl
'1 1Ind'~ on a 811urday, Sunday orJ'l8Uonll! Iepl hoII6Iy will bel!!Xl8ndecf un115:00p.m. dllle nulbullr1eu day.
11 2,' PURCHASE PRICE: . '. .':.:' .-:,:, . .
Zl (.) DlIpIld hUf In elcraw by ~...,.,.. W_VIH"J(~ wi ..,
Z1 (b) "lltlllDIlII clep>>1t 10 be made within .I.U..al*t- .my. tom Elrldlre Date
ZI (0) ToIal mDI'IpGH (11& 18.fenmced In p~ 3)
ZI (d) OUter: ... -.rf h...tn .rlrl ....n".",..,. fn fit.. .Hmeh." 'd~m
Z4 48) Ba/8nce to cbR. subjecllD ",&Im.. end prcntlona.
Z5 to be nwde witl c81h, IDclIlly dRIWl'l certllied QI' c:uhfer's c:IMIck or wh flwtsf...
.$ 1J"'I~nM
~ fD DtJtHJD
, MJ,nnnnn
$ N~A
$ N1A
$> 1,~DMlJiI
21 3. ntIRDPARTYFINANClNG: WIIHn ~dl)'llfrom ElfKII". CeterApplCIIIIIan Period"). Bui-wIU" at Baye". .pense.
r1 appI)Imrlhlrd .".ndnglnlM emounter$ or % ofhpuR:h... fllbtc b.
a ~ oller. periotI 01_ yu.. end ck.leln no less lben _ yurs 8f1dwllh. tbcH .............nclla .-:eld
111 0 " p. y..r or WIIIdlI8 .......... .. not to -=-t C '!I. III orfglpa\lon with .1fetJIM C8p nol to
JO exceed '" from Inlll8l rele. will 1ddl1Ion. tetl'lla _ fo]JClW&:
11
..'
I:l
-:.
n
J.4 fiUyll' wi PlY forb moq.g_ tltl. NUIW1Ce poley .nd for all loin ape~. BlIyerwtlJ ImeIr provIde Iny and .. Cll!dlt,
H employmanl. 1nM:hI1.nd oItIer tnrarmaaon .....aIlIlbly I'IIqtftd bf any lender. aUf.r will ndIy 8elJer 1rTmdldaly upan
II obllllnlng fNndng or being ..,mId by . ....... II Buyer. altar dl1Iglri eft'ar1, 1ah to olDln . wrIIBn 0DI'IlmIIm1l11 wIIf*l
n dlyl tom SI'IIdtIe Oat. ("FhwIcfng Perfad'"). &u,.r...-y c.ncellh. Contract by gMnll pnmpl nab 10 SttlI.r
n and 11..,.,-. depoIilCI) will be hlbmed lD Buy... In aCDOrdance ~ P~ph D.
11 rNiV.-d. 1 Jlnd.'''~l. .J...........af.CiDJPJoI.......,hIdl~Pllpt1of5Pi1g...
~-=.~td::c:f~&-.;:lott::::.~IU'=-~JOI1 A~TA
n~R
p.21
'"
Feb 18 2009 3:01PM
NASON YEAGER GERSON ~HITE 5814710894
p.22
.. ... T1IL&: .... _OW.I ~ to end _U CDI1VlY markllabll..1D thl PrOl*tV Ilf Iii a1aIuklryWUl1l1ly ~
<It 0 aIbIr fr_ af 1InI, .........,.~ of,..., arllnawn to
Cl hIIIr.1d nbJld ka PRIPId1.... far the year 01 cmlrG; aMlIWI" I"BIIfdlllnt ..d ""'clAllty -.nIl_ of rMXlRl: -
011 ,. ~clller mder8 ia YMah III ... be IImjIct) _1'lrfI_ -...., . - ..11_......'--.1 III.,.,........ .
44 .dlll u... ..,. . closing no vIoIIIJan .rlhe tllIIPw IJ'Id nOllurlhlm ~II lur.r'. ~ Uti fA .. PIOpII\Y
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(III E!lrldIna..rlllll: al.er. "~k_) .. a.nwa [J Bupr'Ullp."...nd WllhltLflL_dIp
III a.1E!IiIt:IM.,. C ptlDr to a_g Data [] ffDIn dill Bayer ....1. or wan. bncIng 1lOllI4Jella.( tI
P~fIIIIh S. .....ID IIupr (ftd:...
III I........ ~ by . FJarldalloerllld .Ie Ntnr _ upan Burer NaIlldIng the died, __ lIIIIr1BR
IIIIb' h Ihe..-t Of.. ~ prIae'" ...........,. .... cri.r 10 .,.,.,aonlllllllld ...
"D - _ aIIIIIact Gf", ~ a'1I"- ..nt 1I1t an ..rlllrlg tbIIraltrm Cll' CIIIIIId _ ClllIIICl" m ....111111.
HarMIr.lflUCh 1I'I1II1hGtJ8 nal...........III....,..,. pdor ......lIIle palIi;y...,.bIe tDh...............
. a bale far.-....ca or ClMIWVL Tha prtarpolloy w11lndUi1a _. of III paI_ GIlIIlIDi-It1II.. ipdlIIIl fn. farrall
_plIiIlIa _1IuJ~froln the paler IIlIKIIva dlta.,d..-.d ta BaJuoreu.,.fa cfnrl1l 1IIII,1It IDa8Iher wit ClllpI.. or
d dDcan8n11..c111d In,.. pdlIr poley and In 11M ",dII..
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ibJ l1h ...."il1i.iioi1' 1luyWd, wlIlIn ... tfa)'l Jram "'pl of the ___ lilt IItII .lwrwdhn noICe 10 8aI1tr III title
tfeIIda. ,.. .............18 to ..,.~ Buyer....tD ....F...rn*' af.....OI f,2)""" ...,..
PftIIJIr....-.m... end............ ddda ... .,. bin ~ of1btl naIce ('CuIlIlW P....,.lHtI
~. __ __A ..ill.... ,,_ a_..~. f~I~~ ~"l. .........d. "111.1:. I Ii dlo./. I..... ~~~. bJ 1\0.1'.' vr.~.4f -..4. -'~'"
....1I'...,.lIGtllGltlCVl8....If............bIy b......"y defIal ClllMat be.... wi'*' die DIn.... PwbI. If
.. tIIfec8 -lICIt and diA lJJe CUrIllVe Pertad. BUJtr wID'" 10 dl)" tam nIOIIpI or _bell I!IIIIII'. InabIlr fD
__ U. ...,.... to IIIct wNfhw to tIIInlIIlID tis CclnPct ar SCClIpl till, .ub]ld tD .... .,.. - ... ..
.-.ctan"'1ItIlJcIon tnfllll'Ch- pt!ca. TIla peW who p81a ~1t1. evIltenCe Dflllntllllo pay' rUIIId..vIce
"'1I\I:IaeInIl. and abIInd d1mga .nd IlUe IX...tlart.
Ie)~: [dIIclc _... prcMI!DIlI ....,
. .....r..~.L-... hmEIuIM DaI.. cWverto Bu)'lroopIeB orprlorlUrVlyl. P-' IpdllllIIIan...nd
~___t r-W. InCIthetblawfngdaGurMnll reIlmmtlo.... bllltl8Cllon; ~- ._..,.... H...._
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- P-PRd .........cr ...... po........ "'** thow d CUIW1IIy 4IIIfd1g allUcinL '.
.. _.nil.. IJ BelW8 . Buy.... apen.. _ wIhIn tllIlllJe perIcd .Iowed tit dilwt WlIf tIICIIirD till.
...... aIIIIIIa. GUrRIIt cartlhdlUrveyo(" Pn:lpIrty rrcm I ~d 1UIJI8YlI".lttht.......,....... HlIllIdInBntI
anIhaPtD_CIIfbatlh.~lIlCRJIChonlwllndsor....... U -Buy.r" ..pt .. pro_ wlV1
~ ~ . IIUCh 1MIDIdl,.u WlI CXll1IItuII .lIllIcletlct III be ClIAId "'hln" CUtd\Ie PIrtHI.
(d) ...... ad IignIM: ....... ."l11li"1 the PrapIIty ptUltGy.. ,",AI. and lIgIUS.
Ie) ~1GIK .... wi..... POIMlllim and Up for Il\ locb . IN", to 8uy... dosll1l-
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: ~~'~~I_A.. d ,... f>jI.~ ~.;.tAi_J~rll~.:l~l~"~n{._t~:l:.tJt.1
111 lJ~r' 1....54_1! 1 . M~.. kr ~.... . ._to ~,..4 t~_~._ ..I"':~-.~ ~ ~A.. ,..._:.--1. - ~_. ~"'I
. ~... ~ ..._.ldta.....d~ ....&.~.. ...'f"'...._.~_h. rh. .n.... .4l1"~I_.d...I:.. ,.___d~.. ",1II_.b'"1._ -II
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tD~II._erictJmlnnc:a....prlarlDcbdvand""tDdDlO.luylir IIIaY un ~ pIIlCIIda to aIfIfY h
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lbl =::_wiII r.::"'.... dMd, bII 01..... mlCNnlc:'s lilt .l'IidlIvlt. a*qL._A _rlJ.,Ku. ~JaJl J~ IIIIIl
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_ t. ..:'d MfII. i:;.;l.U.,." I__..l.__~ l\. --... _. L.... r "-. ..~. .. ~ ~ ~
~&.II...~_AI~__I._.-4..8"""a~.'" .. dlllller . ~ub1 ar IIa .... III aacan
........ lie III.... dIIMy altle.....1T1lf ~ lIr II, ~ rr.c:r.tIry md'tfn8... ................
bltt............ ~ cOllfDnnnwllh........... allaaII..... .....wI hnIIIrlKUllty...to
llupr....,... prtJ'IIdo.. c:IDshg .w.nnI. 0......... and naIII., MCl.IiIJ ......_.Itld.................
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Feb 1B 2009 3:01PM
NASON YEAGER GERSON WHITE 5614710B94
p.23
.. ~ Ta... ~.ntB, iIr1d Prorat1DnS~ The following fterns will t. mi. aIlrIInln JIIV_d
II Ii _ of Clo.Ing o.te [] .. of : rell aIIIlll ..... band ...., ..........1 pIQ'I'IIlflIs
. lllIUl1I8d by EluJII', IrMruI. ~ auaclalbn d.., Insu.nee premlllI'llI acctplllble Ie ..,.1, DplndlanalllXp_lIa
17 Ind ..,.. 1f"1I1IIRri 011.... and
.. 1..11 ...... fer the current ynr CBI'Incl be .KerlIII_. fIIIA ibrth8 prIIVIaw JIll/' wi be .... wllh dul IICIWlII1C8 bl'l19
. madlfarlrlpovllI1l8."" aemplb11. siner Is .... of lie fclII1NI1ng _rnIIItI .1IIctrv Dr polellll. .r.cIIng
1. III. PIapMr: NlJII~ _ IarWwllbe...paMlble
101 for" _...... at.." IlInd Y\Ndlltecom. due and CMfng on at.... Ell'ectv. DIlle. un.... 1w1mpr0Wll'Mllt Is
1. wbItM'" .....p.IMI" of Closnv OIIe,In wItiI CIII. s.llar will ..alii_lid to pi.)' lit.... _......
111 (d) F1RPTA Tax WIthholdl...: ThI Fon. ___., RnI ~ Acl rFlRPTA''''__ _. la wlI\tIaId lit
1M __. porIonafthltpun;r.aefllDl*dI ...r-..... to ".lnlImII FWMmJa.... t"IJU., It.... I. . ",<<lign
1tS ptlSDIt" .. ddned b)' ... Inlemaf R.... eode. 1he .."ea Igrll 10 a::Q1lp1y witt .. pnwlllDnl of FlRPTA al'Ml Ie
101 pnMda. . ar pdDr 10 doling. ~ dDcumHhltlan to .ublah .ny tppIcUIe aempllllll him the wfthkaldng
107 nqLftmPl. If wllhl'lGllA1l1l1 reqalred and Bu,lir doM naI ... CIIt1 ILlIlllln It cIaIq to meeI the v.thhaIdng
1. .po<<ment, ...... wII prowfde tbe nacIU-'Y fufD and Buy.rd ~ pilaf 10 .lIr.. hi IUCh funda MlIW plq)8lly
t. ,.IIII11I11UolIIlR.&.
110 I. ESCROW: Buy.rand &tin., 1NIha_ ~ W-r......r.........,.. AtItaMN &1:",.- "..
111 TIIItIphana: .Ir.. ".:&aU" f_1mIa: -......2...,.
111 Ad....E: 1M..., 1- nr.. RIuof ~ lHnrt "PI' .,.......... R.."". .,,,n., to ed.. "Escraw
112 AgI" 10 ,.C:aM ..... and aIhIr 118111' ... adlJed 10 daa.rJr1C8. dWluIR u.n ~ 1GQQrdaJ1ca wlIh 111...... MIlll.
it. Contnd. Earaw t\gInl wlI d~. . funds reClllved In U. non-Jnle_ balfng -=IOW --.n en 1n.....1t """V
115 eC1IJX'.CCDIri WItt ...... accruing to A.orr . . -"'frdeJut dIIIblnad (check 0'"
111 .... c:lDt1nQ D c In.... If Eaaow Aae.nl rBC:IIIIu canIicII.., d~".'" a goad fIdIh
1t? doubt .. to &aaw AgIlnl'1 d........ ....... undIr life Con". hlAtIe II'lIy (.) hcIld Its. lubjllcl JnIlIer.Gf lhe IICRIW unIlI
1. tha pi..... ndudy .... Ia .. cIIblnemenI ar unlIluuance of. caurt arcl... or cfDIon pi' .~r cr"'rmnhg Ute ,.,....
111P rtghll fWIIIII1fIn8" Ma'DW or (b) depod .. Nfed mder or 111. acnM' will the clerk or.. dRat caurt 1laYIrV)uffIcIcIIon
'l2D GV8f' III....... Upon ~ !he .... of I1Id\ acIIan, Eaaow AaenlMII be ....... fram . ... .. r. the duIv
111 ID accaunIlar ... p.....ly ......,.11 DUI CIf .crow. If....ad ruI estaIa bnlhr, Elcraw ~ 11111 comply with
1. .pPbbIe pro1IlIlms DI' Chap. 475, flaltda Slllulel. In.ny d or IIbIlralion In ~ EICAlW ....m .. med. . I*IY
1l1S b.... 0/._ .1 ..... _Iunder or InIerplads .... lubJecl NIIer of IhI eaaow, EIaow ~ w1II ,.,.. .....ClIIIIbIe
1H IlIorney:a' fa. end _II lIL"IeVeIs, with 1UCtI.... Cld DDII1 tl) be'" ftDm the ~ MIdI or .......'....."111
us .nd........ DlIUIt CI" dh8r COlli In favor of thl ~ pq. 'Th...,...... Ihal ElaDW Agent wi flOl .. labia Ia
'\25 IllY...... ror m1.lflllvwy 10 a..,eror .....r of _owed ltImI, unr.u 1118 mlldelvery II clue to e.cmw ,f,g1ftl'1 wIaII b.-cf1
.~ of ~ ~lIlIhcl ar IP'C* negIgence. .. .
1111 1. PROPERTY CONDmOH; Seller wit ..... .. PIClplllty to Buyer lit .. tme "greed In !tI pi-ent .. II" ccnclllan,
121 DttIn..-y WII8l' .1Id... excllplad. and wi memtaIn II. "~rv and llruundlln 8 compnblli candlfon....r mUa no
1iC1 ....... ath.than rnarblmJly af We. Sf accepIIna" Property.. .... Buy.r_lve~ ell ~.__ 811_ b' Il1IY
131 d eJlIdS In lie tJlUparly. (CheCk (a) or (JtD
o (e) As '1: B., his hpeeled Ih8 Praplrty ar WlIIYe. eny "ght to In8pU end ICCIlP,Is th. PrDpIrtv In IIa .... It"
condWon. " . '.. ...
. . .. .'. .~. ... .
. (bJ Dua D111g1n- Period: su,erwJl" at auy....)Cp... anchJlllhln.._ "driP' hm .ar.ar. Dale (''Due
DI~C8 P.rfod'), dIIIlnnIn8 wit.....,. Pm_ fllUIabI'..1n ~ IClIt .,d ~ dIIcR11Dft, b _.1'. InIendlld
UH and~ of" PnIpertJ. sl*lfllalfln Parapph... 0amI!he eu. DIgenea P_cS,..".,. _ CDnlIUCt 8I1Y
...... -Ira&. SUMp Ind fIwIlfpUo._ rtrwpdo.., which 811f1'''ma "~1lIY 113 ...rn. tD Buyer'.
....,.cIIan lite ......".. ....gNeJInf. .rd1IIiIcIufll, el'lllhnmenlal p~ ZDnbt and zaMto I............ load 1QIle
d....lcm ud ~ IdJdMIIan regulalal'lll: d 8l1lf lira; ....wJIIIy of ICllIIIIIo puIlIlc ..... WIlIIt. and ather
u....: canllllelq with IDcIII. AIle end ....... FJWIh ~ and ~Ilve 11111 u. pllnl: "".bI" DI
J)8I1IIlIa. plllJlll'leftl.pprovara and ....... IillImFfana wlIl1 Amalfcllll will DI Ad; .lIl1C1 of lIIlHIoa. IOD Ind
gro\l'd ......CIllI1I....lIon; end DIhIr f1~. .. aur.r d.,. .ppID.... 10 d8l1r1111n.lha .un.IIIIlp vr ". Plaperty
rorBuyw'...nctllllUH. anddllVlIIDpmem eu,....heJld...WItlt8nnaltcekl8ll111' ~"or Ie tile ..,1lIDn af .. DUI!
oa"enaePerlodofl~ct.llrrn.lI".1Dfwhllherarngllh.fIIDFeIt1........... IJU)'''. MIura to CIJlIIpIy wIh lh/s
nub rtqIftmanl.hilll condute acceplll1Ql III the Praperty .. .. Jl'alnt... ... c:andIlIan. .....11... 1t18urer, Its
.genta, 04........ 1M! ..... the right 10 enltr Ih. Prapq IIIIIIY lime during la. Due DllgallCl "Ilol far Iha fMJlOH
or ClIIlIIduI:IIni _edlDnr. pnMd-, however.1Il1t Buyer. .. agenIa. CIlInIradon and ...va ..... .. PRlipII\' _
CDIDId ~at"awnlflt. ..yar....hIeInnIfJ lInI hold 1.1Ier hamtlllel tom __. dIrrag., cau, dIIIIII
.nd ....... If..,...... IlldudJrv dam.' ,... .., Iellllll. Ind hm WlItv to,,", penon. __ tom the candud
of..., .nd l1li""""" or 8IIY work .......d bIy au,.... Buy.. wi! nat .... In anv 8cA4Ir IIaf CGUId .... In .
rn..;h..o,lc'. ... tll.' tIad ~ the P~ wIIhout ..II..... pdar wrIIIIIn ClCMII1l 'n...... 11'lIII .....eton d... Id
c1aR. (1.) lIupr ahII ,....... .11 damepa lEI .. PIa,., ruulttla tom ...1nIpedIoAI and mLl'll .. ~ 10 the
co...... ,..-111 prIDr to CDndual Dr_ 11lIp.... - (2) I..,...... alluywI'" .,....,.....10.... .~ .-ports
.nd.....wact.....tad.....ulloflh.NpecUcma.lhoUd..,. dehw tinely nab u.t !he ~rty fa not
.caplllille, a.J1... .....Ih.t Buy.r'.ftpasIllllallie tarn.ct.Wy.........dtc Burwr.~.lh. Cc:lnhcllemt.led.
,. Bu~".. ~ 'Ind IIllwr! \ ~ ......... rec:lltJIor. copy..... ~whi:II k PII' J 011 P8t0.
eM ,. . .,.........M..............~SlIII.......
. .,.., ".... FGmrItlna c.1'Y"'.t211lM AlIa I", Iottw.h, Inc. AD FUrta. .....Mld. IJCI8) V......
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(q WIIII.Uu~ Inllpedfaa: Buyer 1nIIJ. Clfl the ., plilr .. doling or any alii.. bt IP"nI-\, .._b11 tD ... parlilll.
candual. _I ~ rMJ*IIan Ill.. PrapQ ID d~ CGIDpIInr:e wRh Ills ~ and eo __hi"
P.....lI en........
(It) DllliilDfu..:
1. ....... e..-: Redan II . nUurIIIIy QIXlI.II'IIa1g .dIaeGId p' .... whm . h..1ICOII1IlI1aI8d .. . buldlnt ...,...
~" IllIY ....nl .....Ih ... ta pInaIlI ... alDsed to I... In. LAVtIII ffI. Mdlm Ilal -=-t ...... end
.... ........ 1laW ... iuld ... blJldlnp t1 Fladde. AdlItraaeI N,riljldln lWgeldng IlIdaa and ..dan ..... my be
~ '-JClII'ClIUIl\' pd:IIo ~ unI.
LI-W EIIdlnCJ:""'" may .IM dllBlmJn1ld ... ...-gy 1Iffict.nc:y filing of Ole bl8a1g. 11II1111Dc1l11d on ..
Alai Plop Ilt'.
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'117 ... aFarwlllItrPIWFLll !_II. WNlllWMrliRllllI1 .... .oW _"._.1 .. ;..-A. II.. )l.~~ .... -.J
,. L h _.d...d J _ .._ F.l.._~ 1. U... ..,A.._ 4_....lld ,Ili.L I~ 1-4_4 ~ ... IIlh... n_ .lA?...:l..-M ...d.__
~: ~~r~;:.t'l:;;~~~; ;;:~~;;::.e-.~:;:dg;~II;M'~~'-
111 ~
,n e. AElIJItH OF D!POBm UnIHa lIlIMIrwIIe..-alled In ... CorIltUI, In the IMtIt lIlY CIlI1lIIan III U* Co.. II IlIII. Md
171 .....,..hU 1bI1fylllV8n II\Y ~ nob,.~ Ifle GCIllIfan having not.... 111'" ~ lI.polllt . ba ...turned
174 fn -=ordIIlcewe. ___bit FIoIkta.... tndl'l(lUllllon:l. .
I'll 10. DEJlAUL or.
~) In till....... II not c:ro.d "110 ..,defaA Dr fdn OIl u. pM~.'.,aIh.r 111M .w";' ~. ;..:...... lie
....1Ibl. ......... eIbt, ..,..... .....r(1) JIICIIwe ...tlnd at..,.... d8paJJll(e) Dr' CO ... .,..Ii:
pclbnDlllC& r..._. I 1 _ A,-... ..I~. .. ~ 1IlI!1_ b. a4t.L. ......111__.1. ...._ ~.!b,...__.....
'(lJI'" ...,entlhe.alaIlImlClloted.. 111 ~ d.... or~":=~&......~~........ ,0
dIpJIItIJ...or....lDbe~~Buy........uplIJ'I dImIglJe, ~.r......." Df>>
~!;!:1'~~~~~~~~~i:~lj~
114 11. ATTORNI!Y'I JII!!\!!8 AND COST&; III.'" oWm or ccmtwer_ ..... DC4 of or NIIiBna ta..."Conlrlct, lb. plMIi1Il1C1
'15 ,...,. wIJfcIl for JIIIllC*I of '* prg"on wIN tJdudlt Surtll",8eIv _ .., wII be -.!lId ~~ IIkJmIy" -.
1.. COllI... upeND.
181 12. BR01CERS: MeltharBuJanlllrSel1ar ha u4Ibed lie 1III'ffcp d, or for IIlf ohr I1IIIIDn IIWD canlI*JIIIIon to. .
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tp ~.~......,..~_ _lIIt,..,..,fltJI-~ iIflNI
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111 C ........,~, 1:1 ...l1DIInIIf'IUnl...lItUlllhllllo..... ".' ". .~ .
11f CiIlII'rt-I...1d1lJ [J .__ U ..... lJ IJIllhplltMsua-tto [] ~M~llr"""'of.camp_J6uIo.
,. .,ar-IIInI..... [] II.... <-..df/) . . ..', ".
," (~. ..... l1li .. ......, In ClGftIlIJdIan 'tIRhll1f _lIIIIlng to .. ~, ....... IIut nat Inhd III tJJqu!del,
IGII Irftdut6IJI. ClClIIIAJI:me af1d ~. reI1JIIng In IhII '-cIIan. ..... .,.,..,.r..,.lD....., 8nd hold iraW
III r.mIaa hill ...~I_.., cr_.... UIIIs .. ..,... 01.,. ...... ~ ,...1bIe ~ ...lIf.d
2lII ....... tam ... .. pII'IIl1. .. hm (1) ClilIlIplllllllllJaft cIUlJIHI MIlch.. 'loOIliIlII8rt _ ". NP....uaan t1
IDS ltJII p.....". ~ ... to J:IIIIact . ....... lie pll'llmlt 10 .......... 10. tI) "" cIuIr JICllIIlIad '" Ider
.. .... JWqWII afau,aror ....... WIlIah'" II ~"sapt at*""- ......... by Chlptar47S. '.1.,.. ..",ad. II'
2111 (4)"~" or.""" pnwlded IIId IDlPll*S h:urlWd lay .,., NIl party whorIlraIcIr nd'Jn, ~IIIII.<<
.. r...... Ibr.. 11'1 ......", IJuyIr or ......
Dr 11. ASIfIlPWllLl1Y~ PIRIONI BOUND: na Ccfttle:t 1IWf...1Ilgned 10 . rII1IW "'/1)', n:l oil..... [J II net
UI ...lgllllU . II.......... The 1armI"IIuyar.w 'Ie'" an:I........ 111&1 .. ........ ar ,..... Th\I ~ .. bbllng
.. upan""', a.a. and"''''' ~I f'IIJrftenc.trvw, ........ .nd anlgnl (If lUST..... It plIlh1IIIad}.
%10 ~~LC....~.tJ,.,......J~1:"~_lptar. capfof.... ...VIfb.......4 arllJlaglL
~.III1...~'~I~2at......r.oftwIIa,ln~Ai....Ilt,._.... (101) J7I.I_
Feb 18 2009 3:02PM
NASON YEAGER GERSON WHITE 5614710894
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255
sa
;g
aa
-
210
211
JI2
lID
2M
2U
-
211'
...
..
t7G
271
m
27:1
174
1~ OPTIONAL CLAUSes: (CIdlil;k' -p.d l1li taIDWlnIl dills.. .-e applk;1bIe ~ IIlIMIhIId . an __1dIm1D Ills CDJ1lraCl):
A1b1nl1cll I:i Belliii' 'Narntnly E*kIg Mortg.ge
Sldaa 1031 ~ [J CO..... eor.\ndon CanRI LIII. ~ Oller ......JNIu_
o Prapllty lnIpecIJan n JWpU c FIDcId ArIa Haa1d ZOne Other .
o SIlIIr R...1riaIbw SeRBr FInInolng O1h.r
If. M1SCI!1.LANI!OU8: The lMnw alf1Ia eonr.ct COI15Ihtelhe .... ....m.1t beMan Burer. BeUu.
M......... of lHa CanlrKl wII not .. b1nclt1g \Ift_ 1n WIling, signed lIIId de8tMld bf h party to bit bowld.
BlgnIUIS, ..... dal:un1enII ....... In GIla ConIract, cocmr.per1a Md willen ..GcIIIcafIonI 1:QflWIlUIl1clrted
elIc:IIuIIbI)' ar on paper wU .. .~~ Fat all purpo.... hcbIng c1I11iMry, end .. be hlrdv. H8ndwrIW1 or
1fpa\'ItIlan.... fl'1llll4ld In ar IIIiId1ed ta 1\11 Connc:l...... lMr PAlprlnled 1IIms. If..., ~, cfllll CanIr8ct.. or
blCUlll8l-kIvdd Dr ...nrarCII"''' ell leIlIIInIng prlWf___ wm conIhle to be. fuIp Il1rec:IIva. 11dl CentRcl wi be coJlllrlled
undllr FbIdra ., III'Id,. not IN nc:arded In arf/ pubic recorda.. c.tMiay of my.....m.n nalrClllo.ny p~ ...-nt wII be
dHl'ned MvIIy ta u.t PIIrty.
THIS IS INTENEED TO BE A l.EGALL Y BlNDIIG CONTRACT. IF NOT FULI.Y UNDERSTOOD, SEEK THE ADVICE OF
AN AlTORNEY PRIOR TO ."IrING. BROKER ADVISES BUYER AND tELLER TO YI!RF\' ALL FACTI AND
REPRE8EMTATIONI THAT ARE "PORTo\RT TO THEM AND TO CONSULT AN APPROPAIA11! PROFESSIONAL FOR
U!DAL ADVICE (fOR l!XABlLE. 'NRRPRETING CONTRACTS, DETIIUIIINIHG THE EFFEcT OF LAWS ON THE
PROPERTY AND TRANSACnON. STATUS OF TITLIi. f()RSGN J1MiS1'OR RIPOImHG RIGUlRllENTI, ITC.)
AND 'OR TAX. PROPERTY CONDITION, .I!!NYlRONMt!NTAI. ANE> OTHO 8PECIAUZI!D ADVICE. IIUYBR
ACIOIQWI.EDGES THAT BROKER DOIB NOT OCCupy THE PRCIPER1Y AND THAT AU. RE"RllSEHrATlONS
(ORAL, WRm'EN OR OTHIEftWIIE} ri IMOKER ARE IIAS!D ON BB.LER REPAESEJrTATIONS OR PUBUC
MCORDS UNU!8S BROKER INDICATES PERSOMAL VERFlCATION OF mE R&tcEBENTATION. BUYER AGREES
TO RELY BOLELY ON SELLER, PROF!BSIONAL IhPECTORS AND -GOYERJIIENTAL MENCES FOR
VERIFICATION OF lHE PROPERTY CONPmoH. .QUA~ fOOTAGE AND FACTS THAT MA1ERIAU.Y AFA:CT
PROlleRT'f VAlliE.
DEPOsrr RECEIPT: DepDIft of'
by C Cl1ecIc 0 other reCeMJd on .
by '. " .
___ClfElcnlwAgenl . . ..,.. /I1}/'
OPFER: lluyel'Dtrw.\opurdaaaChe ~ on lhailbDve terma.lnd ~~~ ~ ~__ by lWler
III1d.1IgnId lIlJl'/ cWu8r<<l10 Buy_or Bur.. .J*!\ no 1IIt-tt.r "ID ~"'-~ II:I!I... JIliLm. w--
~1MfJI""" Buye r may ~ IIIC!r8llllhe.lI!fu~lnsJiii:tlpoeb.
~1ItJJJ:JAA3pt,AIIL( '.- ." ..~at
Tl7' J '
Dee: "'/~<19 BUYER. .~.- - TaxIDNo:
Telephone:
FmIfmIIe:
T1Ue:
AddIwa:
BUYER!
TaIlIphane:
Tax ID No:
Date:
~,tiIt;.
TIle:
AddnA:
ACCEPTANCe: ''''1ICCIIpIs Buy..atrer Ind ....to -I the Property on Ill,. II lerms and condiIIonI ( 0 IUbfecI
to the dacIwd CDlXltar~. NSG' erBu.1n COfJIO
I"
o.te: J .. III *' ",
8
T!llC.ID No:
-:',
'.:-~.~
Tallphane:
TIJe:
MkfnIIs:
SELLER:
Dille:
Tax DNa:
1JIe: TlIIIphane: FtiCllimlr.:
Adchls:
..,.r' ~ '...de-hr' ~~IICIt.inorMdae~Gf'llaPVarlN&""'wtlldtilPlgaSGf!PIgu.
on. ~~_....~" 1_ ~ U III.............,......... fJI.., ........,rllIII&fanillll
_................ TMI' . ~.........,........................... ........1fIfm ........... 'NI1IIlntt . ......__ ~ ....
.... ........ ~ .... .. ~. NwIIr .. --. ..............,.. 1 ...............................w _ ..., ...111__..........
-.-.....--.... ...._~.....,.................... ....c.IIt.........
lIII............ ..........181 (11 u.a. CIlIdIIt.... III ........."....,..."'..._ ~... _.......... 01II1II IiJIll .......fIIno.
c;cr ......~.. ......... AIlIlll!lo --. ....,... ..oN...... a.nw-.
So nil Adrl.d Jf...1tIIng Co~ JII04 Alia..., 8DftwIM, Inc. All RIg.... ....."'14. (301) 21......
Feb 18 2009 3:02PM
NASON VEAGER GERSON WHITE 5614710894
p.26
ADDENDUM TO COMMBIlCIAL CON'I'1lACT
1. ~...... The Jblkm4nc tarms.... \lied ID lhII C:--..:III COIICrIat (tha "Cantmet', IbJIIIaB
list fOlIa_a III&IIinp: (a) 0a0./..._b1 .........nl... Any .. all CalltII, 1'*0 anamr. maalcJpIII Dr Ilk .."......lD1
depar1laal. ..,. IlIIIIorf\y. CGmllisll... baird. ..... ana1, .-.9 Dr 111)' ~dIJ aI' ..,. IIC diem. (b) ~ra1
RaDII1_ Aay .... "lllDIInt, __ II'" DnI~ l'lIla, .....Iaa. Jad..-na. tIocn., wrtl, ~ ...... ,.-mIl.
ccriIIc.:IItI, ,..... ......1aIdon. ......-1. ar olhlf dSreelJon or IClllin:ma1t of .y.CJlMI'IIII1CldIIl AadIorItr .. IlMdnI or
..1Cdcr en.... ...._ pRIlIl........ alllnd, or IlIInd .Uable la the Idler 01' P"""",. (e) u..,....... ....w.. A1Iy
IIIalI.tM 01' ...... .....1" pItnIIlaIm If petro'" ........ aD.... .11, ...11 au .. QltIIcda .. ..... IiIr l1li.
ndIoIal1w IDIIafak ...... ..... . Ill...... or lade -.slcI . .t..... india.... wII1ICIIIlllnflldan, 1Il)'.a1lIlucIIS
now car baeda' tlchci II Dr .WId In . ddIlftIan of "huulaut JIdaItIn-." ~ ...." .~ 1'IIlcr.....
"toxic llIat=faJs"or.lalcJe......... _1lI'.' appUVI1dIl ~ ~. .
1 (II) III1Bo NlIlWh!Is1IaIdlnl ....Itl. lD II1c collbw)' caalIJnaI In Ihc CaIlnd, ~
wllIMt llmitllltan. ~-:... 7lItl af'Ulc Cealmd: (I) 111m the Etktlw Dele mil TIle C1oDaa~ BlI)W IIdlau _. III _lei'
die PJDJIIIIr 10 ,.,... aay JaspecdoftIII1D1fdId .. lipt ... _ cbulF 1hc DuD Dflfpcc r.tad; (I~ .~ _I .... DO
1WIII~ far lhc ..... ..d1or 1ft... at ID1 e..ft>_.MlIIl)< nIas.d InIpIlldoM pll'Rmnecl; (Iii) If BaJw"I Jnqec:dau Inl
~.. 10 8u~1br l1li1 ar 811 .-ra .............. ....... .tena'-doa 1hII1.. III h3'er'.....IlIIlIblolIJ.. .....1111\ BIIJV
DlllJIImahIIta" 0aabCl1Iy Mba aallc.. ."chrar s.ner',lI C01IDId.-. DO.......... _1_ "''''a DulDQlpnccl'akMl,
II wIaIcb CIIC thIl DIpIIIIt..... iIllnIDlIIIIIl1 K __cd fo SaJ'lr. Vllthaat !be CGMIftI orScJler 0' 111)''' pcIIOIl 01' adr ....,
rcqtdrM. .... ba.. ........ .. teIIevlId DC. GbllptfODl Janu. Cn') If die D.,.o.It II IIIIC n__ wlIIlln .... (J) .)'1 of
Bu)'lr'1 temWon.1uytr IUIlIle eaIIUed Sa \he ~bIrD.r1M DcpoJilIO&ClJw with 8II)t allonlays' feu .. _.-. ~
wf1h llIII1doa; ell) II the eftIIt u..t 8Ql=r'. lnallall_or... PJapert, 1I11d11i1C101J' 10 B.... BllF NaJld.1Mt till r..:r.w
"'FIt priar to S:OD ..... _ lfle II1II1 clay of tb& OWl niIIpQcc l'eriDd lhc ItilIanal .......... (~.Bayer IbIllIUll ...1nlIal
cIIpasIt wiIIllll line l3) d.,.1ftIr lb. !lrl:dlft 0... a.,...IWlbavllllloe rlJlIc 10 1lt1tnd.1Il&1* DIIJIGID hdId II1l1Qllhlndnd
aIJIq (110) a,r .Iuycr". elacdlm. and ID BlIJer'llDlc IIld 1bIDt'* d'w:redatlo' ..'
(b) JJIlI. The PnIpIdy It Ibc tin: aCCktIin& Ihlll bll Nl[ecl11l no Ilcm,....... DlClllppl.
leac:r" cn&:IIralall~a. euma1I, ~ ~-=b..lllIIdI, aapdonI, ~ Ill' IIlbcr matlIn or lIlY k1ud .r........
~ glb=r _ lit. fbnDWlllr- (J) IIJ... IIIItc CD. 11M )'Cl .. IJIII JMyIbIe. li) -.all raenalla WImaIr Dead
rccau MInII 23. 1971 ~ 0IIcW ~ Boak IlIe. PIp 12',- or lllc NIUe R.ccords If' PIl8I ... ClIIIJ. JllGddI. (In)
..s.... fIllaYllf orF1arlda JlubIC Ulilllllll OIqaJ rcconlcll October 21, J97d fa CXldal. Ileccrdl Book 1SG. .... In'- or...
Public RIlaIldr""""" Bad! Co1mty. JIIadd,_ (Iv) lUpr.oWay Df'0uIIIdn8l aoalc.wnl1Dll U.s. R1atlllla1No. 1 ..wllld
oat IIId In WIll. -.
...
_ (;) ADDnrftIll. Bayer IIIIlI ~m: ilia ri&ht d. Ih& period 18cr)he Bft'cc:Uw DIIe lad prior lb
the CkIIIq 0IIe1O.... tk IbIal (iddIIalk aplndon aeall.,,.. parlodlJ unCOllflitiaaaJ innUrwol.n I1CC1UIr1II'lc pJ-.
pl.... .~ CIII drPuIac pcnnIlr. 1Ic:aa. c~ .......cw, ....u, .-t.1 accept_ 'rC&lllfnp ... .....IpJII'DWlIls
1taaI GtMraIdllUl.AldlMufd.. (coI1allhd1. th "'Dev...... AppraYIl/a") which, In IX IDlejlal.... orlh,... 1ft "-.aIY to
pennlt 1ft __cOm ... GpIIlIIiaa (IM:I'" .jlpI__ MIl en CIIl:I) cd'1 pMjecr: at 1hI)w', ~ Ilu IlId duIIa (1hIl
-au,n hP:t'). ..........10 -. join". hylll' In CllllC1ldna -r IflPUculan or a1llcr 1....- .eMlll)' llIobl.tn
die DMIapnlcftI AppIOYaJlMdID ..... Buyar III oMaIIlDJ .... IndudIn&. Mltll\Jt InItIlIan. -8dzIa& 1dkr".......lIlD
CDIIPIn... WlJk.lIut IIII.r IOI11e UlaltRqlllltld... paid "'11)' Jhycr. ~ st.1I pI)'.U lCIIoanJIlcbplnla ar...... die
.Dcwloplnm AppcmiIJ a.mlhc pennlnt. At C1u1q or die ~ 1lCIat~.~ by IIlfs CcntJ.cr. ..............y
_ a11lC11On11l11c dacaInIllfallol ....11)' to __ 10 IhIya dd. to die Dawlopntllll A~Ir. 5c1l1lT IhdI .t<1II .~ ID
sip Dr' IlUbnfaIft)' DeftIDplacftI ~al \lllIdda WDIII4 Idvcrsd)' laIJIICIlhe. Pnpatl8l .. nuaanbleJud..-t orSllk:r; ...
.ch o._olIoioDlClll Appro'" Is DOl bIndlII& DSIII&Pnlperty ..ndcrCasfn.. .
..
3. ScIIu"s Rn_r.-
3.1 -.-c... ... W_dca. Au ......1..lndvc:emeDt to Buyer 10 accute this Contrlct
... co_ t1tlstranaclfal\ ~lIcrnpraau'" ........ to nu,.. . allhe IIfllCtlvc o.te 1Illd.. af.... a.ln. DIM lhll: (I)
ar........... IIlIIl A......rltY. leD.- II duly .......1IllI1n pld ....... nIIIII1 WIll, Ift4 ts .....11111 c. .lIIuIn_la ....
\\tare ~ Pr..-w ts lacldad. end .... .u IIpt ... ~ IIld II. ....... al1lOft11Gft11 ftlIUked 10 ClMr _.... Olnncl
lIIId ~ Gte IIJL DII CIlMnct III. .. or Ib& IlllIlnlIlmIS tit k II.... It}' Idler _ the 0'" b_ .... ad willie
..lIIadllcr Ir'd preJlllfllllCatVlId .. will eOlllllllllc aile .... ud .fI6lI........ .r Se'lar.1nIIrcaIIIc In __....a wIh lhcIr
IIrIl\I; (11))/0 r.-J'" nr aeCutltm IIy Sellrr at..,. eo"... _ till ....nautIan al Chi trII18ctIao "'c&, ~ da.
nat, .. lItl eM 0.... 0. wlll aat (a) nnh In .1IreIdI .r orllldndt ..,. .-y IndlntarI, ........ I~ .. .....11111
dee'" Seller If 110' JllIIl:kIl .f.. PrapIrtr. (Ir) raIk ... b: Jlapnltlon .r l1l)I' lID or _____ lIpIIII ilia Propaty, er
ee) collll.. . ,Iolldaa or ...y Oa l1l1I....... a.........aac; ('III) ~ IlllIuBItarK. All IlIlltnIIilIrr. 1IIIanlIInns,
appllm. ~. .......... ..4 otMrs .... ........... am:... 11bar. or....... aa"'aJ .. al8llaetJoa wrll ..1'nIpIIt)'
hava Hen.... ..Mill' all IlftllrWna UIwhn (DI'.... whICh wllll" ..... .rll.. or JlCltIer or..... .... .... "'co
Itlllll) ... belli IIIIIIad .... nIe.td; (J\,) HB n.~It. IIlIcr is nat m cllliuk lIIIIIlT III.Y lad"~ IIIll11PFo .l1li "'1,. Joan
.......... .r'" ....... wbIlllIaliuralll)' pd_ .,... PropMt)'i (.,) C_IllIu_ _Ill La.... ne Jnpcnr.... !lie fIUIII(
.... lIIc.... M 111 llII1tJ6a:e wfdI ..~ IpJlIfGIblc O"__....all.eqWr....... ('YI) DfI. Saller 11 IIac IWDCJ' .r 110. MId
mrkdlblc 11111111. PnIpIrt,y. he IIId el.....r III ~ ..... .C1IIlIInaa IIl4lC1lricl1onc.r 1Il7 Id_ .EUpI........
IIlId ~ or JICIIId whJcft wJIJ ~ pllclud fCIlIlMd III ... '-fort 0"''')' s.n.; ("JI) I W--- n.. -= .. .s_.
IIIU. ...-diIIp or III"........ ~ aIllflllllNd_ ., .r.... ........,. ,...... .r.' to .. Ialn/olac ., Ie.....
......... .....1IIDr Dr tIIa "-P_uut N1erla 1I0l.__'" qlUtlwllkh.... .... .. -r.r ndt lIC1Iaa. .It If ........_
If"'r Ir ..-nd w~ JIIllCCIS Dr reaIY. IlOlb dlat HdpIIOD IIUI)' lie _Glad ..... It. kIcr ahIII pnlIIIptly lIolllly 11I,v;
~r
Feb 18 2009 3:03PM
NASON YEAGER GERSON WHITE 5614710894
(d!) a.tNoSL I .... PIa,... lit .... I... 'lblfl_ All panlllS other Ib.. hlkr III po..-Ion otq fOrIIaa .cUll: Prapaty
II J--. .............. Dr......... IT 'n.a IrO .. .....1IlkmI rn ai_a UIlalIDltlll1 PntJIIR1. IaI:plIl ..... fa.-
PubIc .....rlll ~ wbIre dla J.dlllocllal. Elldllllft ......,. IIC" P,,,*,,, IbIII be If\llft ID 8lO'U III a..... IRd
.t O.ia&dIc~ 1IIaIl. ..-..... .....DfIllY.....ll.... ~....IC)'.......t or......1fIJII otJ.L__arcWm
by III)"ft: ..... IIlIn BQV ad III o.raa ller& IIhUlIIa 110 sc:Mcc r.anndI, "*'..-.a .......... Dr ..... IC1IIrIidI 1M'
IplllUftll dIII:Ilq "'1tIJMIfr. (IIq -----. ".. 8c11.. ........ .. ......-a Ib, the bIadIt .,._ru.. or......... In
wrf...llII.....kr. PQ.........,.... ar bas 1Iem IIII,jadfclBd II bIalauplor.... ftlad. pcllIIol .. .....,......,
ar. JIIlillca Dr..,....... .......... .. 1m ..-..-.~ willi IRdlun 1IMIIr" iIdInI baIcntpi:J i1aw or .,__..Iar
law D/'.....urtbcUlllled .t...-rlllllc....... patI1IE IIaIbccII ftlallplnlt.1t; OO~ 'IlltPnlpctr
his .. IK 1M pili ..... ... -' fa nat.....~.... ... tbr IIIe bIIllIlIuI. .I"p, ITIINpeItIIlIaR .. ~ or.........
W..... Tkn: WI 110 ......und _. .... IacIItd all ... Pnrpcrl1. .11.. hII _ blowWp Ir., ,1oIIda. at
ell~ ....aIIf&d 10 tJaaJllGpm, Dr !lie p_ or~ .r~MIJafalllllllllr hat .. bopll\'- It.... ~
iii ClIIIIInIIIIIId wldl 1111 H....saus ~ Id\IIr ..... It SIIcn CXJllIlI& prlor 10 ~ 1'ClIII6&c'" dna. lip III
~"""lIId ....1 aWIIn . "No FlIIIIcr Ac:tIDn- .... ....1II11pp1lcablc Oo'nlJ\lftellial AuIhcn1Ilu III .wr .clu,w: (xi)
~"'llIIII. 11IR art aa IqduJcu ardlc allier. It -.e......., ar CllhIrwIIa, ...... ... r...... or My OovemftWlQl1.a.quh1a1l\r.
or II)' _01 or ~ 1IllI.. or aIhct co.~l ...,.", wrIIIen Dr ~ Dr Il\Y Dk raIDII wtnaclenr. 1lIlllIJd IlIIIllOIIIl:
CIIlpIo.yIa.r...... III ~ gf Iba p~ fIII""l1II*9 ~ Ihc Bu1tr. (xIl) AIr KIIIlJL Nddw' 1/11 air"... cner die
PIOplIIy. ... .., D"'r "lIneIoplMDt ........ . ftIIBllO III: PIaperty h&Ye IIoeR _.... IIIlIII6naI. I.... _1RCUlIIaed;
(.111) EvaMI Pit. . "'-'- IIIlf 0IbIr lr-- .... will aalrs bPI albtl .. 10 CIIUC or parmk.., Kdan III III IIbn
wbIct wnId ... ~ Dr !be ...... ..1 ........ I/lnIIlIes ID lie WI'" u or die CllUI8t DaIlt. ...... II)
iInnIeIl"ly IIII)r 8II)cr III wrldItc 0181\1 &\ICIIt .. ~ wIIk\ lICIIIII rwt- III 0.11\.. wIdch ..... "'111 die ACIS
,.....d 18., Iklralh ahll1 orlklllova....-nlldllllll;6dv) Was"-- AJlllles lIlla required 10 lie palctor eoIIIcIId IIy Sill.
Ia Ille IIpl!IIIillll or tIIc ~ IIrft .... GOIlImd ..d,ald IDthe IIpprDPIWc IDVCIlIIIIInlal _barf&)' IbrDup . amat dial. No
JIClIIIl\ linn, 1IIII'pIlI'lItIan. Dr ............., his Il1O' rtaht af'fiht nfiuaI. aptian 10 pa'ChD:. IX' IIlbIr riaht lII' .ptlall \a _q_ the
Prapell)' or.., panfan tf1aof.....' ~ ..-. ...llbr ... rfI'at 01' tlDl rlllldal {1M "RJ&hl. ..PInt....., u at
rardlla dial cataln Rlllrfclh,,: ClmmInt IIld 1JaIII.r FfrIt IWuIl recanlcd In otIIcl&l Rccanll B_ 12"111, PIF 11C12. of Ine
Public a-td. orPlb BcKb Caunay. PlIdt. (lira "R.Urfcttw CawaIIat'); IIId (n') ~ NDIIb- SIller nor lIQ'......d JIIll8lIh
or s.D. war Ira... nbject III ..paiJIbflIaaI...... IRJiiBcutlycOrdcrNo. 1J124 (ScpL D. 2IID1)(tbc "OnIec").1lI' III)'
c6cr ...., ........ .......... iD .. NIIa .. aepllldalll or OIiac af' Jlan:1an A..1I CDnlraI. U.I. !JIpIrlmarlDrTau7
("'OFAt") IIldlaJ' Ia ." ellbBnaI..... Ill' edIer IlctarIM Ordnllll1llJlld --...: Dr DMlldIN' CIlIIInIbed "'. _IIU lIror l1li
bcbIIfa( lIlY"'" 011 ,., IDY-M....lR)'alhlll"...whD... ....Ilo........ Iv ............ ..dDdlylllllalll1rja:t
to tIr&.....1bftIar. caalllnad kt die Dnkr. lei...... .. ....4 ad ~ Ila B__ ....1111 cIIhn. 1WIIlIry,...... or
c:xpIISC _Ited .... II: IIdII:n:aI .., Bwow ...... aaI afthc m.h Dr rr.cawu) .r lI81 .eb ....lIIlallan or~. The
. nJlll:*nIltlOlll.... WII1llIIIIa _ ftIrlb III ibis /IJIiI1ll1n lID as of1lle EmcllYt Ilalc ofthl CcmlrlCl wi .... ... u of dla
0011. D1e.d .w nol" d__ to .. rnqad JaID Ilr wGwd ., 111. m.aro..n. or ac.in.. bIit 11IaD .....lw the 00d~11tr II
period.lr lIIIC (1))1"
4. ~-'.I~ CtnanIIIIL
(I) ~ ........r.-.~ Fmm mid atlar lbc BIJ;ctiV'C DM. N'1I'.wlI..rdU1..... (a) ~
IIDY pdIq. ____ .......1IdSoII. arftlllmll orlllY ~ orJUtillllD)"lllhcr c-.= ..Imp-.-.l.,.. ..l1IoDt
the PIapIrIr. ('I) -tuIaa lata ., .... co..... ar IIIIIIr ....t f'ot Ihc hlJllllY Dr nllriat .u. aGIIa. or IncanInJ. or
IU!rIrInItD cUI. q.-mcm..nrarapp. ~ IIaI. ... lIIDbIcI, or ....lpWIIImtl'Or tIIQ1rlItnIIcer hl II)' -.r aIIicIhJ,a
the PIDJIlIIl)'. aa:pl r... PnICJ...., .... (u ......... def~ II1II (e) cilmndlliDa lUI)' ..... ar IIlIiAnClll1lpllll1he Prapalr,
(I) .........-- car~ F... thlllllDlclJva DIIa uadllhe ~ Boller wlU DbII:rft all ODYVMI.... .......4oWlJ.1IClIlCdy
III... ..... ad .....", an nqulnaJcatl ~ 10 JIICIPIlt __ all .. pamlla prlar' lis ~; (III) .~ TAIL hI_
IhaIIlIVll ..1IIpOIIIItI1Il:Y far JIIYII*Il or 111 .... ...lid II'~ co ICIIIs lIlId oIhc:r menua RllClwd or ...... .... ID Ille
CIoIbJ n..: (tv) llIIIrIcIh. o.-.m.. SIller ..., .-aID ...... .... CIrmclIO 1111 CllA. C. ........ br tha'lacdr:llYa
Cownu1) wItiI DYe (5) ..._ llaJl or Ibr; DaM DUe III .. _r" lD ICCllnbacz rill &lcIJaa J oro. 1abIc:tfwl
~ 8.liIr 111111 pmvftle B1I)'&I' 1lIIdI wrlaat aldeDcc otllle etA'l NIpOIIIa prlllllpd,)' "pan neeJpl '-01; CY) JiIIa1Dl. All
arftIIIIIIIlDd 01..... aC'" IIlII Ita ok....... ... ..illedlan shill nnfw tk CIa..: rw1) PIdJ.. .1._, In
......llt !bl..n....... ....ballD lie prdmcd lIcreu8der., Sahr.t tM CIaIInr. !Jr.Ucr.... kl pertban ...... am. _
to aaII:, ...wlalac.1IId .....III~..IO .. CIaIIq_1t DIber 1aItNIr.a. dacumenlI.1bId Glherlallerllh. B1I,fI:r .."
rcMIllIIbIy raqaal in lIIdIr III olltetvllll6e coa__ ordle InInIIGtiocuI aIIIIeIIIpImd herein IIId 10 VIIIt litle .. ". PrapIrl)I rn
8u)ier.
.s. C....d.. Notn!1IlID.... D,7lhlIIa II liII CDII1I'Iry IlIIlIIllfnad III dill COIlIIIlll, in Iddidan III all
acha CllldlliOtllICI" bc"'lluJcr _I aallac oIIBpad 111" __ ad nJl _ filM IDDowhrJ 1IOIldI....lcall....,.
tl1c "CandfdOll") 1& IiI!Jcr IlJIIIJad or nIwIl. III ....... ., I1qcr: (&) ...... .....1 Jra" 1I2Ilc~ perina III _IS.
..,OIDI,1I .... ald...... ad """Ied with .. eoMl.... ......." IIrII annlllll 1M ,.r1lllMd ... -.plied wIIh ~ .111.
prior.. k CIDIfDa: ('I) III coatldllu 10 C1011lq....... ~ III.... OInlnlclahaU haM ....1II111cd; (r:) all ,f'ldler".
~tIoIlI .. ........ I1taft be ,.. lid QlIl'II:l II: ....1UIirlIIve DIU .... ll>>CJalfftl DII& (fDr "..,... .rlWl daule, .
......lten ....1 III ..... rr 1M IIca.J ,... IhU II .. IIIIjrct 01 an nprlll.... I. .Ia 1IlI~" 111) lirek of
JarowWp or llIIIice.1Ire pII1Y nukJ... ....,. 1 --.->; Cd) ......or1ltlc.1M Pnrr.-liY DIll.. NqIIfrId ..,... Caarnru.
(el 1M PNpcnr .,1 lie :he UId cIar erJlOlltlIlan, dI:bdI andIDrlfuftoal ..... wlrdber .IIIMI Dr -. CO .........." 10
~ Rita; .litr1lionJ. ... IIIIIduIctItI. JWlm ~ _' ........... liar Ik _IDt of' CIlIdIIIa. "'ftIIC)'. ~.
~"""'Dr""" prDeMdirlp, PI.." or.............. .....lhePIOpIlIty tat _Ill......, ......IkIpllllllOft
.. ..Iua or.. ~ ., 1hIII eo..... Dr aha lei...... __ . ,n.m II .....-... __ .,. 0Iarlrus, (I' then IIlIIIIC DO
...-' m....._ .11mI1w rc*iGt1oa knpoIcd 117..,. Gt--.IAllborIIIca _1III1ljJ IUppIier wilt r....llt the __ of
buDdllll pIm1U IIr IIIlIDr paWlS or canneI:lfons IfftlcdaJ dut ..,.,.. PrqJctl.... (h) tile eRA .blU ....11 wahoed 1Ilc IiPI aI "un
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t ri'..~ t tlJ \ \ 'lti ~ i I ~. il!~lll~ i" ~l la1at
i~'l t: j~ ~. \ ,.i i t~ ~'i t lllt it t~.i ~~- ~I ·
rL;i.\tl~l!l\l~~l\ t~iLllil l~ll\~t l~ll ~~ll tlsll\\;
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F@b 18 2009 3:04PM
NASON YEAGER GERSON ~HITE 5614710894
p.29
-_.---_._-_.._~------
__at in dID P!lb1ic bcadJ or PMIIl Jow:h Coulll)l. FJarldI.. lIu)cr/Lmdcr shall PI1 its 0_ lnameys' fees ID ClI~ with
lbclMClalla& LIlIa. Beller aIIIU _ be........ 10 iIDlIIIa JIlIW SDI'Ycy otlhcPrtpcrw. .. IIkllIlan 10"" prllYidana requ1redl by
Bqcr/L.mdlr. .. ...... ... JIIIIIIIIit (I) IIl,Y ~ rlMRCflaa or ot1IIIf c:n-.III-=a 8ll1k p~. and (li) ... tnnd'hs
of... In tllDBam....".. d1ePnpcrlt. ~ ID)'III"IO lb. CDmnI1C1:l11C1fned 1ft 1M Coalnct ..Ihl. ~ CJ)
In III: .,.. I.... pilar to .. tlCClcnlq 1.GIII .Dac B1Qw excn:r.s IU rip ta lIIIIIIIIIle II1iI c.a1nCll ,..._ ID -..... ,,.,,
wblcIl.... aW balD ........ _1llIl_"lIHlIKRdlan uatD IJlc Cllp"'" aflhc Du~ D111Jcaa PaIDd. "'r(ba:llda& lIlY
dafaacc of'B~ .....1 hrlOIlD abll"'an ID pMllle the PraOOSiq LcIIR ID hIIcr. Ibis CoaIrIct loriIl ~ ad tie orllG
ftJrda loRe ad eIIDct IftCI tile Salow AJ8aI...n II--..rl)' re"d tr. DcpIIIit lOpIbor wllb III ~ .....Ib_ III lite
a.,. ...saII_ d.uvn.a ..... alea to ...... ar (11) In tile avalt lei.... ... pod IlIf1h COfIIIJleRfIIIy IdIOIIIbIc d'lOdll to
alIIIJIIY willi..... ................. JIll..... 10 the Pn:CIoIIaa l.-. Nt I. ....... lit ...,ty . In arlhl for.... by
May 11, 2_'" """"'.dcr 11_ .. III ..ulllc J'nC1DIIa& I.-n. 1hcII11IIur Stlllr or ~ by MInaI 1Ida: ah=
10 die ..... ..... MIiY 14, 2GD!l1IlI\ll' tInaIMta .... QaaInaf fa 'IIIIfG aClll thb OlatnICt ..tlI NI1I1Ilune _. be .rllll .....
r..1IIlI d'ec:t.. .. &crow Aacnt IhII1 ~ fllUd .. Dc,CIIIl tapIIu:r with an fIla\IIt ..... thBan lD the SlI)v
wi... d..... __ IIIIIb tD SIlOIr. Upcmllcraw "-" 4lithaaa1ll1 CJf' tile DipaIII hi 1u)Y. lacraw ~1IJt _11
~1ly .. JU8IId .... III)' .. .11 IIIItm~ aeIICd hlIer tills Caanct Dr oIIIcrwIa In c:onMdJall with .. CIClWCd
ncp.fI, wIthaIllIu: lteceIIh;y eI'Baycr'" Seller. ar ddlll', 1IC8lIIIlId&.-, d_tadDn.
B. ~ ~~... .......-. BII)IIIlI' - S.1I111' Itatb1 rcIc:8B~ Ap81 tam laY dBm
ad _ QI'CIIICI IIIdllDUlifY 1IIIlI..... "ow Ap_1am _II or MY dllm or loa wIlIUlIIlVIr. t.ducII1II danlC)' -.
eDCplllr Jl'DII ... diAd m1s"'CI or-.w A&tIIt; ... kfIIIr .. patiu .ch .". to IGok oul11a the ...... pMy 10 /his
c.n:t"'1I1\)' ~ ......... faRtlr:dcIa. ..... ~ ct_ or l_~ lam Eaow ApIL Eanw......... lie
culhiolllO IIlJft'IlII\ Buy.. Dr 1ft &crew A.- _lad.,. Ie lids tmIlIUIJaII,. ...s III ......... III)' rf&bt to oltjlcl1D ID)' Dab
hlpnlBIIlallonl_ Ie ...rJh;r,s aflatl:lat arGlhIll'~. If uy rilOlr. pan1a ICI dlls Camnc:t dcm:s to 8ICCbanp ada propcn;y .
cd'Utlldndllldlllla1lfJla.anr1ll* thc__&~lcdIaa 1031 Df'1be Ialara8I RcwmaCDdl: 0(1914" BlIIIlIlIlIed (the "Cu").
UJd lis ~ RqalllIo-. t:u .. Aa -'10 tltla .. or pnx:a:dI allIIe JIJGpaV. dIClI1lIe .-*s'Gllda '-:111 IIIIIisIlIIIe
__ In .... ClIIIIIIINBIIJan .,-=h ~ ad 1M ..- NeIft .. ria1d to .... tlwfr ~ lIIIU (ht IUJl
oblptl_J Ia..... to a QulIIIIlcd h1tcrmedfary . plrilJcc1 tbr ill thll Cade Dr beftac 1M 00Ifna IlIIIr. .. IDlY 1& -..y lD
IiCCIClIIlpIIh alacdon lID 1 P.xchmp aadlt d1.l'nIaIIall.c~ CDde. pnwIdld talllllldIlJJIII\1- act.... ...... .....
In)' ~ Dr Mmatlu "lllHInW ~ audllGI:InpIcd CltdnIIIp ........ usIlItJDt pIll\y"" IDC:lII' IIIIIlIIilJDn81
apeIICo, u.htfll)' _!be .c_.-"I Jlallfell)' CIasIq. Ally 1ICICIce, ........ ....._ orOlhar CIIIIlIIIUIIlcl0l11O be ~ 10
d....1*11 IIc:nuIIcIIr. ClIICllJll wIIaretllqlllrcd to be...... at .. C... ahdIlIe ... wrIllRalDdllul1l cllIIIr "'(al ~.
(1)>) l1li1 ., hknllbpna or I -...w..-nIaJtt ..n .",rcr, ar ell) RIIt .., t......'AaImII1 .........GIl III BIIyv ud
SeDr8tdlllr IIIpIIIhe .dd~ IIIlIbrth In ... CaaIracl Notka.... to...-fs c_l.....aIDIt... ~ PIka ID sch
JI8lIr ad .0 DIller IIOtb nlCd ., &IYCD dhecrIr to ... pII1)'. NGtb .O'l, 6:cmcd to Iw~ ...... aMn ~ nc:dpl ar~ of
deli,., or..,. -*C. The Iddl'lllCClllJld .-..- it, she petplIICI OC:ddsplllllpllJlb may.be: chaqId ., -"his lIlIIkr. Ua_llId
..w u:1l wrillen JIllIlca I. real...... rM Iul ad.... ad -1dIIIar Jtati=d nereID .., be dcemcd II cantind~ ill df'Ed for .n
pmpoSl:l.
,.
t. ~ fa tbc evat or l1l)I ....Itt Imw_ tile IenIlI, condldaal Ir othar prriIiaRl ar 1hI.
Addoldam 8Il the tcnnI" CIlalllloa IIIlI alii.. pn'flslanl of .. CIIltInct, to wIddt IIaII AlJdeIIlI_ Is . put, the knnI. call1filkms
Illd IIlhcr pIOYIalol1l or.. "......1Il1haJ1 ClI'IIlfoL To 1bc cD8l1hal tMr. .WI be no IlXh mdIic:l" Ilk CaalnClllul1lmaaln In
JWIIbra: ad eIacllllti d1a Jl8fISIa lIezaby n1111....
I Do Naticz ... ~...., ID Oaa. M IIId In dul CoIIInd" Ibo WllI'd "dduJI" ....llbCIII a brcada of
. "ft1 .rm, llll'IIInIIl or condJdan ............. -. ..Iir th. UIn ID .......,. c1...11Il:II ..,11Irc putt _1III1IIIII ta an
III1UIlN wIlhl. DIIIaD (13) dilly. fialD rCCIipt tfwridm IlClUteJlvm .. Dtba-~ 1IJICl:IP.tInI .lIe lIIl1m1ardlc III1pd un.IL
11. eRA NDlIa.. III b ... ..... tII& lIIIIIIIdon JafIlUlCld is SKIIoft S(hl of 1II1s ~ II nat
IIdllfted 1'I11l11n IIxt,y (60} .,. Df''' 1!ft'a:lhe Dafa cr. o..m. 1hID ...... BIIJCI" Cf Schr 'l1li1 tamin~ t>>I Can_I bJ
wml1llll .Idee. la IIu Cllhr liD 1I1cr 1ha ...,. 1 J. 211119 (1110 ''C'IlA Nodae ~"). in wIIII:II all ... IlI:posil"- .fmmedlb:lJ 110
rcMad to allJ'lf. wiIhDut lb. coa.nt .rlan" _.., Idler pInllIl ell" eR1Jbr .,.. ~uIfaI. .... 'bolb part.. .1lII1 Iluelncd chll
_lIptbs 1IclIaDkr. " .
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Feb 18 2009 3:04PM
NASON YEAGER GERSON WHITE 5614710894
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Feb 18 2009 3:04PM
NASON YEAGER GERSON WHITE 5614710894
p.31
EXHIBIT B
PROMISSORY NOm
U.S. SIOO~OOO.OO
Pabn Beach C01lt1~y Florida
(lNSBRTJ,2009
For 'Value Rccived, NSO Proplll1ia, Inc. a Florida c:arporetion (1bc IaBonv\'Wt') prODlilal to JlIIY
10 the order of (INSEIlT]. . PNSERTJ (the "lAnder"). its IlICI:CSlcrs or usips. B1GHr I:1UNDRED
mOUSAlID AND OOllOO U.s. DOLLARS (SI()()tOOO.OO) (the ""Prlncip&l"'). plus interest (tbe -1Dtaal"")
on the PrincipaJ &om time to time I'IIIIlaIDing unpaid.
So long a no dmolt has occurred ill thill Promissory Naill (the "'Note"). m1ereSt IbaJ1 be pqabIe
I' fullows:
1.) Zero percenl (0%) per annum oa.Iy for tha time period bepmmg on [lNS:KRT
DATE LENDm. JIUlImS LOAN (the UNote Date")] ..d cndi. on [INSERT datt
flaat Is nllllly (9t) caleadar cJa)'l .... the Note Data (tile ".Rate CoJlUHllameat
Date,,)1
2.) Wall Streot 10urnal l'rime Rate (or. compl1'lble Prime Rate I01cctad by aneW
if IIlIIne is Dot readily lIVaiJable.md recalcullied by Leader an I manthly bull) plus :lour
pcrceat (4") per annum OJ" nven pIIICIUIt C7'6) per IIIIDUID. w!llch ever it........ fOrthe
tima period beJinDins DD the Rate Commeac:eInent Dabs and endillg OD {lNS&R.l] (the
roUnllII_cty (91) caJeadaT da1 perJod)i lId .
3.) Prime ltD plus .ix perceat (6%) per annom 01' eipt pcrCDUt (8%) per unmn.
wlaidl ever it 8f08I8I'~ far the time period ~ OIl JlNSDrr), 2009 IJId cndina on
IlNSDlTJ. 2014 (tbe ftlDai_. four IIIId ODe J1S1Jf(4 ~) yaar caJeadar day period)
(the "Applicable mUlJ'ut Rata"').
Upon default in this Note. I:nlarelt ,baD lie payable Id the Ie..- of EiJl*en pen:enl (11%) pet
lIM1UD or the per annum rate of the hJ&hast rate panoiUDd by appJlcablo law in cf&:c:t hm time to time
(b 'ane&uJt RIle'"). In accordance with Section 5S.m(1). PIorida Sbdubl" Borrower hereby ap....1y
further agreer that the DctauJt Rate shill be IIppJiable to interest accruing 011 my jucfameut entered witJI
mspect: to tho b1deb1ledJJeIS avldeueed hereby ar by Ill)' of the oIhllr Lomt DoGumentB (0 IlK:h term is
cIcflnlld in 1be Mortpp (q henRna1b=r de6ncd)). &rtcrcIt _11 be CllcuJated 00 the basis C1f1he actual
lIumber of days elapled divided by three hundred sixty (360).
It ill the iDtl:nt of 1bc }*ties hereto tbIt in no event IhllI the ftDlCll11l afinterest due or payment in
the JI8lurc of interat payable hereunder uceod the mnlmum rate of interest. allowed by applicable "w,
as Imlllldcd from time to time. md ia the BVent IffY lOCh paymom I. paid by the Borrawcr Dr reeoived by
the ander, then luch acesS nm dlall be credited. . ~t of PriucipaI. un"" the BorroWV' aha11
lIadfy the Lender, in wrimlo thai tJu= Borrower elllctl ID han.1dJ Cltce&& IWIl returaed to It Ibrthwith.
The LcI1cIer may. in detennfnmg the maxbaulIl rate of lnterat allowed lmder appJiceble law. u IIID.IIDded
fnm time to time, tw advlntap of: (I) the rate of in_rut pol'blltted by Florida StaIuW. CJnptcr 665
(PJorida Sa'lingl Auoclation and SavInp Bank Act), by rouoa o!botb Soction 617.12 Florida Statutes
('"IDtereJt raau; parity amoq licensed lendcn or cn=dhxnj and 12 UDfllld States Code, SeedODl as IOd
.6j and (j1) allY other 0. rule. or repJatioo in dfect :tom tImo to tin:Ie, naillblr: to Lender wllich
exempts Leader from any limit upon the rate of inmr. It may char. or JI'II11I to Leudcr the riaht 10
charse a hilh~ !'lite of IDterut than 1I1It allowod by Floridll Statutes, C1ulpter 687.
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F@b 18 2009 3:05PM
NASON YEAGER GERSON WHITE 5614710894
p.32
EXHIBIT B
Borrower lbaD pay Principal and Interest paymlll\ts cCBDID1IIIllfn1 On the first day of the fiJst
IIUIIIth followin& tllt: Rate Commencemaat Dale 81 fallmrs: [CJ:..IENT TO PllOVIDE]. On fDlSERT).
2014 (Ihc "Mdu~ Datil"). the eotire unpaid Principal and my aacumclatocl uapald later_ tIlcreon nO
be cbIe and payable. All payments herwndar JhalJ be med. in JawfD] rnonay of the Uni1Dd Slata of
A1aerica. So Ionl U DO cWlUlt bas ~ m this Na4e. all payraa1s hereunder _n fim. be applied to
Jnleresl, 111.. to PriD~ and the rernainrJcr 10 ''Lender'. CoI/s" (as boreidtlllr cI8fitwd). Upon default i D
this N*. all ~ hereulldcr slaall fim be applied to IAndel'"I 0I1ts. then to lDterest and tho
remalnar to PrilclpI1.
Tbfs Note JUY be prepaid In pert or bJ whole without penalty. Arty JAJlII)'Iftent _II be
Iccompenild by m amouDl. eqaallo the IllterllSl aa:raed tlICII1lOD 10 the de ofraceipt of.lICb pnpayment
. in coUected fuDda. Prepayments _II be: appHed in tho invcr.te order afPrinlripU pymeals nquinld by
thisNDtt..
All JIIiYIDCI1fs ienlundBr IilaIl he made at Lender'. aftices c/o Roscbmlm Bntcrpriscs, Attn: Brian
w. Smith. 63DO }lIB I- Ave. Suite 300, Fort Lauderdale. PI. 33334. or INCh other pille. .. Lender may
tram lime 10 time dll8ipat1: rn wdting.
This 'Note sball be in dc:fsult jf Ill)' pBYment of Principal. JDtenlt" or ather IImD IS_ Lender
here1lllda', or under ~ Mortpp and Secoriff ~ (1he -Mortlll"') dUld u of the dale of this
Note. fi'om Bonawer to Lender. or otherwiIe, if not paid willi. tn (10) Clllendll' d.,. a&r it iB due,. or if
III)' Event ofDef.wt. IS mclJ limn is defined in the MmIpse. occur. or if any obliFfon otBorrower
'lmdtlr the Mort.... Dr' oIberwiIe is not firlly pert'mmed. prior to tlJc expiration of Ihe applicUl~ .acc
pmiad. if l1li)'. Upoo any uacurcd defitull in till. Noll; tho LcIld01', It Its option" may dcc1aro tile eatIre
unpaid Princi)Jal balance of this Note, to....r with acarued Int_~ to be immediBly due IDd payable
without notice or demand. In addition to pa)'lM11b oflntoreet aDd Principal. if1brn is .. default in this
Note the Leader shall be cnlkled to recover from the Borrower aU oftbe Lencler'1 cosra (If coIlectiOll,
including the Lendr. reMOn&bla attorneyr. fees (whether Cor atr\lices iIlelDl'ed in calJactiIll1r litiptiOll,
bmUauptcy procecdinJf. appeals or odJerwise), and In other COllI in~ in aJDncetkm IIenlwith
(collacttvelytbe '1.eader'. CaI....).
A I... duup of five percent (5%) of BOy paym1ltt reqafnd lanunder sbdI be imPl*ll on .c&.
ud fIYCty payment DOt received by tbc Lcuder within five (5) wend.. day. .... it is duB. The 1a1e
chqe is 21at. a peoeJt;y. but liquidatl:d damqIS to defiay IdminillrltivuDd reJated txpouas dul to IUCh
late paym_ 'The late clB&e shaJl be ilmMdiatcly dllC 88d payable ad Ihall be peJd by Uut Borrower to
the Leudcr witbDul notioc or dCllDlJld. This provislon far . ~ chirp it not ad lbaII not be doemed a
. grate psiod, ad Lcm_ h.. 110 o'bliptJOIl to occept .. lite payment. Frier. the acccpiJulcc or a IIIte
payment shall not C1CI1Utitate a waiwr ar-ny dcfaultthan existlngar1het'llldbtr winS in thisNote.
The Barrower and aD)' adoners. sureties, p.rmtora, and all D1:brn who II'C. or may ~amc,
li8b1e for tlte PI)'DJBI11 hereof' _vually: Ca) waive presentlnllllt for payment, dem8Jld" nelder. of dcmInd.
notIca of' -'pI)'lI'IlIIJt or diahonOl'. protest and ace of protlllt of 11111 Nota. anll aJl other notfcos in
connection with the deliYay, accDfltlucc" ~ dc:6luIt, or enforcement: of the JIIYDlent of this
Nate, (b) waive .ny _emption of dilipoubJe eam. Cram aUacbment. or prnbihment undw Florida
Statutes SectiClD 222.1). (c) corueat to aU extmsioal of time, renawal.. poIIpClllCllNl1tl of time of
J*Ymeftt of this Note Dr other madJficatiODs .ereof mm tinae 11:1 tima prior to or .r the MdlXity Da1Il
beRof. wh.r by aeceteratron or In due counc. wltllout notk:e. COJllent or conskkndon 10 any of1he
fONlOma. Cd) .. to Illy reIelIsa of lOy of tbe JeCUrty for 1he Indebadna. evidenced by lids Note at
the Idditioo or yeloue of any party or penon primarily or IClCCDdarUy liable Derecn, (e) -.n:e 1hat the
Leader lhell nct be nquiled f'U'Illo institu1l: any nit. or to ahault Its IIilllJadleS apfIlIt the undtIrsiped or
~ othlf I*'IOD Cir party to became lilble herandcr OT apinal the security in order to CI11brca the
fy
Feb 18 2009 3:05PM
NASON VEAGER GERSON WHITE 5614?10894
p.33
EXHIBIT B
payncmt of this Not.. and (I) IIflCC tbat. notwithstandiD& the OCClImmCIl of..y a f the farecoinc (l!JXI:ept
b,y the 8Xp1'ell WI'itaI1 nleue by Leader of rm'J such paon). the andarsfped .b.lI be ad rmein.Jofntly
and severally, directly md primarily. liable fer.n SbIDS due UDdllr Ibis NoI:8.
'fhlJ BOD'DWlIT muI auy eodaraan. nretiCl, paran1DnI, and 811 atborl who ue. Dr who rorry
become lidU fDr . payment ~ taVeI'IIly lIXprelSly If1Dll to the LeJIder . caatimdng first lien
allCDtity iDbDlt in IIIId Il.J!harfzD tad empower. the Lead.. at its &ole diacre1tOh, at any tfnIo after thr.
0CC1ImIDCC at . default hereunder to appropriate IIId, m IUCb order III Lend... m-r .teet, apply to the
pI}'I1ICIlt llIIeof GJ' to tile PQmeIIt oflll)' md III indebtedaeas, Uabilililll DJd obJiptions ofncb parties to
the Lallier or any of I.cndar'. affiliael. 'Wbed1er 110'" cxistina or hereder creIIzd or ninl or naw
ownad Dr howJocww Ifbr acquired by Lender or any of Londcr"5 affiliates (w..... IIIcb tadebtec:Inas..
liabllitiu and obIfaaliCIIU are or win ba joint Dr IIIlYet'D, direct or indirect" absolute or COJItinpnt,
liquidated or onIiquld1d8d. matured or unmatured, mcludin& hut DOl: limited to. any Idl!lr of cnditlaucd
by Lender for the account of my aoh puties). any and aD money, pDc:nd or Ip8Cif'JG cIcpasi1J, Clr
collateral ormy such pu1ics now Of heraaCter in tba passessioa oflhe LellcW.
Borrower, and IIl1Y cndone.... mnti... pasatWOII and .11 a1hens who ere. or who may become
llabIa for the payment hmcof.lrNDrally. inc:vocably and unCCJDCtitianally C.) ... dill any auk, tu::ti0l1 or
o1ber IcpJ poccotfiDJ arisiag out elf or I'lIlatill& I1J this Note ruy ba braupt, at the optioa of tho Lender,
in. court ofn:cord oflbe SI* offlorida in Palm Beach ~. in lbe Qaited 91me. Dillrict Court tar
the Southcm District Df Florida. or in III}' athrz court of aompeteat jurUdlatioD; (b) cDDSel1t to 1he
jurisdfcticm at eecb atd1 COlIrt in any auch 1Ui~ lIClion orpl'OClDDdinp; md (Il) waive any objection which It
or 'they 1M)' have to t1lr.laym! of V8Ilue of.,.y slIch suit.. actiOll or~B in my or IIUCh courts.
Tbcte:rm Lender asURd barem shaD IDCUllllyllalderoftbisNote. Time. Is ofgw: asence in this
Note. 1r more tIu CII1C periOD signs ibis Nata. each Is and 1ha0' be joln1Jy and scvcnlly Hable hcn:llIlde:r;
and if Borrower is . ,pneraJ partllerShfp, theo aU pariIIen in BonoWJlr. (a If BoIJOMr Is a limited
parblllraJaip ftten .n pont putncr. in BCll'I'OWOr) shall be aad ramain JoiatIy and 5everaUy lilble
hen:under. BaLwithsc.1di1!a In)' volunID)' or nwoluDtary 1\IithdrawaI Dr remoVBl olsuch pnefll ~ar
mm IUch putncnhlp. nus Note ahaII be ~ interpretad. emfon:cd and lovcraed by .nd in
acc:ordlllce with the laws of tba State ofFJorida (exclud"mg the prindples tha'eof aavemina conflicts of
I.,.,). and fedenllaw, in the e\leat WeraJ law permibI a higher rate of frderut. than Florida "w. Jf aay
proYJIion or portion of this Nate il dlClmd or found by II court of competenl jurirdicdon to be
uuenfbrceUl. or DUD and 'Void. such praNicm or portion thereoC 511811 be deemed Itricbn and IDVCred
&om this Naea. IIld 'die re%dlrnlaa proviIIons ucl portioas 1hcnacf Ihan c:oDtiaue lu tbll bee and effect.
TItis Note 111&)' not be IIIJIebded. extendal. I'ate'Md or modified nor lhatl any waiver of any provision
~ bc GIictive. euept by 111 fnstrumant In writiaa executed by an lIUlhorizod aftlcer or Ole Lender.
Any waiver of..y provision bcrcoC $IraI1 be d'f&ctiye only in the spcclflC iDStlnce.net for the IplCClflC
purpose (ot whioh ghren.
LENDBR. AND BORROWER HDEBY ICNOWINGLY. IRREVOCABLY, VOLUNTARILY
AND IN'l'ENT]ONAlLY WAIVE JiNY RIGHT EJ1'BER MAY HA VB TO A TRJAL BY IURY IN
RESPBCT OF ANY Acrrml. PROCEBDlNO OR COtJH'rBR.CLAIM !ASEO ON 1'H1S NOTE. 01
ARISlNO Otrr OE', UNDEIl OR IN CONNBCTlON WITH THIS 'NOTE..1'HE.MOI.TGAGE OR.. ANY
Onma. DOCUMENt' EXECt1TBD IN CONNBCTION WrrH THIS NOTE; OR. ANY COURSE OF
CONDUCT. COUllSB OF DEALING, STATEMENTS (WHE'mER. VERBAL OJ. WR1TTEN) Oll
AC'IlONS OP ANY purr HERETO OIl TO 1HB NORTGAGE OR TO ANY 01'HB1t DOC1JMBNT
BXECtTI'ED IN CONNBCnON wrnI TEllS NOTE. 'I1DS Plt.OVISlON 18 A MA TBRJAl,
INDUCEMENT fOR LENDEIt AND BOnOWER ENTERJNG INTO THE. SUB.1!CT LOAN
TRANSAC'J'1OH'.
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Feb 18 2009 3:05PM
NASON VEAGER GERSON WHITE 5614710894
EXHIBIT B
psxl!Ct./'DOI'I API'EAIl. ON FOU.OWlNCJ PAGE]
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Feb 18 2009 3:05PM
NASON YEAGER GERSON WHITE 5614710894
EXHIBIT B
THEPROPBRFLORIDA DOCUMENTARY STAMP TAX HAS BEEN.PAID ON THIS NOTE
AND EVIDENCE OF SUCH PAYMENT APPEARS ON nm M01l7QAGB SECURlNC THIS NOTE.
NSO Pra)llttiell. Inc..
a Fbidll aorporalioo
Priut:
By.
PrInt:
NOJmlln S. Goddard. President
(SEAL)
Al"K'Nnwr .~nGMl!:NT
STATE OF
COUNn' OF
)
)
. . .!-'.~. .
Tho fonJOia& ~t was swom to. rubltribc:d. aDd: ~kIKlwlcdpd before mall\il_ day aC
. 2009. by Nommt S. aodd~ as Presiclmt orNSG Propertiel, Inc.. Il FkriIa corpcII'8ticm,
on behalf oftbe corpotation. Ho is personaDy laIown to me or presentecI a drlvw'llicIense as
Identification and did not1ako In oalb.
Nota:y StamplSeal:
Notary Sipturc::
Notary PrInt
Notary PubUc, SI3l.e of
Carnmluioll No.:
My Commilsion!.xpin:&:
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Feb 18 2009 3:05PM
NASON YEAGER GERSON WHITE 5614710894
EXHIBIT C
pnmartd ~y_ hcanllIId lttlblm Sa:
51__ Wcner MDIar 'Wefaslcr
AIMddf iii. SiUmsan. P.A.
.AIm: hIer L. Desiderio, BINI.
New lUwIrCcUcr. 8.1100
JDO EIIIL La OllIS Baalcvcd
Fort lIudecdalc:. F1arlda 33301
FLOlUDA OOCUMBNTARY STAMP 'TAXES IN nm AMOUNT QP $2,.800.00 AND INTANGIBLE
TAXES IN THB .AMOUNT OF Sl.600.00 ARE BElNG PAID UPON RECORDATION OF nos
INSTWNBNT. SUCH AMOUNTS ARB BASSO UPON THE AMOUNT OF 1800.000.00. BEING
niB MAXIMUM TAXABLE AMOUNT OF TIm INDBBTBDNBSS SBCURED HBRBBY.
MORTGAGE AND SECtI1UTY AGREi.MENT
nus MORTGAGB.AND SBCURlTY AGUBMBNT (the "Mortpgej. IDJ.de lIS of1hii _
day o! . 2009. botweeD NSO propcrtles. Inc.. a Florida corpantion. II morlgtllOr _ deiltor.
(the "Mortpgor"). whose addnIns it PNBERTJ. .... (INSm'l1. a flNSERl'1 (the '"MartppD'"). w'oa~
.ddtuS is do Roscbmau Bntllrpdl-'~: Brim W. Smith. ti3DO NB 1- Ava. Suite 300. Port LaudadaJo.
FL 33334.
lYllli~IIIIB:
For pod _ valuable ClOllSidcration. the m:mpt IIIId lufficiency of which Is hereby
acknDWIedaed. and 10 lecure the paylUot of 1he iad.ebtdneD nic:lenced by that certain PJ'OII'1issory Note
(lite "Note") ill Iha prinafpal JUm of Eight Huodred UOUSIIId IUd 00000 U.S. Donm (51OO.Qoo.OO) at
even date lIen:wlth. made by MortpaDr in fa'yor of Mortppe. topther with interelt 1hereon. and 10
secure: III OIhcr iodobtDdDca. u.bifitia md obUpliaIs af Mortpgar to MOrlpzee [n~luciil1lo wldaout
limitation, .11 iUtln Idvances nade undert1d. Mortpp and other IUIIIII of money .. hcroiufter pIOYldcd ..
(collectively the '"Loan ObUpdanl" wtich torm 5lIB!1 iJu:lude.. wfthout Iimltlitian. tJw lndebtednel8
evldr::uc:ed by the NolB). the Mortpaor does by thcIc: pallID JI'IIIt. barp.In. Iell. alien. rembe. release.
Jive. 1JaDd!r. -an. IhOl1pp. pledge. Mlrl'lGt. comtey IUd canfinn U11to Mol'tpBlle all estate. ri&hl.
title ad inbnst or MortpF in aad to that a:daln J'e81 pmperty (the '"Land'".) klcated in Palm Beacb
County, Plorida. more putic:Warly described on EUJhJt teA. n dlclted IIcreto .00 ~B . part hezeaf,
topther with .n riprta. prlYiJaps. fCDlRlIIIdI. IIcnsdhanlcnil. riaJlts-o!-way, ulemQls. .PPClmla.s,
projcr:1iDDs. appuJlllnlnces. WIIter rfabIs _ Ilrips IIld aon:s of land DOW or hcruftw in .IlY way
beloqins Idjoinin&. crolsmg or prminj. to theLIDd; and ..-:;
Toaether with .n of tbe foJlowiJJ& property afMortpaor whether now owned or eltistina. or
hcrelltter Kq1lm or IIriain.&. whelha' Jcated In. OIl, padaiDinc to, used or intanded III 1:e used In
connectiOll with or resuJtins or creatr.d from 1he 0\'ItIII'Ib1p. deveiopunt, mlUJapmant. or cperatfon of
the LaId: <a) aU buildinp. Itructures. and i~amcats (coIIactivcly. tha IlImpro'YCmClltl'1. incladina
all dditi01ll dlercto and raplKenumts and cxfcnlliaDa Ihcrea~ now C011Itruc:tod or hCl'CNlfl:er Co be
consll'UC1*llllldcr, on. or lIbove tlte Land, (b) all Jlraperty and equipment JIOW owned or her:tftcr
e.oquiNd by ){mtplor and naw or bc:rader loc:a1ed under. on. or &bow the LlDd, wheller or no1
pemdBently aff'nc.ed, which. Ie 'the fuJ]ca extent permitted by IIpplicable law ill dfllCt &om time 10 lime
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Feb 18 2009 3:06PM
NASON YEAGER GERSON WHITE 5614710894
p.37
EXHIBIT ~
shall ba dewcd fixturas IIDCI .. part of tm LlJld (collectively, Ute -FIXtures'" ee) any and III laues,
IlCllnSell, concessIDN, or grauII of oIhor poIleuoty in1arcltl, IoJdher with the securi1l' themor, new Dr
hacafter ill for.. aral or written. coverins or aft'cctin& the Llacl or uy part thereof (co'ectiwly. the
'"LeaseIj (proWled. 'owwor. that Mcr1ppc usmnes no abJiptiam thereunder). (d) aU of die KIlts,
income, profits ad other benefits tIDW Dr bereafter ariliDC fiom dIll Lud or 8ny of the ~aod
ProperV (u said tenD Is _ana" ddDed) lUId the use Ind el\ioyrncnnb~" (collectively, the
"RlIId'). (e) all accaunls, acc:omt.I rcceiVlbJe. cODtrlct rights. chattel paper, instrwneru and c:lonmcntl;
my other abUaatJoas or fadebtado. owed to Mortpp ii:om wtudever lOurce &lilfag: and III of the
riahl. title and fat.,... orMDf1IIFr in end with nllll*llo Ihc pds. IllI'VH, or a!hcr proplrt)' mat plIO
rin to or that IeCUIll any of tile foregou., (f) III JOOds facllldin&. witheM limitatioo. .:n mlchiury.
Ilqui1J~ furnJtun. furBishi.... and buildiqluppliu and materials of every kind aud description, and
all 'MI'DIDtieI and panties for any of'fhc fbnaoiDa. (J) alllnWlltOJy, mcn:bandilo, raw matcriaJs. pans.
tuppli-. wark-ia-pracea and iiJallhed praduca InIandcd far salc, r4 livery kind and d~t1on, In the
wstIldy or posseaaicm. lICb:Ia] or caDStnlclive. of Mortp&ar, (b) .11 soneral IrrllDlIbles of "'IY ~
wllatlallYer b1aJuc1m,. wftbout UmltatlCIJ, all tax rofimd claims and qreemonts with utility cxxnpmjct.."
Ioaetller wltb uy dq3osits. prepaid _. and cbarps paid IIJcr1lCm. (i) all jorlsments, awanls of damaps
and 1Cltl~ from any CClDdemD8tkm Dr llII1mllDl domain procBedinp npdinZ alt tr any (*f cif1he
Mortpgcd Property. (J) aJllnJuranco po1i&:ies requhed by this Mort... the unearned. Iftmlums iherefbr
and all loa procec=dI thereo~ (k) aU j1ldpmmts. awards, lettlements. me! ins\nuca procreds tar any
dam. 10 lIlY' of the MOItppd Prope1t;y. (I) allawuds _ I'IIfimds ~ made with respect 10 lilY
real ClSIAte aad proper1;y taa. utility ..... and charps and all oa.. JlMlTIUI1llIIta1-~ ~
chIIrps tbtt mry be ..eI8leCI. levied or imposed upon the Mcrtsa8ed JIroperfy. (m) III riSbfs of
t.b1paor IS udevelaper.. "cIecJanmt"" or "spo1llOl'" under IIDY .clcc;laration or other dor.UlDCDt
encClDlborilll the Lud Dr 8Y particNI thDRlOf. (n) all ri&hfB to. wajor aud ,sewer conncdions md
traoIsm.ble deYeIoJlllllll1l riJhfs and tramspofbrticm. school. w*r and read Impact fee credita 8tld (0) ILU
other pemmal pt'OIl~ includlDa. whhDUt limlladon. m~8emBI\t cantracLs. OOGItJU<;tian contJuls,
suvicr: GOllttacl:l. COIItnIcts fir p~ ad sale, equipment leues. monies in eacrOlV accounts. .
reservation qreemcnls. p:epaid expenses. deposits IIDd down pBYJMnts with ~ to tile are or n:ntaI
of any of the Mortppd Pruperty.
ne tenD ~ Property" includes the L8nd, the ImproVerrtcmB ud any and all of the
foresoJng desaibcd propert;y, and all proceed,. products, replacements. bnprovamllDtI. bettenuentl,
exteuloos, addltions,lUbsaitudons, rcnewals.lCCCISOrlea,. md appUl'tllJaftces thereto and thereof.
TO HA VB AND TO HOLD du: MOJtaapd Property untD Mortppc, its SlICCIQSOrl ad anigns
forhel'.
"
~
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The coudliDDl of thhi MCJrtpJe II'C neb IUt if Mortpgor shall in strict IICCOIdmIcc wilJl the
tems thereof Pili)' PIlto Mortaalee the Loan Obllpdons and perform. comply .witll. abl8l'Ye. cUtaharle
aad abide by Nell and avery of thIIl stipulations. qreemcats, conditions II1d covawds coDllillad ud set
lath in 1his Mortpc. and the NoIe. then this MortaaF IDd the 1lItates. Intul't:lt5 md ripts _by created
shall be null md void. but ar.~erMse lhau remain 111 fbll ~ bf ef&cL
AND, MOI'tNor do.. hereby repRsent and WlITlIJIt to M.crtppa that: (a) MClIIIlFr is
incWouiblyseJad of ad h8s and wIll hUl: pad and makctabla fee aimple title Ie tba Land and
ImpraYeIDtIlb md bel and win hma lood, absolute IUd marketable title to all oCher property comp. falDI
dle Morippd ProJlOl\'Y; (b) th1I is . firlt mcrtpp. 011 the Mortp.ed Property and aay IIIld all of III.
Mnrtppl Property is IhIe and clear of any and all mart...... l1cnJ. encumbnlnces, claima aDd secarity
.,.,ests of illY Idnd. whether or 1101 af reaJrd. fncludlna. without limitatb1. Wcu ad as.........
except Ihose JIJIdtm1 de_ibed ht ~ -Bb atllehed kudo aod made . part heleOf (collectively the
"'1rDI.ft1ed Title !lcceptions"); ec) no cmscnt of any third party is reqllired fbr the IDU evidenced by the
F
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Feb 18 2009 3:06PM
NASON YEAGER GERSON WHITE 5614710894
EXHIBIT C
Nate (the "Lc.n'~. the c:xooution and deJiwry of any doc:umenls required by MortS-Pc in connection
with aha LoIn (col1octively 1he "LoIn D~ or 10 IDY of the lrahllctiona contemplated under tk
LaIn I>0CUI1ltlMs; (d) Mortaaaor hu tuU pawa' md lawful autbari1;y 10 COIlVC)', tnlnm:r~ and IJUJt1:&1lIC
lha Mortppd Property untD Martpaeei ee) Mol1pp' will presexY8 its ride 10 tho Martppd Property
aad will forever wamnt ....d dafead tbe IlIIIlI to Mar1ppc IIDd will fanwcr warnnt lIbd daCeod the
validity and priarity of the fil'lt lien of this Mortpp "'nIt tile claims of all persons md parties
""bomIoevcr; (f) all infomsation, indndJIII finlulGiaJ ltatcnlcne:s. ccrtifiClll~ aad athcr9Iiae. given and lo
be BMm to Mortiaaa with respld 10 M:mpaor in camaecdaa with the LaID and the Mortpaed
~ an true. accurate and comet ill aD ma1eriaI reI)XOtlIlUId c:ompletei (J) thera II1S no jllllBments
au1S18ndlng .gainst Mortppr or tile MorIppd Property nd thae. is DO actiDn. suit, Pl'D01edlol ar
briestipticm now pendina or threItaacd -.,illlt. III'IoMng or aftiaotiaa Mortaqor or the Mortpaed
Property; (h) all exImn& IIIIISCS Yt'ith reapect 10 the Mort..d Propa1;y, ifmy. are ra fidI fvn:8l1J1d ef.f'ect.
and tbere ate no detauIV tbereUDd.. or al'J detbnl8l or offsotl t1Iercto an the put of Iny ten.at, (i) nD
eveat bas oecurred and is coatinuini wbioh,. with DDfice or the mpe of time. fJ(' both. WOllld con4titute a
default under my provilion of this Kortpp. The MCIItp&Or KIcaowJed&es that Morraaaee ba. relied
upon the Marta.r', reprelCnUtians. hl.1II8de no iDdrpaulent invcalipticn of the tnlth thllRof. is not
charged with any bowledgll coahlry tlaenlO Chat may be receMd by In maninalion of the ])tIbl~c
recards In T.J1ahu1ec. Plorida. and the cotDlly wherein tJie LarxI Ill. located, .or- that-may hty. been
n:ceived by IIIJY officer. direc:tDr. apt. employee Dr' Iharelmlder ofMOrtpp. - _ .
-. ." ~.. ..
AND,the Mortaagor dCJes b.cn:by CCI1a'1ant Idd ape th8t:
--
el) Mortgagor _II promptly pay. as and when due md pa".ble, all of the Lam
Obligations-
(b) Mortpgar shall punctualJ:y perCCJr'ID, comply 'With IU1d abide by. or sball awse Ie
be pUllct1llllly performed, aompl!ed 'Mtb aad .biclcd by all aftbe atipulatiOl1l,. agreements, CoitditiOllIl and
CO'ICDlnts contained and set forth in this MCll'tpp arx1ln any other LoIn DOCI\ltncmt.
ee) Morf8IIOJ shal. pay all obliptionll, encumbnmces, tun. IlS8UIImentll, levies or
liens now cr hcnafter l~vied or impIsed upon or lpinal the Mmtppd Property and ...11 deliver to
1dCl11J8.88C. OIl or bafora Dacemb.31.. of ead1 JeID". tJIlt raccipts cvideacinl the pa.yment of.U ad
"mom taus upon tbe Mmtppd Property fOr ilia then carrett calc~ ycar~ and ...u deli\la' to
MClI1pFe receipts evidcacinl the payment of all other oltJiptions. encumbracea, UleSlments. leyles or
liens wJtldn thirty (30) days IftBr -.me become clue -.ad payable or bofara lame IbaD becom.dclfnquen~
whicllever is 1DOJIa'. If any of tile fbream. cbarps or III)' pm thereof.-a not paid IS dOra.iII, a.ft.lIr
wrftten 1lOtk:e and opportunity lo Cln upruvlded below, the Morfllpa may It any dm6 pi)' 801& with
accrued interest ad dl...... if my, wi1bout waivi. or afIect... Wartppc'. option te fcrcclCllC this
Jdortpp or to exercise any other rishl or ~ Df Mortppe .......nder or ......ilable at Ill" or In
equity, and every Iud! p8YIDIlIlt 'by Mortppe Ih8lJ bear interest ftmn tile date berecJf. the hipest rate
permitted by applicable l.w in e&ct ~m time In time, IUd alll\1cb payments with interest therem rhall
be secured by the lien ofl1111 Mortaap.
(d) Moripp shall dwiD& tha toma of this Mortpp: obIahl, Dlainblin md keep in
full forca and effect AII.Risks HazanI Jmunnce vritI1 raped: to the MartppI Property, wbicb mDnUlcc
shall reflect CCl'Yltap in such amounll _ Mortaapc may nuonabfy reqalre. but in DO ewnt I.. than
101M of the fun replacement cmt of aU lDIprovementJ and Pix11a'es en tlIe Mortppd Property, met
wlich insurance shall inchade, witbout Umi1ltion, a.mcwtpp clause JUII1liaa the Mor1paeo asl1lOl1ppl,
. repllcemcnt colt endorsement,. sdpubtlld wtuelaped Imount endotaement. ftood fnsunnco IIld n:h
olber coverallS u Mortpaee ruy req1lClt. Such policy shall pmide that llJI)I and all 1015 paynJIIIIls
thereunder 1M payable to Mortppe Ilona and -Jointly wJth MortJD.&or. In Iddition. cOllSequentlllll'ld
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Feb 18 2009 3:07PM
NASON VEAGER GERSON WHITE 5614710894
p.39
EXHIBIT C .
I1lIUItiIIg lossos from an insured peril lull alao be CCMtRd. M1Il1p&cr lIball aJm mBiIIlIin Genonl
Comprcl1ea.ive Public LiabiJ~ lnnrance aplDSt elaima for bodily iqJury. death ad praperCy damap.
occwrIDa in. all or about the Martpaai Property. iD neb llllounts U mil)' ba rcuonably I1lIJUlmd by
MClrtpp& All policies Df inmrance n:quinld hlll"ellDder 1IIa1! b. wrltIan by curler. IIlJII'Dwd by
Martpgn, IbaIl provide 1hat Mortpp: reccm thirty (30) clays prior 'Written notice &DIU the lasul'llr
before a cancellation, modilica1ionl maClrial chen. or llCJJH':Ilewal of 111. policy becoInes effedi... lIJId
,hall be writta1 with a deductible provillon nat flD a~ $10.000 and fl)r ,Deb arnounta IS we IUflic:iIllt
to pnvtmt the MOdPIOI" fiam becamin& & co-inIurw keuntler. At all times during the IIlnn ofthts
Mcrtpge. Mortp&Dr shall deliver to Mortppe the oriainl! (or . cerIi:ficd copy) Dr all poIic:il:S or
fnaunncc. required hereunder, qehlr wltb n:celpts that the IJ'"Imnlll1l lhere!ar haw been paid.
Mortppe, if it rellDOably determinelllD1C is perl TV')', .r written llatice and opportunity to cure u
provided bGJow, may placa and pay for any and aD insunDCe as Ifbreaid, or lID)' pert thereof; without
lallng, waiving, or aft'ecting MDrtppe'. ript to tbnscItlI& IIUa MClItp&I or to enrcile any a*er resI1I!ldy
ar ript of Martpp herowder, and f!IfU'Y neb parmant "'U bar iDtanst fiom tU date lhtnof UDIfl
.paid at the hfat1cst rate pormlttad by applicable law In drcd from tl:mo 10 time, and .11 alcb paymr:uII
with iDtCll1llf; thereon, U aforcsafd. ....11 be secured by tho lien ofthil Mortpp. ]f all or aoy part. of the
MClttJaFd Praporty Ihal] be destrD)'llld or dBmagal by a C8UlIty, MortPJOf IhaII aive written notice
theraof to Mortpaee and the appapriate Dunr within rorty4ght ("8) bOUlS' of such eventl IIJId
Martpsee is utharized and empawered (but DClt ob!iPted Dr' nquired) to make proof of loa; and 10
settle. adjust or compsamlse any daimr for loa, cIam8&e Dr chatruc.tiaD uDder lilY policiell of iDsurancc.
All proceeds ofinsurauae sball be paid III Martppa mxI shaD lut applied ~ to the paymllllt of aU COlIS
and expanses {including, witl1aut lIrDitation. rcuanablc attDrnays" fees IUXI expcasa} ilXi\lmlll by
Ncrtppe in ob1amina IUCh proceeds, U\d second. at the optiOD of Mortppo. wIIich shaU be in
l4ortppe's I0Io IDd absolute discraticm. either (i) to be held by MGrtppa for the paynaent of the Loan
ObliPtioos IS !My ~e dUll, or (1.1) to the natandion. rep.. ex' l1Ip1acemeDt of 1he Mar1ppd
.. propcrtj. IfMartppa electa to apply die W\U'&llCllS proaecd& to the restoralioa. repair Dr n:p1acemeal of .~.;)
~ tba Mortppl.Proplrty. Ach procoads .haJl be diabuned to MortpaorlS 1IlOJ'k prosrcalOll p1lnlUlotto. ';'-;'r
conslrUd:m md disbursinl Joan ~ in form and content Illti.6ctcry to Mortpa- In its IOIe
discretion. The election by 'MortPFo to apply the in.nnnce pract!llds to. the ~ondiClD, I1lpIir or
replacemoat of the Mortppd Property _II nm IIfI'Dd the lien of 1h1s Mortp. or affect or nducc tbe
Loan ObUpdcms. If an Dr IIDY pII't of the Monppd Pmpcrty abII be dmnaaed 01' dDItmyed by .
cuu.~ not covered by nU1'l.llCl; ~ if ID covCllld, 1I111 illsuRr fdJ. OJ' rcftJles to pay the claim within
ninety (90) dLyi rolowma the filiUI thereof, Martplor IbaJIlnunodia1ely- pya written Daticc tbm:of 10
Mc:Jrtp&eo, an.d McD1P101' IhaII promptly and diliprtly, lit Its IDle cost and BlIp8DSC. reston:. rebuild IUld
repair the Martppd Property to its ICGditIoa )lrior to I1leh C81U1lt,y. Durinl any. period of IUtarDtka
IJId repair, Martpgor .haIt coatinuc to duly and pomptIJ pa)', pcrf'orm~ obIll1'\Ie aud comply with all of
the l.om ObJlptiOlls ID.d "J of Ihe llipulltkms, qreemenls, candlticm and coven8iD CODtaiaad and let
earth In this Martpp. .
<e> MOI'tpIOr aU w-dlately notify Mortpaee upon obtainins all)' bowledp of
the iostituti01l of my proceedq ror1l1e CDndemnllion of the Martpatd Property or In)' pm 1hereaf. If
all or lilY part of the Mortp.d Propertr shall be d8maFCI or taken tlvuuah r.on~tion (which tDnn -:,
when used in lhla Marta. IhaIJ InclwIc any 4amap or talcinl by ay BOV'llmmental authoril)' and any
'tIansft:r by private ule III lieu thereof. either temporarily or FClI'InmIIIJttIy), all of the LoIn ObIipllolll
shall at the option ofMartppa bClt'OlDe immedillely cIU8 and payable. nc MortPFe aJWl be eatIJed
to III c~tion awards mI other PD.)'IDentI or reWdaerefbr.nd is hacby authariled. at Us oplioB. to
c:anunence. appear in md prosecute. lit Its own or Martp&or'. ume,lUI)' aatlOllar proaeedIDl relatinl to
an)' COIldeamatiCII, ad to ICtdc or compromba my claim in c:oanectiClll. thcnwith. All IUCb
compensation. lwards. damapl. claims, rlpts of ICb IIId proceeds and the rl&fat thentD are hereby
w.iJned by MorIpp to Mortpp. who, abr dcductinl thc:rdiam all of its nasonlble IIlXpen8CS
(includina. without limitation. reasonable 1tlrm1e)ts" as ed .expena) I0Il)' reJeas~ any mooi8ll 10
~
1/
F@b 18 2009 3:07PM
NASON VEAGER GERSON WHITE 5614710894
p.40
EXHIBIT C----
received by it without affllcbna the 11m of this M~ or may apply the same" in such manner as
Mortal Fe shall detllrmin.. to the unpaid Lou ObUptiQIlIo ad to prepayment cb..... lfany. and any
bal-= of such monies then remainiDg after aI! Loan OblipdClllI baWl been paid In full shaD be pWd to
Mm1aaFT. The Mortpcor aJnlllS 10 cxeClltO tach further lllipments of my compensatiDn, awlll'dJ.
damqcs. cJlims, rights of action IDd proaceda 15 Mortpp mq 'nIquire.
(t) lntentiDnaJly deleted.
(g) Mortl.aor shaD pemrit Matppo ud ita apnts tt) inspect the Mortgegad
Prape~ at lIlY time during normal bminIIlIS hems and rot.n Dtbcr I'IUClIIIble 1imes.
(h) After an Bvcnt DfDcfaatt,. upon dernmd by Mortgap, MOl1&l8or shall pay to
Martpaee OCI the payment date of iDltaJ1meDlI of inttrellt IS provided :En the Nota. en installme1at of the
yearly 1IXaS and wcssmc:nts with respect fa ill. MadppI ProperIJ IUId IlIl iDstDUmcn1 of the insurance
pnmiums for .such inSU1'lnce u is reqafred benImder. III estimated by Mortaaaer.. to lcI:\tmulaiC the slim
required to pay such .tau, IlIHlISD1ada and iranaoe pemiDml,. as -Wlicablc. thirty (30) days prior to
the due dale thereof. Amounts held hereunder shall_ ba. Dell' be deemed to b8, tru5llimds. but may be
comminsJed with th. pn....1 fundi of MOItppe and DO mbmlst IhaU be payable with respeGt thtnto
lmleu required by applicable Jaw. MOItp&or dial) pay 10 Martpsec upon dcmud such additional
mone.y 8S is necesmy to maJce up 1lIlY doflclencles iIl1be lIlIountJ necessary to IlD.bJe Mmtgape to pay
suc111IXeS.1IIeU1Da1a and imiurDDcc: pnmm- when due. Upon 1M DOtID~ of III Bvent of Default,
Molipaee may apply my amcraDt UDder this Secticm IIlIDIlininB to },(ortaaBDr's credft to the reduction of
the Laen Obliptianl, at such timos Dd in such JD8JlDllT . Mortpp lhall d8fllrmine.
(i) MortpJOr, lYitbiD five (S) days aftw writlen request from Mortppe, shaD
fiunish a written Jtatanent duly acbowJIldpd. setdna :fbTth the ulIJIRld principal ba1lplce of1he Note and
Dl any and .11 other l..oan ObliptJonund the intmlsC ~e thereon. which writtIm.lIldemeot shall further
sIBle whDther or not them me my atr-Jets ar de&mu with respect Ul the Note or lOch otllcr Loan.
Obligations.
m Mortgap sball pay or reimb1ne Mort,pace far 11] cosb. charau. expenses. and
reuOlllbJe altOrna)'s' fees paid or Inaarrad by Mortppllm MY ICtJon. proceedma ordisplllD ofuy kind
in which Mort... is a ~ blUl* afthc flilure otModpaor to promptly pad'~ comply with and
abide by Ul)' and aU aftbe CClvenlDts. ClXICUtians acIltiplllatiou .. fortb In this Mortpp, III the Note.
Dr -11)' other Lam Document. includfDs. I:I3t nut Iimi1Bd to, !be fol8lllo.mre or athw enforcement t)f this
Mortpp, lay condomnatfon or emJunt domIin IICIKta invoIyinS the MaJ1pged Property or any put
thereat any action to protect the lDCurfI;y bereaf, or any proceodiq In probam, :IlilDIpftizatiorJ or
baakruptlly. An mch IlDOUBtI paid 01' iJ1Cllmld &y Mortppe toptber 'With mterllll thereon. lit. the lIigh_
~m pennittIDd by applicable Jaw in efi:ct hm. tima to time. fiom the dato iDcuned by Mortp,ec shall be
.ccured by ChJs Martl"_ and 1haJ) be dua and payable by Mortpgor imlllecUate!y, wh~thDl' or nat 1her$
be natice or dBInmd therefOr.
--.
(k) IntclJt10nally del.cd.
o .
(0 Mortpao' . its IDIc "peril.. apoa the request of Mqagee. _U ..cute.
Kknowledge and delver 1UC1I1\JrrhDl' inslrUD1en11 u MClI'f&a&ec may require to CIJT)I out tile purpon of
this Mortpae and In 1U11ect to the Jim Juno! II1Y property intended by the tenu, boraof'to be covered
hcnby inc!QdillJ. without Umitation. financ.iDa ItJdc:meDts md c::oathlUUion statenlents; and Mortp.u, at
the ClIpCIJse of MortPlOT. may cause such 5tIIemcn1I UId mmumllllts 10 be recorded and re-recocded.
filed and rHJlcd, In the Mme of Mortpaar, and MoJtpcor hereby irrevocably Ippoin1l MClJ1p...
~ _*' Is......... ,,/I> In "'......... _.... ~..t1. de...
Feb 18 2009 3:07PM
NASON VEAGER GERSON WHITE 5614710894
EXHIBIT G
em) Mortpgor lhall lit its aMI expense. Ind daes hl:Rlby BCRle to. (i) profile,(.
iudCIJIDify. defcad and hald Mortpgec and its directlXS, af!iccra. .pta. employeCl and atlclrByl
harmless from 8Dd .pinst aa:Y and all liability, lon, apmae. or damaae of any kiDcI or Dtturc. lacludinr.
withaut limitation. ay liability 0: loss arising out or 111)' matter, action, or inaction or Mortppe In
connection with the Nate. 1h11 Mortpp. any otbar Loan Document Dr lhe Mvrtp&cd Propll1;y. unloa
cau.l by MDI1pp's grots negUpncc or IotmdcmaJ mfsccmduct: and (il) tademnify Mortpp and
held MDttlBFl: h8nn1es1 fnIm ad apinst ID'IIIDd all b.... IiabU.. iMJudinB I!ri~ JilbiJiI;y.
deloBps. injurlcl, DXJlCDSUo iacludina J'CI8SCIn.&Je donIeys' f'aoa. COltS of my lettJanent or judament and
cI.ia of .y and Il\Iel)' kiIId whatsoever pdd.lD~urred or I1Iffcred by. or uscrted .piolst. Mortp._ by
any pct'SDlI or Ill)' pcmmDlltll ~~ for. with rapect to. or DI a direct or indirDct result cd; the
~ec on or UDder. or the IlSClpe. lelJllF. Jabae. apDlaa.. dinUr.e. emiaiClll" or Mleue from the
Mortpaed ~ (or lIlY pert Ibenlof) of IJl)' HazanlUUI SobIIan" (mcludina. without Jinai(atiCXl. any
lasses. le1-. includins strict lilbility. chi",,,,,. Injuries, npenael. b1cludlnl rClIOulbl8 llfcrDeY11
rus. calls of all)' IOt1I~on1 or JlKIsmeot or Glaims ...ud or lIIiIinl ullder the Compn:IlllOiiYD
Envinl11JDrmtal Relponse, CompelRtion and Liability Act, any ro-caIled federal. alate or locaJ
"'Supe&1bnd" or -Superlicn" laws. stabltes. ordinlnccs, codes. mica, RIUIIIIioas. anlcn CIT' dccroc:s
replatin& with respect to. or Impaailll liability, iocluding Itrict liability, in connection with aoy
Haunloul BahsWIce or ltandards of c:anduc:t cODCaminl any HumdOUI Submnco). raprdlc:as of
wlether ridJl the control of Ma1pp. Far purpolll! of thts Agreement the tI:nn "1fllllLt'dous
Materiall"' lball mean (i) uy toxic mbmDce or l1uarr:Iola waste, substaace gr. relaf8d malcrial. or Ill)'
pal1Ulaat or contImiDllDt; Cii) radon pi, asbcstOl in my form which is or: could became ftiablc. ma
fannaJdebydc !QaDI Insulation. trmuf'onncrs ar other equipment which cDntain diclectrlc fluid containing
IomJ of polydlloriaated biphenyls ill IIXCOII of fadenI. Itatc or Joallafcty JUidelincs. whicbc~ ani
more 1Iri~ (ill) any IlIbstIncD, Pi material or dtamical wbic:h iI 01' may be defined as or included in
the dafinition of"baardous 1IIIbstJmces". ''toxic &U~~". ~ m_rial.... Ilbazardous wutu"
or words ofsimiJar import under 8D'J federal. state or ~.~.law. code, or ordinance or UDder the
ICJtIlatiClns adapted cr pfdeJiaes promulptld pwsulBt therelo. Incluclinl. but DOt limited to. the
Comprebensfve Buv1ronmentaJ R.clpomlC, ComprmllllioD IJId liability A~t of 1t80, as IIncnded. 42
U.s.c, D 9061 rt Uf.; the: Huardaas Material. TranspallatioD Act. as .mended~ 49 US.C. i 180]. rI
.'1[.; 1be RIlIourcc CoDservltion and Recover)' Act. IS Bmlllded. 42 U.8.C. i 6901, d '"9-: t&a F.....I
WrIItr Pollutiou Cmrlrol Act~ as amended, 33 U.S.C.ll25l. .t ''9.; and all rahwant State IIIvinmmental
IlItutali ad (Iv) an.yother chemical" maIIrial. au. or aubsbncz. the ClXpDJUra to or relc:asa afwbich Is or
may bllJ problb1lDd. limited or rqulaflld by any IOvenmenlal or qUMi-ICMmDDcnlal cndty Dr llI1I1ority
tbat ....u or nay usertjurisdiction over the Property orb operatiOlll or .~tivlty It th~ PnIper1;y. or any
chemical" matariaI, au or mblltaDe= that does or may paR I hIzIrd to the hnlt1t Indlor.dIt,y of Ihe
DCCUJ8lt5 of tllll Property or the owners and/or occupallts of property acljaceat to or l'Dn'OlIIldidi d1e
property. These fndemairlClltians .ban arvno 010 lUll payment and p..,Lluaocc of all of tba Loan
ObtiptioDl and aU of tho stipulations. Ipeemen1l. coaditJans and covcnanls conf,lincd wad set forth in
Dds MoqIp. Tbll foreaolll& fndemniflcaticna shaD not apply 10 UI)' matters which oCCllmld aftllf tile
dIt. IIpOD wbic:ll Mortpgea takes til.lc to the MortPFd Property.
~ .. . .
(D) . If Mos1pgor rec:elve. (i) 111)' DOtioe of the happen in& of any ~nt involYina the
Iplllap. nIuIe, 1eakD&~ IlIBPIp. clischuF or c1eamJp of tmy Hazudous Subsllnlte on the Mm1Iapd
Propq or ID comection with Mortpsor'l opcn.tions thereaD or (Ii) ftom Ill)' peJlOri Dr pc...Dlf:nta1
autbor1\y (iacludin& without limitation. the SPA) DY complaint, order. citlfioo or notice whh nprd III
air ~ "".... &cbarp. or my otber ClI1vUonmcnt.ll. h.Jtlt or rdBty mlltler (coUoctivcly IIDd
individually In "Bnvimnmental Complaint'") dfoetinl Mortpaor or 1bc MortppcI PropBrty (or ary pIrt
thareaf). 1hen MortpJOr .haU within twenty-Cour (24) houri tbender nodfy Moc1paIO erall)' and in
writing Df mell Eavironmentm CampJaint. Mortppe .halll1a.w the daht but nol: the obliption. md
widlout IUl}' limitation ofM011.pe', other riahts under dlil Mortaa.ae. after written notice 10 M.....or
~I' '.
\. .. ". . ...."0.
p.41
'.
Feb 18 2008 3:08PM
NASON YEAGER GERSON WHITE 5614710884
EXHIBIT C
or opportunhy to cure as pfO\lided balow. 10 ank:r anlo the Mortiased Proporty or ro tDb such Either
actions as It deem. nec~ or advisable to c.1eanup, remove. JaOne or minimhe the impact of. Of
Eltherwise deal witla, IDlY Huardaus SulllW1ce or any BoYirGDJllllllla1 Complaint foDowfna rcceipl of Ih)'
Datice from any pcrslllJ Dr aoftJ1llJlOnhllldharit;y [mol.... widlaut lImftation. the SPA) usmiPg the
exi.tcncc. or IIDY HazudOUll Sabltlnee or aD .l!atborDDll1tal CaID)JJlJnt pettahdul to th~ Martpp
Propldy or IIJlY plIrt thenoCwbie8. if tnJc,. collld raatt in III order. suit or other ac~ apinst MartsaJOT
or Mortppe which. in fbe sole cpillioa of Mortppe. oouJd Jeopardize Mmtppe.. IeCllI'lty tinder this
Mortaa&c. All cOlts and IXpCIIBS IranecI by MoJIpp: fn Ihc 1lUIC_ of UlY IUcb ri&hllr shall bl:
neural by this Mu1pp lOci llIal] be payable by Nol'Ipp upon demand. In the event M.cHI&lIee
J'eISCID8bty bellavu an adverse euYinlnmDDtlI eveat hu 0CClb.<<f. Mart..." shall aile hIVe Iho ript iD
require Marts-lOr ID pafiIrm an ~ audit of tIut MorIpJed Pro~ and, an envinmmaD1aJ
rllk llAllllnent of 1hc Mortppd Pq1erIy incIudiDS Hazm:Jou. Substaces waste mauaprDCllt prBCtices
and Hazardous SutaUnces wUCB diIpouJ lites 1baean. All anvbonmeatll audi1l and aMronmlllllal risk
aleameldl a1lal1 he at Mortpaar"a .oIe cDlt ad expas, IhaIJ be perJbnned and prcfarcd by III
etn'il'lJlllDalltal oonIlIltant latilfackXy to Mortgap. and shin o1herwis~ be In fonn and subllartce
ntisfactDry to Mortppc. Should MartJllOr fail to pnmct. 8Uch environmental audit or eavlronmllSrtll
rilk ISSlISDterJt wi1hin thiiV (30) days af'tbe Mart:pp's written ~uat, Mortppe shall hllve the riaht
but not Ihe obliptiao 10 relaiD d euriMDmealal connltaut to perfimn,anfipreplUC.-me. All casts and
expenses inemrod by Martppe In the aetdH of such riahts shall he secured b)c this Mortp&c and .han
be JIIlYlbJe by ldlX1pgor Ilpon dcmucl ar cIIl1lJCd tu MOlIIIIor., ]010 baJauce al 1hc diladion of
Mortp&ee. . .'. ' ..
(0) MataPaor Ihall BOt sell. conwy Dr Irms!er or permit to 1>4 sold. conveyal or
transfemclany intCRSt in 1be Mortppd Pro... or IDlY part thereot: A c:ontnlCl to deed Dr Igreemellt
for died, or 8n 8SSipment. plcdp, or el1Cl1luba_~ of a baHficiallntcrat m any IIIDd trust, 01'. leue for
.11 or substlntially.aD of the Mortpcod PraJlllV shall C03~k. . transfer prohibited by the provlsloos of
tJUs Section and sblU be nutl end void. Notwitlabladina the foreao1ns. durina die period 6'om the.date of
this Mortp&e until July 30. 2010 MaItppr may Iea& tho Matppd Ptoperty on commercially
reuaoablc tarms DIlly if (i) such lase em be ta=minated widIJn thirty (30) ca1eod. days aftar writtm
notice by the OWDel' of (he MorreaPd Proput;y at no colt or IllCprIISe wIWsoovcr to the DWnar of 1lIe
McntppJ Propertyl (Ii) DO memoradum of Icaa Dr IlCbor evidence orluab Jcaa shall be n1cCI'ded in the
Public beords af Palm Belch COIIDty, Florida, fmllDCh !cue lhafl not contain IUIY aptioa to pucbue.
ri&ht of first mu.I, atcnsilllJ option or .., .1nUJ.r richt. [lY) )4ortplOr obtains thB prior writhn
con.. ofM<<tppe to suclt lease and aU .nen&n8nt! lid modftic.tiona 1hereto, which CODSeDt IhaIl
not be ul1RUOll8bJy witbhdd. Iftd ('Y) the tlm.... UJIder Iudt Jc.sc subardiDatcs its lease; to this MOItPF
pursuam to I subordination qI1ICIIIllmt ~ by IenIDl In bm IIId C0111aDt reasonably accep1:Ible to
Mqqec. NotwltllltlmdiD& the fo........ dariag the period afte.r Jaly 30..2010 Mcrtpacr ml.)' I.... t.
Mortppd Properry on CCIIIUD8I'CiaDy ~ 1lIf1DI GIlly if (i) no JDIlDlDlll1dum 01 lease or other
evidence of such 1_ shaD be realrdcd in the Public Rocords of Palm Bach County. Florid., (ii) auaft
lcue.halt Dot contain lIlY opticm to ~ riahtoffirltrduaJ. ahlnIion optic" or any lilRilarriPt.
(ill) Mortpaor obtafn. the prior writtaI COIIIIDll of Monppe to IUCb lease and .11 amendments aDd
modificatians thereto. which COD5cnt ....11 nut be IaU1IIIOIably wfthbeldt and (Iv) lJ1e tenant under sudJ
Itlue subordinates its lease to lids Mortpae punlUlnt to I.lIJbordinatfon agcoment ~cuted by bant in
fonu IJId com.... rellSUJUlbly acceptable fa Mmtca....
(P) Mmtpp IbaII not crute or pmnit tD be creued or to remain. any mort.PIe.
pledac, mechanics' lien (uaJca fUlly boadod CJff within tIJirty (30) caI-OOllr days of its Jilin&) or other
lien. cundJtlonaJ sa,Ie or other 1ftle retention apement, ~ alarm or charp on (wbBtllcr prior
or IUbordinate 10 tho lien of Chis MOIfaaIe) the MorfIaFI Property or 1m)' income 1here:trom. Any
tmuaction prohibited tinder this SectioD ....1 be nail and \I01d.
~
,---
p.42
r-
Feb 18 2009 3:08PM
NASON YEAGER GERSON ~HITE 5614710894
p.43
EXHIBIT' C~
(q) Mcrtp&Or IbIdl aot caamdt CII" pennll aay WI'" Impairmenr. or deterioration Df
the Mortp,rQ Pro,perly end ..t at all lima maiatain tile MortPled Propcrl;y in . sIa1c of loud repair.
Mw1p&Or "'1 Dol in any way impair Dr wakeD thl sacnuity of this M011pge. lD the MlIll that
MfIrIplor sball refUse, neglect m be \1DabJe to repair ad maiDCBin the Mortpacd Property. l11e.
Mortpa- may. .. i1s option, afb:r wriIftnt DOIice 10 ),{ortpaor wi opportuna, to cure as provided
bdcw, maa JUCb I1lpIllm or c::ose the same to be lIIDda and UV8IICC mania m that rcprd. All such
lmOuntl paid or fncurT'lld by Mort.... tDptheI' wilh intlRll dtcrcoD. at 1be hiJbat rat~ aulIJ.arbed by
.~iclble law in c.fl'oct from time to time, fi'am tho daI8 incumd by Mort...e. .hal1 be scc:urcd by this
Martpae and ahallllo due and payable: by Mortpgor immectlatBly. w.b8tber or not dun be notice or
clanand therefor.
AA "Svent of De&ult". as usaI ill this Mortsaac, shallllCC1JT at MY limo or from Iimc to time:
(a) if Ill}' Loan Obliptfon or any inllaU.nt tbInof is Dol paid within left (l0) caJeadu da)l5lfter IaIlIC
is due IIDd payablci (b) if lID)' COWIlUlt, c:onditiDh, IJ"lOlDeId, or IllipuJation CCIIlIained in this Nottaaae
(olber then one nquiring the payment of moacy or otIMrwiIo IpOeificaJJy provided fer benlinaftor) it 1101
duly and promptly performed. or if any neptive CO\'IlnIJlt C(lraiDed in lids Mortpge is violllicd. aud
IUCb DDD-perfbrmance or riolltion is not curable. ell' if CUI1IbIo CDlltiaues for. prriod Df thirty (30)
caIendIIr days aftu written notice: then:of ftom Mortpp to MOI"tpp;. provided that if ddauJt is nat
capUlB ofbei.. cured within thi~ (30) days. Modppr"'U Mvo an IIddlda..a aixl;y ((O} daya to QlrB;
(e) if lID)' ~on or wUl"lDty madc in Ibis Mortpae. or in lay other Loan Doc:ument is at any time
hlse, miUadin& or brached; (d) ih filial judgmeat for the payment ofmoDay in emesB ofSSO.OOO.lJO
is nudcred apinsl MorCpgClr and the IIOIC remains u....tisfied except for neb period of time III
ua:otiOll 011 the judpnent is effiM:tivc]y Itayt:d or folly boaded afI; eel if MOl'tpJor Is wlulllarily
Idjudicalecl ba1crupt Dr mmlvat. .eks or conseats 10 the eppoL&,....Jt of a receiver or trustee (or Itself
or ror.1l crillY part Dr its property. tiles a pelitiall seeking I'1lIIef, IncludiDa reDlJIIIDimtion. IIrII1J.CII1IlDl . ,.
:or Amil.l.reIi~ under ihe preseat ~ CaR or 01her .lmilar presart or filtwe IIppliceble laws of . . <' :.
the',Uni1ed.Statcs or any Itate or my DtbcUD~juriIlIjclion. makes a pneral assipment far mil .~
beneftt of creditors or admits In writina its IDabilil:y 10 pay irs debIs u they saaI11re; (f) If. n:cdYer ar
tJuSte8 is Ipplinted for Morf&qOr or fOr all Or my put of its plllpllty without Its QOI'IIeDt II1d IUllb
appointment Is not vaGllbld with.. .ixIy (60) days. or if a pedlJcm is fi1fId apinst Martpgar IeekiDIJ n:lief,
lnc:lud~& ,.,rpnbation, manpment or .bnjJar relief. under Ibo present BanklUplCy Code or ather
.&nil.. pruent or firtme applicable laws of the Uaibld States or laY stale or crthor compelmll JurildiGtion,
llIUI IUCh petition is 8m dtsmtncd wilWn sixty (riD) ~ attar the filiDg 1hllr'CDf. (a) If Nortptor
vohmtarilyor invalun1arfly dissolves Dr Ilquidales; (h) ifMortpp' or my senenl pBl1ller ofMGrtp&or..
If Mortp&Dr is I limited partnOQ)Qp. or lIIlJ partner eX Mmfppr, iC Narlpaar is a InmJ partnashlp.
dies or is ch.elued IncampBtBnt; (i) iF BY panmlDr of lIlY of tM .Loan OblfptloDl dills or Is decIIrad
inccmpebnt; 6) if the holder of any lJIEIItpae or other Jia on the MortalpCi PJopedjy junior tD tho lieu of
this Mortp&c (without tu:rcby implybIs Martpaee's CODSCDt 10 eu;y IUCb DIICI't&IF or ~ lieD)
iJ1llituta beclolure cr other proaeediDas for the nfim:emclrt of ~ of Its ftIIIIIldias Ihcmmder; (Ie) If a
direct or indirect saJc. c:onveyanoe. usipmeut or tra1aIh- of the ~rta..ecll'ropclV. Dr .Y PJrtion
thueof' or MY intIrlll therein or fartber ODcllldbnmcc DC tho M<<tppd Property occur.. either by
operation of law or othvwi_. or if a cIiJect or iDdirect ale. COlIVO)'UCI. uaipment or 1raadir of the -:.
MOItJIIOr (or my portion thereof or any lntInIl tJu:ra1n). .k1Ier by ap..._&u of In" or othuwiIe, II' if a
tranlfer Df cantroI of or a ccmtrollina interest in tile Mortaaaar occurs; (I) I[ Mortpp" 181.. to duly and
promptly perfbnn and dflChlUJ'O. <<ca.- to ba perbmed aud dlsabarpd III of lb. obliaations I.J1d
undertalcinp or MorfllJOr or its lac:ms ullder aD)' Iaul IIIlcting the Martpaed property; (m) if
Modp&or violltll or breachOl Illy IlplcmeDt, comuant" conditicm, I'CIItrictiolll cucent or IfmIJar
maUlli' drectin& title io the Land which is not cmed within th~ (30) days after written _lice tem
Mort..... cf lUaII 1lreech; (u) if there f. I violation or br.ch of illY Ie:rm or cDYelmlt in tlt is Mort....
N01e or lilY odn:r LCI8Jl Document evidencin.. panntyinl. securiaa or otherwll. nlatiDl10 the Lon
ObfialtiOlll whicll ia DOt cured wilhin the time periods let forth. ill.ubledion W allova; (0) i!Morf&aIDr
r~
Feb 18 2009 3:08PM
NASON VEAGER GERSON WHITE 5614710894
EXH'fBIT C
tails to 1ceep the Mortpgl:d Properl;y inlUnd . set forth aye and aucb flilura continues lifter the noticz
and CUR periods Id forth in mblr.:ctian Ibl abnw; (P) if any or thll Mortppd Property II used In ..
DllllllUDr fOr. purJlOIC which thrIlaIms confiIcaticm by I.lepI auIhoriliY; or (q) if Mort&aaor. pursulJlt to
Ploride Smtuter 697..D4(lXb) as amBrJded fi'om lime to time,. fiJas for record a notice Jimltml the
lUXimmn .mount whicb may b& ucured by thk NorfaaIe.
If Irl EftDt of Default sball hLYe 0CC1II1'tId. Mortpaee may. at its op1l0D. exercilC any. 8CUlIlSr or
all of the fallowing remedies. CODCUII'entIy or CQf.-c1l1iYoly. (a) Nartppe mil)' declac all ollhe unpaid
Loan Obliptions, tDaethcr with all accnmd i:nk:nsIt thereao. to be duD II1d payable withDllt nota or
_mil, and upon auch declaration an _ Loan OWipw-lIhaD immadiablly bacame due and payablc
IS NDy UICl to the 18me errect u if the dIU of such deelatioo were the. cbdc orisfnally specifiad for the
full Jllll'lDenl Dr maturity thCll'ClOf. (b) MarlpJea may demeDd that MorIpp" surrc:ndcr the actual
pcnclIIion or the Mortaqcd Property end ~ or Ita qents may tlI1ter and take poucu!on thmof
and UlII}' .xc.ludIl MortaIP' ud Its Ip1II wIdJy tbcrl60ftl; If MClrtplOr ,hall for any JeIIOn fail to
IUmlIIder or delfyer the Mortppd Property or lIlY pIIt thereof to Nartpp. Mcrtppe may obtain ..
judp1ent or order requirins th.. MartaalP' deliver inmediIIe ~ to MartPFC. to tho et'l1Jy of
which judpl8nt or cIecI'OC ModJ8p hlD'Cby speaificaJly CDIISIIIIlII; upon enter1nS or taklns JICIIlCISion.
MCII1p&ee may US::, operate. m.-p Il1d caotrol .... Mortppd Property aad conduct tlm budnllS5
thereof Qld fioom time 10 din. may u&rcise all of the rip1s and powers of Martpaar in its Il8rne or
cthclrwile with 1UpCCt to 1IIbIe. all as Mortpa.:e 10m time to time may ~ in ibl salc discretion;
(e) MDl'lppe may. with or withaut IIJdDB poaeaioo of the Mart.1pd Proprty. .. herainabavc
provided,. collect and receive all of the lWIIs lheraliDm, Inc.ludita& those pm doe as well lIS 111011 8CCI'lIina
thereafter. and sbaJlapply ,aid moni.. 10 recehied ffrsI. to tb8 pymmt of aU costs and eltpeNeS
(iDcIudl.... without Umftation. RIalDIIIlblc attomay-s fees IDCl ~) iacumd by MOl1Japa IIrId its
apots while in poISIlIIiclIl and nc:and; in lOCh order u Martpaee may eli:Ct, to tbe p8)IDlcDt of the Loan
Obliplioaa; Cd) if 8JI)' installment or: part of fIllY Loan 0bipti0ll shall fail to be pald when due.
MDl1pFc lhall be entitled tD no b 8nd to NCOVCI' judgmeat apinst. tba Mortaa&or for the amount so
due ud Ullplid lOi1ther with all DOlls IIId ~ [mcludiq. '1Iri1hout rnnitalicm. reuon8bl~ 1ltIonIey5'
lees and expeDSOI) iIIcurred by Martppe . CcmnecdOR with lOch proceed... topther with. intwell
thlnClll a1 the hIP- rat. pennIUI:d &y Ipplic8ble IBw in e1l8ct from time: to tD from the data fDcul11!d
by Mortpace. IDd .. such colts and o:IlpIIDICS sba!l _ ICICUJaIlty thit Mcrtpp IUd .hall be due BIld
payable by Mortpsor iJbJ1lllcl"ulielr, if McrIpaDr IIIalJ AU to pay lIpc111 Mortppe.. dc~ IftBr
aa:cIeration lIS hcninabow provided. aD of the ua.p.icI loin ObJiptians. topthr:r wllh III ICcruecI
intarest 1ben:on. Mortppa shaD ba ea1Wed to IUe tbr.. to n:r.onr jJ.dp_lpInst the Morf&Iaor fer
the entire IDIOIIIIt SO due IRd. tmpaid tDpth.. with all CGIIIIDd expenses (includinlo without limitation.
reuonlble a1tIImcys' fees and ClXplllSCl) immmd by Martppe m comedian witIJ slIch proceeding.
toptbcr with inblreIt tbarecn lit the biPat ntc penniIted by applicable law In dfic:t '&om tDnll to timc
fi-om the daflI hcumd by Mortppo. amIa1. mc:b COlIs IDlI .,... abaU be -=cured by this MortaaIc
and allan be pll)'8ble by Mort..... Immediately; Mortaaaeet& riaht under this hb-=tian (ell may be
exaci-=d by Mortpp either before. .ner. or duriDa tha pmdency or 1.11)' prooet'-";"Ip for the
enfbrcemaot aftbis Mortpp. iDalwlinl....JIID pnxeediags; 110 ~Jy of lay judpent II provIdecI
in thiI SUhBlDcm CdllU1d no aUacbmcmt or ICY)" of 8Il1'"..utIon upon any of tits Mortpled Propmy
shall In III)' way dect the lien of dill Noltpp upon .. MOItpIId Property or any pan tbereof, eX'tny
lien, riBlds, poWcrl. or remedies ofMortppe lununda'. but avcI1lien. rlJhts. po..... sncl remedies ..all
continue unbopaired IUiI before; (e)MOI1p&ee may iastilatB pvceediap for tho partial or complete
foreclCllUJ'l: r1I this MertpF and :Mortpp may. punuant to my &aI judpll1t of forecloaun:, sell the
Mart&aFd Property u en CDtrrety or ID HpIrlIfa lots eX' pan:clsi (I) In Clle of a 1brcclosure lale of al or
!lIlY part or the MortpJcd Property. the proceecls of uJc shall he applied u herei..fter lOt forth. and the
MorfIIIM _JI be _titled 1CI1eek .. deiiciaauy judpcnt apinIt the Mortp&ot to aUlmIl ..yment of
1111)" ad all of 1H Lean ObHptians then muinin~ d.. and unpaid. foJelher with inter.t theteon at the
hiSheat rate pmnltllCd by applicable law m effect hill tinl~ to time, and CD recover a judplnt IpJnst the
/-~
p.44
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Feb 18 2009 3:09PM
NASON YEAGER GERSON WHITE 5614710894
p.45
"EXHIBIT" Co.
MartPIDr therefor; (g) Mortpaec may apply to my court of competent juriadil:tion to lava II RCBiv~r
.,poiated to en1a' upon and take possession oflhe MorIppd Prq.rty, collect Iba Rents therd'rom and
apply the ame _ the court may dircc:... such rccldver to h.y~ IU of the risbts md PO_II pennfued under
the J.wa of the State of Florida; the ript of tile appoIntDleIt or neb readver ahaD be . mdc:r of IIrict
right without raprd to the value or the occuplney at the ~ Pmpert,y Dr the. IOlwncy or
inmlwacy of Mortpior. 1h~ expenses, inoludJna receiwr"1 fell. dcnDJI' rea. ca&b and ..nt's
CClIIIDIiuion mctlmld JlUl"lIUII1t tD the pCJ'WBB bIrein cantain... toplher willa iDfanlst IhCFIUl,lfany,... the
hipt ra1c ~ by appDcable law in effect fiun time to time Oal be".mraI bereby and IIuII be
due and payable by Martpaor fmmcdiatcJy wiahaut nCltica or demand; notwitbsaandiDI the .ppolntanont
of IDY l'OceNDr or otJUIl' CUItodian. MCJl't&I8"e. shall be. enIitIed u plcdpe to Ibe poallllSiOl1I1ld control of
aDY cub or dapolita It the lima held by I payable, or deliwrable tSDdlr the t...... a( Ibis Mortp.p to
Martpaae. and MqaFe .balt have the ript to offset the unpald Loan ObliptiClllS ..!Nt any aueh
cub or deposb in ~ucb order _ Mcrtppe ml.Y aled.: (h) Mortppe may. with f'eSpect1o the Mortp.cd
PrOSMrtY canstlbttin& penanaJ pro~, exc.rciR 111)' or aU or ICs ripD IDd l'alOdias under dw Florida
Unifann Commercial Code or other applicable law IS wellu III atber riahts and remedies possessed by
MllI'tpJM,811 ofwhid16a.1I be cllmalatmi Morts..- is hadJy autboriDd and CJIIpOWored 10 enter the
Mortppd Property or cdlar pJace when sucb personal property may be located without 1.1 Jll'CICOSS.
and to take pOIS_ioD cf RIlle without 11Otic:o or demand. wlric:h hereby are waived to the maximum
utent permJttcd by the laws of the StIde of Fbidlli UJIOD dDmmI by Mortppc. MOItp&or sblJ make
such peI'IImW propertY BYefJable to Monaqee at I place reuoaabJy DOIMlOient to Mortpgee. aad
MllItpp may Iell at OI'Ic OF more public or ,"va!lI ....1U1d for.. ,rice U Nortaq811 may daom
commm:illlly rasonable. any aocl all of such persaaal propert;y and -X other scc::uriIy or propclI'ty held by
Mortppe. and Mortppe may be the purcJ.ar or 811)' or all of UI1\<<li (i) Mor1pp may Insti1Ulc ItDd
maintain lID)' IUits and proc_inss 81 Mol1&Olcc may dam IdvIIlbJe tQ. )n\'ent any impaItment of tb~
Mortppd Properly and to preserve or praIect its llltereft in 1fIe.MOI'tppld IrapKty, m no nsht, power
or remedy ofNcnppc as provided in the Note. this MorIpp.nd jp. lID)' ather Loan Document is
Intended to be axchuiw of lilY other risllt. power or rc:mcdyoCMmtp~ bat eacb aDd every nail light,
power lIDd naed)' shall be cunwlati\'e and COIICI1mhl met in 8ddidon to my other ri&bt, power or nsmcdy
available to Mortpaea now or hereafter tudstiDa 11 law U' in equity and may be punued 1ep1l8ta1y.
coancutivcl)' or mlethcr apinal Mort.IF OF 1M MOf18lIIed Property or any pm tllI_ao( at the IDle
lIilCFetion ofMDrtppe; the failure ofMort~ to acen:ise my sucIJ rieht. po_r Dr remedy .b.u in no
event be construed .. a waiver or rcl_ thereat (Ie) liD 1RMlr of aay E\teat of Dc6lllt hllhDder thall
wend to cr"t uy IUblcquent or any other Ewnt of Dc&uh tbea existing. or impair AllY ri&bts,
pawelS or nllDediu conlCq1lC:Jlt tbereorI. and no delay or ondaIan of Mcxtp.pe to ~ In)' riaht,
power or nlIIlEdy shaD bll c:onsIrued 10 Wlive my such Event of .ceraa or to coutitote IICCJIIIcsceace
thoMl: (I) IIJICIIIID)' lIJe mlde l1Ildcr or by Yirtue Dlany af'the finaaioa JI'OYi"ons. Mortppe IUY bid
fOr U1d ~qubo 1be Mcwtpled Property~ or.1I)' part thereof. II1d ia lieu ofpByiq cub. tbcrdor--.y IIfJPIy
to the purchase prioe. any portion of or aU of Ihc \IJI]:UI Lou ObliptlD1ll In lU~h 0. u Nortppe
DII)' e1el::ti any IUCh _Ie Dr n1ea IhaIl opcrat. to diftlt all of the: astate, rfibt. titJ.. IntIr1lll" claim and
_DUd whIIsoever at Jaw or In equity of Nortpaor Cld all pcrIClll, claim!. fly, 1hroaah OF under
Mortpaor in and to the properties aad "lhlS so sold, whethw laid to No.._ or to D1hen; (81) ill the
CIWlf IllY receivDrShip. inSolvency. balllcruptcy. J'lQrpnizltion. .nanPJDOat.. adjlllt1Dent. cCUIlJI05lrion
or orhcr judicfal proccedinp affcetfna the MOItp&or or my of Its property or ~Jedltcn, tlte Mort..." tII
the .$at permitted by hw IhaJI ~ entitled to file such proofs or c1BiaJ aad other documc:ats lIS may be
n~ or advfnble in order to IulYe iLl clllim allowed in Den pmceIllIop far t:be entire unpaid Loan
OIlIJaltlonlIt"', data oftha inltitutian of such proceadla.. and for my .dditionaJ amountl wJUch may
become due wi pll)'8ble der such dIle; (11) MortaqaF hereby waives and R1eua tbr ibelf ancllQyone
cJlimfnl tbrauah. by, or UDder it, to 1be maxiDmm eO:n1 pennitted by the laws of the Slato of PloridI,. all
beaelir of aay prescnt or firture Jaw exempting the MartppcI Pmperty. or IlIl)' part of the proceedJ lrilinS
1iam lIlY ,ale thereof. from afUc:lunr::nt, leYY or Ille on aecutianl Dr providiDl for any appnilcmcnt,
,?
.:.... .
Feb 18 2009 3:09PM
NASON YEAGER GERSON WHITE 5614710894
p.46
- '
EXHIBIT~C~
yaw.tion. stay af executicn, examption 110m civil proccSl, redemption or extension of time for payntcnt,
and any riaht ta M.V! the Mortgapd 'Propett;y marshaled.
In accordance with Section SS.03(1), Florida StatuI.. MOI'tp&or beteby IXp1lS8ly further QUI
thIt the dolault rate sh~l be applicable to ialen:lt accndaa an any judpellt eotered with Tdpd to the
iudebledDea evidenced tlr secured hereby or by IIQY oflh~ otbllr Loa Documenl$. .
Tho pI'OCtlCdl of any Silo of aU or any partiaa af tfac Mortpaed Property .han be applied by
Mortppe firlt. to the pAyment of receiver', l'ees ud IIlpfIDIeI. ifill)', ad to tha pI)'Rlen1 of aU oosts an d
expcnlOS (including. without linUtatian. JllUOIlIble .uar'08)'l' &ea ud 1Kp8IIICI) inaJrred by Martppe.
toaedur with intm:It thereon at the billlest me pannilted by appliC8ble law in effect iran time to time
ftom thrl date so incunod. in connec:tlon with my eaby, action or praceediDa u hereiaabaYc .Iltlbrth. and
second In IUCb ordcc IS Mol1ppc 1111)' eleet, to the paymcat al tha Loan Obliptians. MorIp&oT'" U
be and rcmam liablo to Mortaaa- for BUY -ditrcnmce belwec:n the nel proceeds r:I sale and 1M ImOIDI1 of
the Loan ObUpdons until all orthe Loan ObHptJDDI.haU have been paid in fUN.
In addition to the orizinal ~tedDa. ICCUrcd hen:by. 1lUs Mortpp .Ihalllcc:ure Il1I)' loIII of
mooey tram Mmtppa to Mortpgor made within twenty (20) YCBf from.the dp(e"hereof. The total
lIIDOunt ofluclllClln or 10000S may decreaso or JDc:nue fmrn lime to timo, but the talal unpaid .gnpte
blJam:c secured by th. MortpF .ball not It I11J' time exceed ana Million Six Hundred 'lboauod and
001100 U.S. Dollars ($1,600,000.00), plus inIc:rest ~ aud my di~ made by M.cx1pac:e
fCll' Ibe payn:rrt of taxes, insunmte. Or other 1i0ll. on the Mortppd Property. with i:Dnlst on Inch
disbursements. Mortp&f18 hu DO obJiption, wbatsoewr. 10 maJcc any &tuns advances. Any ~ to
""No1B"' in this MClI1pp ahaU be: collltrC1ed 10 ....lICD arry ami all proadSSOl)' 1lOCr(a) eW:Jc:nciu& fidurc
1Idvance{.) made pamulDt to tbis Section.
..
.'
" .
. .' ..
NotbinJ COJI,I&incd herein, in thD Notll, or in an.y other btrumeat Dr ~n-reJated.1ha'eto.
Iha1 [ be ClOIIIlrued or 10 operate .. 10 require MortpFr 10 pay Interalln an amD\I1It or at I rata peater
thin the mu:lmum allowed by 8ppllclbla law in ctfec:t &om time to time. In dclcrmiDq the maximum
DIe alloMd. Mortpp DIllY tab BdvBntap of my stale or teclCdllaw, rule or repllltial In effect &om
1imc to time which may pam the mlXbrnnu rate of iDtarr$t which may be cl1erpcJ. Sh01l1d aay iDtctoIt
or other charp$' in the DIdure of inblrelt paid by MGrtaalOr result in the c:omputatio.. or amfu,a orin1lre1t
In a&:aII of tba I118Ximum rate of interest ..Jawed by applicablo law in affect 1iom time to time, then any
aad allaucJa excea shall be and the ..0 fa bInby waiwd by the holder tlu=rcof, aqd .n __ ex=Islhall
lie ~a1icaU)' endlkld ..Iinst mil In nduetion afthe prineipaJ baIaJH:e of1he Note Dr tba t.JaIJCe of
'Ihc olber Lam Oblfptlons. II!I appJiCllbIa, ad IDlY portion or aid U_ Vlltich trXGeCIIIt the prill.
balU1C8 of the Note Ot the bUancc of'S1ICh ather Loan OblipCions. ... ~icable. shall be paid by the
IIoldt:r 1harmf to Marta.... it bcins tha mll:Dt of Ihll paDes herefo that under DO ciramstll1lc:05 lhan
NorfBalorbe nquired to pay inlUCltm acess oilbe maximum rite pemitlcd by applicabJc law in effect
from time to me.
1bc wmmtics. reptDIIentatlona, CCIVCIIaIIb IDd ap:aments aetforth ill this Martpp shaJl.cnive
1tu: cx.ecutfon ad deJhtcJ)' hIRO! inti shall continue in ftalJ force In GJICt until all of the Loan Obliallliona
Iball hmI been paid in fUn.
WhareYlr provision 1& made herem for payment of attDm83'l" fees or CIltpensel ineurred by
MortIaaee. said provlsioa sbaD iDc:ludc. but not be Bmlted to, 1bDrDCy." fees or ~S lacured in my
and aU judicial. bankruptcy, FeOrpnlzadoa., adminitlnlti~ or other Proc=linls includiDa apPlbte.
PJOceedinp, whetber ruch fees Dr expcnIlII IriIe Wen prac:eedmp IlR commenced or a&r eaby of a
finaJjudpnl.
/--~
Feb 18 2009 3:09PM
NASON YEAGER GERSON WHITE 5614710894
p.47
"'EX"A-,alr C"
Mort&D8ce is hereby subroglted to 1be claims and lieu of aU ptrtics .mUle claims or fil:DS are
fblly or partially disch818'ld or paid 'With the. proceeds ofth IndebbldllClslliecund by this "Mortpgc.
&c:b notice., consent., requat~ report or ather COJJ1ID\lDicatJon UIlder tJUa }.fQrlp.&e at IllY other
loin dcx:I11I3at (each a "Notice") which lIlY pmty herda may _ire or be ~uired to 8ive to die Olhl:r
altall be d.med 00 be an adequate and 11Iffie_ notice if liven in wrtttna and I8IVicc Is made by ei1her
(I) I8IIstmd or certified man, pDlilllge prqJllid. In whieb cue notice ..11 ~ d=mcd to haw becm
reeeiYed tine 0) businesl days folJawinl deposil in the U.S. malli or (6) nadomlly n:coaafzed o'Vel1lipt
air oouner, Dat clay delive!}', prepaid, in whfch casc asucb 1IOtico shaU be rJUDJed to have been n:ceivcd
ana (I) b1llineu day folklwing delivery \0 auch JlationaJly ncap~d ovemiBht air courier. All Notiecs
IbaJl be eddRssed to Marfppe md Martpgor at their hlSpective add.... aivan on the fnt Pl&~
hrRof. A!Iy puIy may dclipatt . chanp of.mm:u by written nctic:e to the oIhar puty,. nceiMd by
I1lch otber party at Jeast ten (10) days bc:fiD such chanse Dfadchss is 10 become aiectiYe.
If Monp&'Clr shill rail to duly pay or perform MY of tbe Loan ObUtpltioos or uy of tile
cow:nants, conditions. agrcemenu. or stipulations reql1ired by this Mortpge,.then at RDf time 1harcllftcr.
afler t116 ClCpInstion of any applicable grKe pcrkld cxprc:lIly let :fbrth fa Ibis Monaap, wilkoot notice tD
or dClnllnd DpCll Mottpgar IUld without waMna ar n:leasiag any PPt. l1lIDed;y.,or power of.ModIJPC
IIDd withDUt rcleuiq lII1)' of the Loa 0bI1ptf0lll or my of noh eovOlu.... condbiant. qreemems, or
slfpalations or any Bveat of Default" Mortplecl may pay or perfozm aay sucII Laan Ob1ilations.
covenants, COhItitiollS, asn:cml:DtS or stipulations far1ho account af ad at tbo GpeDIC of NQItp&or and
sbIlI have the riaht to enter and 10 llUthoriD olbers to enter upon the Mortppd PrIlJlClti fer mch pwpose
_ 10 tUe alllucb actiOll the~n and with I'IIlIplCt to the MCIl'tI,Ipd Prop&rty IS mq be: aeccaalll'J Dr
apprtlpI'iatI: far such pmposa. All payacnts DIede and all cast! ad expeIIRS [lIICludfn& witboul
limibtloo. reasonable attorneys' feea and expertSllS) inI::uncd by Mortpp, Ioptbsr wirlt interest thereon
'et)he ~... rate. perm1tted by appliClbJe Jaw In effect IiDDl time to time ftom the date iaGurrcd by
Min1gaaee' _.11 be secured by this Mortpge and man be doe 8IUf JllIYII:lle by Moitjaaor immediately,
whetl1er or not lhere be notice. demand. In attempt to conact _e or 10ft pendtllg.
All of th~ lcnns Df thil MorIBa..baII apply to and b. biDding upon. ... I111IR to Ihc benefit of,
ttu: hcin. dllYiIees. pW1QJJl1 represenlative.. IUCCtlSIOII and wilDS of MortPlOf and MartI.-.
respectively, and all pCI5OI1S clabnlal under or throusb them,
If 111}' IllIG Dr more of1:l1e prcl't'isioas Contailled in this Mortpp ill dcclEnd urfiJulJd by I court or
COlnpelaDt jurisdiction to be invalid, lllepl, ur uenfon:aeble, such pmvisoo or portion thercaf shall be
deemed ICrickea an IS .eylJ'ed and Ole nunainb1& pl'D\'islOlll hereof .ull CCInIiaue in lUll fon:c IDl! etrect.
lhny onc Dr IIIOR of the .l..Qan Oblfaldlou is clcdared or tbund by a court ofCCllllpelcDtjurilldictian to be
innr1d. illegal, or unenfon:eabJe, the validity. legality and eofa,lCClIlbility DC the ra:aaininS Loan
ObliptiOOllhaU coatfnull ill mil force In eft'ect.
No qncmcnt una in wriliug md signed by aD llUlboriad o:mccr af'Mort,pp ~ no course
of duIing betweIn th, partlCll hereto abaD be lffectM: to chup. waive, term....11IOdity. diIcIaarg~ or
rdc8fe in nle or in plitt any provision of this Mort..Il:.. No wahtar or any riph m powers of
No... DT coDlent by it shall be valid UIiles. in wrltinSliped by an .uthari2ed ot!icer ar Martpgee
and thallllch waiver or COUCIlt ,ball be: effadivc only in the IpeCific mtlJlce md 1br specific ]IttrplJ&e
for wblc:h &iven.
Thia Mortpp coonitvtcs . "Sc:curi1y Aatnmant" within the mcl1lin& of ad an create a
IeCBrity iDla'ut uDder the Uaifcrm COIlIIIIerd.1 Code II adapted by tbe Stile of Florida (the .UCC").
willa resprd to I1J MortpaEd Propc:J1;Y which is ccvered by the Uniform Commercil1 Code. A carbcln,
photopphic or other reproduction af this Mortpge or of any finaJlcfa& sta_ent .ltalI be Ivfflaienl as .
/-~
Feb 18 2009 3:10PM
NASON YEAGER GERSON WHITE 5614710894
p.48
EXHIBIT-C -.....
fioancinJ IIbltament. rais Mortgap ia alao belna recorded AI . "fild1Ull filio.g" II dafined under tba lJCC,
inch:utins.1l'ithout fLmitaUDn., Sections 619.l02I{1Xnn), aDd &'79.502] of the UCC ODd &Iso coven gooc::m
th&t ue or are to become fixtDres.
Thl, Mort.. Dall be canstrucd. intcrpnlad. enforced ad aovemed by and in AccordlnC8 with
the JIWS of the S1ate ofFJarida.
It illpecifically aaroad that time ia ofthc a1SCIlCC .. to IU matters p~ided for in Ihi. Martcaae.
aDd tbIl no wDIur of any Loan Obligalion or pnwisiOll CCII1t11tned in thts Martpge ..n at lilY time
thlln:atblr be bekl to be a waiver of sacb Lam Obllptian Dr" prevision.
If mare dum 011<<1 pnoD ClXCIlUtI:I thJ. Mcrtpp. eacb is and IbaU be jointly and savenally liable
~ and IfMort&aaor is . pnraI pI11nar1hJp. "Ill all paten in Mmtpp (and IfMortlqar is a
limited partnership tbeu. aU aeoeraJ partmn in Mortp&Or) shall be jalJrtGt .nd JCVcmJly nable bcrcUDder.
notWltbstD.dfJ\g ~ eootraty povision i:D thl plrtnersblp laws afthe State ofPlcrida.
MORTGAGEE AND MORTGAGOR HEREBY 1<NOWINOL Y. IRREVOCABLY.
. VOLUNTAllB.Y .AND lNTENTlONALL Y WAIVE ANY RlOHT EITHER MAY HA VB TO A TRIAL
BY JUR.YIN RBSPECT OP ANY ACTION, PllOCBHDJNG OR COlJNTERCLAIMBASED ON THlS
MORTGAGE. Oil AIUSJNG our OPt UNDBll OR IN CONNECTlOK WlTH THIS MORTGAGB.
THE I<<>TB OR ANY OTHBR DOCUMBNT BXBCUTBD IN COln'mCTlON HERBWlTH OR
'I'BEREWlTH. OR ANY COURSE OF CONDUCT. COURSE OF DEALING. STA'l'BMENTS
(WBB'l'HBR VERBAL Oll Wlt.ITTBN) OR AC110NS OF ANY PARTY HBRJm) OR. TO ANY
OTHBR. Doc::uMmn' EXBCUTED IN CONNEC11ON tmREWlTH. nns PROVISION IS A
MATER.W. JNDUCEMRNT FOR MORTGAGBB AND MOllTCiAGOR ENTBRJNG INTO THE
SUBJECT TRANSACTION.
IN wrINESS WHEREOF, ManJO&Or hIS exacutcd this instrwneot lIS of the clAy and year first
above writbID. .
Siped, _led lAd delivered
in fha pucncD of:
Print:
NSG Propertic., Inc.,
11 Florida corporation
By.
Narman S. Goddud" President
Prim:
(COJlPORA TE SEAL)
--:",
ACXNOWl.lmaMDrI'
)
)
STATE OF
COUNTY OF
#
4P
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Feb 18 2009 3:10PM
NASON YEAGER GERSON WHITE 5614710894
..._.~. ...- ..-'. .-.. ...
EXHI'BIT 'C
The foreaofn& instrument was 5WOm to. subteribcd, and lICknowledpd bero.. mD this _ day of
. 200~. by NCJnDID s, Ooddard.. P....JchntofNSG PropCl'ties. mc:.. aPlorida eorpontiDD,
on behalf aftIJo ~cn. He is J*lGnalIy known to me orprmicntcd a driver's ]icCllllC as
idendficatiCll1 Pel did not 1IJcc an oath..
Nolai}' StamplSeaJ:
NabIry Signature:
NDhuy PriDt L
Notary Public:. Beata or
CommIssioD No,:
My Comndssion Expirc&:
..-:-.
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p.49
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Feb 18 2009 3:10PM
NASON YEAGER GERSON WHITE 5614710894
p.50
EXBlBlT KAt!
EXHIBIT C
I ~ 1 Dlt.ICI'ift&n afthp Land
. . -. .
.. . . :' .-
..
-- '......
I .'~ -: _10
.J
~.
"
....
...-
. .- .-
. ....
'0 .....
- .. .- '-
){-~
Feb 18 2009 3:10PM
NASON YEAGER GERSON WHITE 5614710894
EXBJBIT 1a]J"
EXHIBIT C
1.)
2.).
3.)
4.)
PermiUlld TItle Bxceatians
All real estate Ww not yet duo and pa)lI.blOi
E8semea.1s reseryed in W8tI'IIDl;yDecd recorded Mm:b 23, 19'11 in Ofticial Reccrds Book 1883,
Pqe 125.5, of the Public :Recards of Palm Beach CcuaV. FJaricIa;
~lDt In f'lYor ofPJorida Public UtlUtilll COllIpall)' RCOnhd October 2.1. 1976 in Official
R.IlacadIBoak2S96, Pap 1115. of the Public !8corcfaofPalmBellch CoImV,P'1crida; and
Rigbkf-Way cfG1JIfaItmam BoulcYard IIl1dU.8. HIpwayNo. 1 U IIOW laid out md in use.
1:\"~IMIIflPlle_It_s-tlJ_._I_R"_".
r
-:",
p
p.51
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Feb 18 2009 3:10PM
NASON YEAGER GERSON WHITE 5614710894
p.52
EXHIBIT D
LIMITED GUARANTY
This UMrIm GUARANI'Y (the "GbUBtW') Is c:IIlCDled 10 bt effcclin u of
"OlI8tInlllr"). for ilia bllDllfit afpNSKRTl. I Florida (IHSBRT) M..IYJ.is[").
XlIHBlliIB.:
.21109, by Norman S. Goddard (the
WHEREAS. ~t to that IlOdIIfn PramSuory Note, dated of C'ldD elite '-cwitll. txCCll1cd by "'SO Ptopcrtiea, Tnc.. a
Floridl carplll'llfOD ("8mnnhr'"). and plIYIhIe to the on:Ier D1'1..cDder In the art....1 principal ......Ill ofElJbt Hl11ldrtd Thaoaud II1d
oonoo U.S. DollIn (IIOO,DOO..OO) (1o_".nth l1li r.ewa~ madlf1catlo-. iDcreaes and exrensIaas thIlnof. the ~ Borrower
has hmme ~, .... may hID time to time K fbnJam fndBb1ed. to Leuder with nspec:t to . loID f"Lae'") wllich LDIlD is___
by Ibe lhm md ncwity intend oftllat c:crtaIa Marta-Jlw Security ApemllDt dewn date hetcwIk axeeutlld by BCJmI'oWr ID favor
of LeH!Ir (Ib "Martan"),. UJd fllrtl..:r aWI.RIled, .acarcd Dr pvDcd by ather iaslnllacnlla1lll dacwnats IXtlClIIaI in G1~
with Ihe LoII1 (..... 'WIth the Nata aud McmpJe, the ''Lam D~rd); (ad IIIIJ' tenIIl ualla .... 0uItIaty wiIlllallfal EIpItIIIar:d
Ic&tas IIId IlDlIpCdllcally"cd 111 this D1IV11111Y haw the IIIC8Ilblp Pn 10 lIat III the MIqIp); IIDd
WHEREAS, Lender is not wUIias to mate die LoIn, or DIhenrise extend crecIiI, 10 B<<rower lII1less 01ac1mkJr
~y 8PaJ'IIII....1he paymcot IUd p:rfbmulDC1I to Leader of DIlly the "'G1R:lWItacd ObIil!lldans"' (BS herein defined); and
WHEREAS. GIlUMtar is the 0WII1lf' of I direct or IncrlRCt intaest in the Borrower ad QuaratDr will direcdy beDefit from
the Uader'. JJIl!kIIw the 10m la BDD'D\W:r.
NOW,1'I:IERBFORS. u a inducllll1eat to LeDCW to I1lUIIl the LoIn 10 Barower, W1d to c:xtmd such eddilionBl credit II
Laader ray Itom tll.. tit tima ... to exre1ICI under the La.. DDCIUJMlI1ts, IDd bat_load 8IId vaJub1c: CDDsidedtiOll, the receipt,
adequacy I11III top! sat&1Gncy of which are hmlby DClcnowled&cd,lbo pardu do herdy IWtI'= u rolbu:
ARTICLE I
NA'l1JRX AND scon or GUARANTY
J.( GaanlltY lit Guannlteed OllllDtiORL GuamIIor hereby URwclbly IDd UIlIlaixthIonaJly JI1IIIII*eI10 lAnder
lOG its I1ICClADl'lad _PlI tIae pBYDIllDt ud ~ of on.l11he OuInnteed ObHp1&m (u bC1Cbfdefhald)" .1IlCI wilen Ihc
nme IhaH be dDIllUlll pa.ylble. whcIher by JIpII!I ortlme.1Iy IIl:CI'lw.tion 0( mlltllrlty or olllciwia 0u.I0t0r benby ImvoaIbly and
UlICOncI"ltionaUy CXMIIIB1tI and apes that 0uannIar illiable amIy for 111 of tile Ch.tanmrIed Obl..- IS. pri1QIJ)' Dbligor.
L1 DelWtlaIl D' GIIIIn.I'*' Oblr..tiGDL .... uJI!Id hercl:n. the tem ..n.....-...t Obllpllnn." means oaJy II1e
o\lipIiDnI Dr hbiJftIeI of JkllTrnlNr or GIWIntDr to Lader to die ext!:at but oaly the mat "uf ItA)' Iou. cr...... cost" expense,
llaltlHty. clUb or other ObliptioD Incumd by Lender (mc:Judfnl: rusoDllble lI!h:lmeya' fees U1c\ CDII.s rnIOD8bly IncurTed} IriIiD& out
of 1be rallowiaa:
(.) had, ma.ll:lial nsisrcprcsen1&tIaa. 1M&' nD&lIJencc or willful mlsccmduct by Bonuwer or IDJ of iIs
PlU1IIlIrI. ofti&:a13. piac;fpaJ1, members, cr aulnmlar or my DIhar pmon authorized to make Itat.IIeDtt or npresen1atfcms, or
ad, OIl behalf ofBClUOWer or Gl8amor in cotUIeCtloo with dll Loan;
(b) physIAl WUIe c:ammibd DO or 10 die Mortp.1d Property by Borrower; -lIIIle ID the MOI1ppd
Praperty U I ~n ofthelntemICIIIII misconduct Dr pass DePlIIICC .fBonower or.y of"iIs priucipall. ofJicerI. pnel'll
partDen or mambIn, or fillY qCJlt or employee or Bar1owcr, Dr die l'tlIIXMIl or Iny jlIII1fDa of the ldartppd Propaty In
Yiollldon oCd. __ of the Lam DDClJlllutl rollowfna 10 Event ofDct4.lt;
(e) SIlbject 10 any ript tD lXmlat IUc:h mlllllrl, L. provIded in the Matpp, Mute to pay any yalid taxes.
useamenu. ....ic'. Dans. mallrialmllrJ'. !Ha.. or adwJr lieDI DO In)' portioIl. af'tbc MorfpJed Pntpert)' which would ba
superior.. the lien or ncurlty tide of thI Mortpp Dr the. ether La8n DacumesU. 10 the fi1Il emm of the IIllOlJDt claimed by
any such lis cluinua;
$--,
Feb 18 2009 3:11PM
NASON YEAGER GERSON WHITE 5614710894
p.53
EXHIBIT D
Cd) .u Icpl cosli end npenIflS (Jncludml relllllllblD .ttaD8)'I" files) """'1)' inClirld by Lend. (i) lII'hln&
tom Dr ~ to the 81iD1 of (A) . volumary p.tltlon under !be U.s. Bakruplcy Code by Borrowa' or GunnlDf Dr (B) an
iIIVohlD!lJ! pclidan UDder the u.s. BimIlrPJdey Cc:1do Iplat' BDrI'OMlr or G.-.n&or Ind BlIIT1lWl:r Dr O\aramlr fllils to
cammaawildn iIlty five (4~)da.YI artbe lllD&of.nch ra~lunllrypllt1d1Jll1lld Ibc'Ild\w di,,-.-ryJill'OlCCulc Ipptopria1e
I. poc:eetIiIlp to tlQ'Idlnate or cf'lIIDlw such Inwokmlaly 1IIIaknpIcJ pooeedlnlllJld (II) In COnllllCtlon .Ida Ildaarion or
atber llaal proceediap bro1a&ht Dr inDLod by Bamlwet ItI Jll"CVC1lt or .I~ the caJlcdion or cnforcelllCDl Df the LOIn,
indudiq any lapI procecdinp to prevalt or &11, a Iim:cIaIIIn: oflba Ullll of the Mcntp&e;
eel !be bracb of Illy ,.-esentlllton, wmaDt)/. ~t or ludcmniflCllticl1 provision in that llCI1Iin
EIImamcnlellDclc:mnky AarllllDll8t of IlYlll date Ilrnwitb paa by BonoWIll' to IAJXIer Dr in Ib~ MortpF conecmlq
cnv\ranDcnllll Ja-. huardDU5 sabstanca or asbestar,
(f) Ihe milllpplialfaa or con\la1llon Ily Bonower or (A) IIl1f ilU1Rllcc proc:uds pilei by reuon Df -r.I loss.
dmqe Dr deI\nJdIaa to rhe Mortppd ~. (B) lilY ,wwds or alba' Iftl.OWItI nClC\Yed in ~ \9ith the
amdemnlllloa of all or a portion Dfdtll Nanppd Property, or (C) rII1 R.cntl willi. III Bwnt ofo.Aalt aim;
(J) IJ1)' BlId .U loss, cI1lmqe, cost. upena:. lWlillty. clIim or DCher obHption bu:urml or .mtrcred by Lender
by nIDSOII 01; IriIiD& DlJl 01' or nI*d to add, mDdcw, 6anps. IIJUIbrcom, spores or atNr microorpnIsm or ay type
(iDdudinSB'A'J I1IbIIInc:& the presence orwhtch pDJeI u IGtUIIJ or paW1fiII"'t to lwmau hIIlIlh) II'CtctIa& tbe Mortpaed
Prop~ tJad... after the aide hdofdR In Borrower', ~ to mainlUt orrepelr the ~ Pn:Ipert,y In ~
-..1* tlle trppllcab1e lenIIs ad prowfIiollS of Iha Loan DoeumentJ, lacludlnz, wItbout Hmitatian. . cost _ npcne of IllY
repair, repltlcllllClll, JlllIJlO".l, cJanup, .alllMnI. ditIpwaJ. re10azi0D or ather nmedW actioas ~ lit, on or 10 !he
MmtIPd Property Cor pwpOSe5 Dr IddrsiJlllIJI)' medic:al ar Iqlll ClIDCtlfU I'OIIItIlDa tlIIRft'am;
{h) 8D,)' accurity depalits Dr oUcr rcfi:mdaDIB d..... colledlld with l"IIIpCICllo lite MDrtppd Property which
un: DOt ddhcn:d to Lander apan I sale Clr forecJoac Dftht Mortppcl Property or athctlCtfDn III J1g d\l!l'cof, acept to Ihc
extat In)' IIUCb .-:mil.)' ckposils wen: IppUcd In aa:ardIDCC wftb the bums IDd CG8dflfalll of Ill)' Df!he 1A8scs prior to tbc
ocaIII'CIICC of'iIle Ewol DfDetlluJt that p\Ie dse 10 I1Ieh sale or lm:cJaIun or ather acdCIiD In &eu Oiereaf, ItId
(l) Borrower's flil1m 10 llllinlaia 1111)' Dflllo polic:ies of fnlW'llnce Rquind 1IIIdcr the lerms of the Mortgagt: or
lD pay or pravide !be mnouut of my ialuJancc cledldible 1'aUowing a I:uualty or os.e.: hand IVODt or claim.
~lni mythiDa to die canbWy fa tile Hole or IIJIY of tho LODD Dooaricnri, CAl Ll:nder .sbaII ~ be decmal ill haw
waived 18)' ~ wltlcb IADde:r may "W undIr SeedaD 506(a). J05(b). 1111{b) or urj ath.t piavlsla. Df IIlc U.s. 81111knptcy Cotk
to file a claIm forlhe tbIJ lIIlounl of1lle LolM OblipJlaas sacund by (lIId IS'ddfaed In) tile NDrtpp Dt La require Ihat all ~1'I1
shall COI111nue to IllQR all Dftbc LaB Obtiptlonl owiIJ IDLaIIcr iD IcconIancD wl1h tillS Loan DocIlDlC1lIl.1Dd (8) Guanntor Jball
blllilbl. filrth.lb1I IIDlIIUItoflhe LoaD ObBpliotw lUlCIall obliptloDrotBclrrDwerklLIDchnndertha IAIII DocIuJIenII in tbII event
that: (I) b Martppl Prapany II(" .., part dIIlrco! bec:omllllD .. In . YOluDIary ~ Dr blloIvnc:y pmc:ecdIn& DDCIor lh
us. BaDkn1JtcY CodI. or it aD involuallll')' blnbuptcy or Insolwacy proocedlq broupr by 0uuIu1ar Dr m am.. ofBanowor or
GUlI'IDfOr, IIr in IU ilYlllwlllr)' banlcruptcy or _lVIPC)' praceedina in Vothfch Bol'l1mlr. GUUIDlDr .. l1li al!il1IIII of BGml\Nr or
OlllllUllDr bas coP"'" or llGDIpircd with the penoD briD&fallOGb IctIoII; (II) BIlmlWIr 11'1110 mamtJia IwatBtus IS. slqlc purpose
entiliY; (II) Bonower CGUIIIIs to any vohmtlry IIDb aaa.mbcdn& the Martpp:l Prop~ or lInY OWlerahlp n..as In Borrovu;
r..) Barrower cansezU to any wluntU)' aaipment. Inmsfitr. III' coowyance of tha Motlp&ad Prq.ty OT my ia.. therein or of
cay ~ fntr:rutlm Borrower; (v) 1111)' r.p"enllliOll Dr WIlT'My mlllIc by BDfTOweJ' In tha Mortp. was knowInlb' fidse or
Incouut when made; or (.0 BCJITt)wer files, ..oll1JllCnces, seeks or prOI8CUles lIII actloll tor pII1itlDII Dr med ... orall or.., portioa
of& LaDd andIar h1aprovemen1l. .
1.3 N.... 01 CaranlY. ThIs QIIIllInly Is an mvocabl.. aolulc, llGIldmdoC JIIIIIIIlly of pI)'IIIlII)l ancl pcrfarmance
of the Ga'aDtlled ObUpliaas aud not........ty of c:aBlaion. l1ds GUIL1'IDty IIUI)' DOt be...wlced by 01IUIIIIDr IIId aIuIIl continue to
be etfilcliYe \Vitia rapid to an)' GDBnlllteed OblipliOllS arlI1n& or creltcd Iller my atlBlDpM1IMICltllII by GIII1'II1IOr IIId Ifter sucb
OanntDr'1 death (In wMda lvent tIdI o,.aory Iha1I be, blndl.. 8pCID ChIIranlur'a CItIIIS IIDCl au......' Iqal n:preIIDIIliva aad
~. ~""1. I%IY time OJ' fiom time to timll1b. G....... ObH..tioDi 1IIa)' b, Imnuad or raducld IhlllllDt nlelse or
dbcIlarae die abliptiDn 0( GumIltor lD lAnder with rupact m II1e GUll'altted ObJiptlOlll. nil Guaraat)' 118)' be enfiIrad IIy
lmder ad Ill)' IUbscqacm holder oflbe Neae and sh.n net be clilcharpd by tht ISIlpmllllt or _pldon oran or pan of the Nate.
#-- ?'
Feb 18 2009 3:11PM
NASON YEAGER GERSON WHITE 5614710894
p.54
EXHIBIT D
1.4 Cd...._ OWiDtiDlu Not Reduced Iw wr.t. TIll Ouaranteed ObUptioDl ad Ihl: H.bIIldea IIld DbHpliCllllli
or 0anIltGr 10 Lender fbr lite O....leed Obliptiona. sIIaJI !lOt be. Nduc:ccf. dIscIIIrpd Dr relnled becauae or by nlIIIOIl of MY
e:x:U6ac or llcma ol!liet" i:IaJm. or defense: of .B~. Dr q Cllher- party, epIast Lmdar or ... pll]llDCllt Df tile GlIllI'UIteed
Oblipi.... "llIther such atlor,. cllim cr doraD. nca ill clllalClioa wlh tbc au..ntMd Obllptlons (or tho InDlllllcdcas CI1lIIliPg
tile 0UUImed Ob__aas) or otherwise IQd [JunntDr J.eby walVIIIDd relfDqulsba. ID Ibe Mlesr IXIC:IIt pcmdtted by Ipplbbla
law, all ripls IIId ~ to Ill)' dafcnsc, ri.... of ofliet III' oIher d.fm whlcll G1wna1ar may baWl apbut I.l:ndl:r; Jlnwbled 1hat die
\IIIIhw by Gll.E8ll&crofal rl&I* ad....r1lS to my dafiaue, ript of offut or olber c1lb MIcb GUII"IDtllI- may haw. 'Pi" Lender
(IS appa..s 10 ~r'n..nerofllDy saduiak orRDledy lhll BCIl1tIVdlrmayhlw apiIIst1.a\ckl) Is lIollD_ded 10 be,lUId shall
not ~ c:oIIIIrUId to ... III lIIIfI*I'IIJIl by GarantDr' to WIIM Dr crthlnrise JeSllIlfl Leodra 1.1 burden af proof in IfI1lUit or
prtlC-iJIc ID IIIfDrca this GlIIfIIlty.
1.5 Pa'=, GaI'llll!!J'. If.o or any pat or1he o.uleed ObliptlDullball nDI be punCbllly pJd when -.
whetI. at demmd, . aca1ualim or ath8tWiIe, GlaraDlor IIWl, launed"I81eJy upon dam.lId by L_er, .... wfthoa(
praen1lDlll1. pnast.lIOdcc orpvhlSt, node:. MbDn-,.ymant, JICItIcc ofintllltiaD to Ic:a:luato lIIe mlbUlty, 110b 13hr:celcmtan of
the lIIIIUriIy. Ill" any crhlt' 110_ wbIItaoaver. p..y ba IawftJllllonay of the UnJIed Slatel or A.1ericI, the Imaant due IJJI tlIc O~
Obllptf..1D Lader at LendBrs .dcIruI U act forth benin. IIlldI demD8d(J) DIllY b8 made It Ill)' time cofncldlm with or after the
tlmcfor p.ymanfofall orJIIIII DflhcChlarullled ObUptions.1II1d 1118)' be IUd. hJn time to time with n:spr:ct to the... or difrereat
ilellll of O-.nf&d Oblfpti-. Sd clemaud sban be ckemed made, pin _ rccelved ill acc:ordIJ1cc with the natiee provi.siClllS
henlDf.
J.6 No DIllY Te l"1Irne Odlers. It sbaD D< be JlICIlIIIIy far Leader (.d 13l1l1rWDlor hereby waJ'I'eI "1 riPis wbfcl1
GDIlIIIt.r IMY haWllD nquinl LllbdBr), kI order to enflll'Ql the DhllplfonJ of Guarua: h~. tlrat to (1) iIIst1Dde sait or exhIIust
Its nmadicaaplnst JIarrawIIr. fn') eati:In:c Leuder'. ri&bIs..mat IIAY collateral whlulhall ever II."" 1Ieen liven ta .... the ~
(iii) jam BOIrawer in ~ ICtkm see1dn& to llIIfarce ..is Ouanat.Y, (iv) uhlUlt ay rtllllHiCl avallabJl to l...cIIdCr Ipimt uq c;DIJat~
which IW eYllr bllft barI1 &Mm to I&lQ/I'C thE LDIIlo or (Y) feIOtt 10 my ochar 1II8IIIS of D~ pq'IIMlnt or Ihe av...teed
0bI1ptluna. LcacIcr IbaJI not _ required to nrltl._ damaJCI ClT IIkr: l1li)' Dtber netion to roducc. coDcct-ar enlbn:e the Guarantelcl
ObliptJOIII. . . .
1.7 .!YJI!m. Olnrutor ,pees to the provisions of the Loan Dacumcnll, tmd hcnby walVCli notice of (I) bY IOIIDI or
adYIIDCU made by Lender to Bonuwer. (B) aa:epIIm:e Dr this Ouaranty, (ii) any lllleudmlnt or llX~n of the Notll, tbc Mort..
or or any olhar Lila DocameIlCs, (iv) Ihs llDlCIIliau aad dc:Uwry by Borrower ad Lender or my other 101111 or cndIt qrc:ement or of
BomnnIr'l aecutiaa and dcIiY4Ir:Y of any pramialG!1 natcI or DIhar dDCllltlallb ll'iling WIder dle Loan IlocutnIau or rn connection
wllb the NCIItppd 'PrqIm1:y. (v) the DCClII'n:DCB of my bnac:h by BUllDWer or In BYOlIl of nalauJt, (vi) LcIIcJer'1 1rmIIlr II"
dispalJdOll of IlII O_""t.d Oblipllam, or Ill)' ... tbcl'CDf; (vii) aaJa Or foreeloalft (or pal1in& or adwftialDa 1ir .111 Dr
fol"lllloue) or IIIIY coIIwnllbr lhe G~ ObJiptiaBs. (vtll) prates!, prooC of 1IIln-plJ'lllCDt or defiwl1 by BOJ'JD1'IIr, cr (be) allY
aUar doa .. IIIIY tiDe 1Ikm or omitted by LelJder, and, pnllfally, aD lkmlllldl .nd aorica of way kind In COIIIloction with this
Guamu)I. lite Lam D--\t....~ anydCICIIIIIllnll m .pe1'HIlts e~ aecarlna .. ralldq to auy of the 01lll'8l1tead Oblip1loP
and tba obJiptiona: harel7,( pnatccd. .
1.1 P1mMDt a[ 1mI1UR1. In Ih~ IMIIl !bit Guarlnlor IlaJd br-=h Dr r.u 10 timely perform MY pn:Ivlslans of this
Gutranty. GuI1anrar Ibllll. lmnIc.cIiIUly upon demand by LcDder, pay Lender- all costs lIlld ~ (lDr:1ud1aJ court COItI lIIl4
rIIII_b1e IUDl'Jltl)'I' IIIu) IDt:\II1'IIII by Lender .. the enfOrcaJl.t ....ot or 1IID paserwtiGa etf Lendcr"s riahtl hen:micr. ThIS
cCMDIlDt ca1aiaed in thfl Sectlou IIIaJI sumve the: payour IDd podbImance or the OuarDleed Obliptions only Until the lame l&
plld In fall whareupan IUCb CO't'eIIIIZl1 dllJllillnDlnate and be oho further ftJroe onff'ct.
13 Mid IIfJlnbmltICV. In 1he event Ihat, pmuant to laY 1nIo1\'eK)'. bedauplcy, rearpnizaduD. RClliYerlhfp or
other dehtGr reJtef law, Dr 8111 jodpIcnt, order or Ikdsicm thBmuJder, or all)' apcanr. stfpui8tlcm Dr MtdalHDl, 1.aIdcr must
l'1lIcild ar reata~ .., ~ or my put thereof, RCeived by La... In atIIt'actlOn of 11m 01II.IIIItIlcd Oblfptions, .. set fortII
bCl'dn, .10' prior~.. or dilCharp 80m a. tmIIs at tbII G1IIr1n1iY Ii... ID Gu.nntor lIy LallIer shall be widtout d!ic:t, aad this
Olllnlllly "I rem_ill fbll tbrce IIDd diet. rt II die intenliao orBon'O'il'wt _ QWlJ2lar tIE o....DkIr'1 oItIptfols bllrcundllr
_II not be diBdarpd em:pt by a...tar>s performaawcz of IUCh ab!fpdollJ ad tkcm aaly 10 !be allat of IlICb pel'lbnrlmta.
'NotwJlllllucla& tile f'an&oin& pmYilklllI Df tbia SectIoD, G.1II'IIIhlr roan "w dta rI_ tam t:Ime to lime to ISself, prior kJ lha
indelluible plym_- dls!:.... fa.lI ofdle Loan 0b!fptJaa1, auy chllll ofr ricbllD'" contributfon. iadlmnlrallon or any
otIter fonD of rel1nbumlnClllt hm ..y member of Banowcr ad (ft) on or ...., bUl .t no tim, prior 10, 1he dara (thI .,hhrnllariftn
QJIt'') !hat is ninety-OllC (91) -ys des- tha iDdcfcasiblc paymClllt IIXI dilcUrp In IbD of die Loaa ObHprIana and Ir. ad only if, lIIe
cdslltlce Of exen:fse at lUO' oftlla rfthts .....ted to OUlll"lllltM in dd. ..anee does not and wuuld not CS1ISe Ouarantar 10 be or RlIlllt
..-
"
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EXHIBIT D
ill 0..- beine .-arcctitar"(as neh term is Ifcfilllld in lbc BulcnptqlRet'ara Act Df 1171. II all\cDClcd, 11 U.s.C. S=~n 101 ct
seq.1Jld die re.....lans prarnulpled thcnuader) ofBomnrer i1I ., auDI_II:Y, 1l1rlkruptcy, nlOfJIJ'latim Gr similar proceeding
GCIIIIIIrIIIlI: lilt or Jlriar 10 the Subroptfcm Dale, IHn . SIIeb WflIl~ IIId oDI1 iD .. CWQ1, GaIlaDlGr IhaU hM: and b& entitled to III
rigbts of IUraptlm otherwise: provided by 1Ipp6r:able law Dr .., ~ In I1llIpllCl or MY paymeat GuanMclr may maJce or he
obli&U:d to make under this OUlnll'lI1, IDd to BSStIt and eafmec die iIJDe.
UD W.kter Dr Sabl'Ol!atr,.. lleim1tU~lIIt &ad Catn"budoa. N~ 1IlI)I1b1ll11o die camrll')' contalned
ill lids GaIrIDty, OunnIIlI' hereby acandiIfonaUy mid fmYOCdliy ...... nIeua and ahruptu B)lud 1111 rilhts Oulnntar fillY
now or Ureder haw D.1lder In)' 1IlRemeat. at law Dr 10 equity cmdadJn& wIIhoaIllmbtIoa. any law lubrapdaC GulUWlllGr to tho
...... ofLlUUfer). to.... priar to the lbc!di=uIbk paynumt ad diac:lnrplD fall .fthe LoIn Oblipbons. all)' ctaim aplna or leek
COClIriIlDIiaa, iDdmIaificatioo Dr IIny oCher fOrm oC rainbul_ncnt:lhJm Borrower for lilY pa~ent made by ClInnntor \Iader or In
c:omedion with thll Guaran1y ar otherwile.
1.11 Borrower. Tbc tam ~ IIIISIlIl heroin JbBlI aIIo hlcIude III)' new Dr S1ICcenartxlrpontiaa, ISIOClaUon,
partIIersWp (pncra1 ar 1mJtcd), job YfIUt11re, tnut III' other IDdlYldual or orpnlr.al.foa fanned IS I resuIl of lIIIY merJu.
reorpaizllllcm. -Ie. trans FIr, lime, Bifl. Clf' beqoe&l ~or Illy IIIIIIwst In Bomww.
ARna.En
EVENTS AND aRCUMSFANcaNOTUDUCING
OR DISCHARGING GI'AII.lN'I'nR"S OBLIGA110NS
. .',
. .... . '
. ...... .
GalJllllor bereby c:aanats and 1IIfOCI1D eadl oldie IIDDWinIo and aanes that ~I bbHptiolls under dW OuaraDl}'
shan not be nlused. dlminlMld, iDlpRed, Rdoccd ur -mnaly dftlcted by I1IY Dr.. fbJlowin.. Dc! wal'M my coaunOl1law,
eqllita1tIt, libIUOIY ar odw ri&IG (1Dc:1udl1lg wIbout llmibIlou ri&1Jts to 1I01b) wldch G1I..tar mlJht od&uwt.1Iavc as a realt of
or ill couection with any of the fo1lowJna:
1.1 MadmcstiaIIJ. Aay ren.... GteDIIou, iacrc:ue.l8GdiftcatiOll, IIImIicm or rClllJJlllsemcnt of an or Iny pm of die
LeaD ObliJlitbs. the Noai,.the Mortpae. 1I1e OIlIer Loan Doc:umcID, or any allier daoument. '-taumen~ CCI/'IIr.Id or u'*nIandillS
bctMlIIn Bcncwcr- mI LeDder, plII1I.iBlna to the Gumntl:ed ObllptioDs or n)' fbUure of Lender- to notifY o-anlOr at any such
action.
. . ~.. ~ .
U
Borrower.
AdtuIt.umt. Any adjustment, iululJeDCZ. fbJbaillltlCO or ccsmpromlsc 1hat Illlaht be putc:d or liven by lender 10
2.3 CoIldItio. J1 BalTfJWV. 11Ie Insolwncy, ~. atIIIpIIIlJIl, 1IdjuIbnnt. eGIIIJXIdillllo IJquldadon" disability,
dlssoJWion or'" arJlC"M'l' ofBOI"I'll'fNr; or 1a,aJc.1c:sa orlrlndlr 01-, or.u oftbo lIIets ofBDmlMr. IIf my ellanps In the
Ilu..baldelll, JlII1ILascr members orBcmowlr. or BIlY reorpIIiDIion ar8cmJwer.
2." lanD.l'" cl GUllrutnd oJt---. The Invalid~, l1JepIiw or lINIIItlrn:abiqt.y of III or any pan af Ole
Guant. Obtip..... or any document Dr apcout ~ in c:aIIIIediao with the 01Jlll'lJl18od Oblipt-. for lI'Iy reason
wblllClewr. iDcllldtl& without limItad101l tbe fAct dIIt (i) Ihe OatnDteld OblpdOllS, oi my'pari 'tbtIeof, IXCIlldl 11&1 amount
pennilled by ft, (I) tbe act of -tIn& the GU8lIIIIJ:ed 0bIiptIa. or Ill)' JEt. th~ROf .. ... -. 01) the of'fk:crs or
n:pIUIlIdI1IYes of BclI1'DWllI' tlllCICUtIIIJ U. )l1l1l; lie Martpp Ill" ... llIIIpr LaIn DocumeJil ai' otherwirc crntht& the Guaranteed
ObllplloDs IICb:d in IXClISI of tbcfr authority. (fY) lie OlllllJltdd ObUptiaDs Ylo1ale lIJIPIic:ebIe usmy lI.a (v}th Borrower hu
valid ...... clainw ... ofIaets C"""'" at law, in tquf\y or "" .........0 "ft'brdl reiid'Cf.1hc OuaraatJ:ed ObllptiDllI wholly or
panillly um:oIb:tibJe tom Borrower, (vi) the cradoa, pcrfllllD8ll~e or rqNIJDIeIlI or tal OuuuIt.ed 0bH..... (or the IXlIClJIioll.
deDvlry Ind plrftN.uau..c of My document gr iDIIrumml ~...",ltitl_ of !hi OUlRlltalld ObIfptlona or IDlII!CIded III CIIII!Itlction
wDh the Gaannteed ObIiptIoos, or &Ivan to StC1n 1JIe ~)'IDIIlt of ta G....tnd Ob1laltiaru) is illlpl, 1Il1CD11cdib1c: or
lIDeafiln:c:lble, or (vii) lIIe NDIe, the Mortpae or any of the otk Lem Doc:uoumu aft been Corpd or otblrwlH IRl frre&Wu or not
pmdne or nthondc, IE bciD& apeed that GoaIatllr' shaD remain Mia Mreon nprdlea Df whdher BCIIT'OWCr be t'llUIICI nolllable on
the o.annta:d ObJiptiam or any pm tberear _ my n:8IOft.
1.5 RIIaft af ~I.on. Aliy lilt or pIItiIl nJeasc aflbe labilil:y ofBatOWllr CD tlIt ()....leed ObIiptionJ, or UlY
partlhtreof, Jt beina ICCOIJItzed, acknow!edpd IIId Isre<<I by G1IaranIar tlIat GlIUIUltar _y be required tD pay the OnnIIIlced
ff-
9"
.,' :-'" ....
Feb 18 2009 3:12PM
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p.56
EXHIBIT D
Oblipdans III ftlJl wlhom _lIlDDce or IUppOrt or any other parIy,lIDd Gaarantor has not lIeelllnduaed to 111_.0 this Guaranty aa
the 1:ads oh cOlllealplariaa, beliet lIaderslandina or apnmcat am. aIbcr pIIties win be liible to JIIIY ar pcrfiIrm tItc Guaranteed
ObJip.lkml. 01" tbII LeadIIrwillloot to aliter parties tD pi)' or perhm the auu.nteed Ob'Iipliolll.
2.6 OlMs- c.llIItInI. ne talciaa or ICceptiua of a11l oilier IeOUrlty. calla1l=nl or JUInUIt)'. or other IISlIranee Df
JII)IDIent,. far 111 DUllY pall of tb GplU'U.1eed Obliplioas.
2.7 ReIuM Df CDllatenJ. Any reIuIc, 1IIIRDd1lf, ..-..... llIbordialltioD, dIa_ClI1Iticm, ...... Iou or ImpalrlMlll
~I widlCI1IlIiDdIatfaa -....... willJUl. 1IIhlIlRIIlIb1c or ~ 1IIlpeIrmcnt) of aJY coIlaIml, p:oplrty Dr IICCUrity at any
tbneaxll_ln CUIIIIOCIiOll wro.. or auurJng or IIlCUrio& payment af; all or ID)' part af"the ~t_ ObUaltXms.
2.1 CaN ud DlJJaace. lbe 1iI1hn of Leader or GY odulr party to axcrcflc dlli,&an<;e or rasOllllble CIre 1rI the
JlI1lII!"Iliml. p-oIIdIou. coJbraaDInt. Ide or aOIr:r handlllla cr CI'IlIlu:nl of all or uy pm or such collatmJ. )l'llpll1J or newity,
in;..... 'b1lt not Umitec'llo IlDY 1HI&Jaet. ckl~. mniIIian. fai..... or hIfial of Lender (I) to take ar prclIllC\Ite lIDy IClIIll for the
callectlDII or.y of the GlIIrantccd OhUptians ar (ii) to fonca.. orlnftill& any Ictlan to forecloa. or, 0ftClI eallUllCDC:ed, pl'OSCC1\tc
to CIlIfD]IledoD lIlY acdan to f<<ne:ba up aD)' securky lheref'or. or (IU} to tale or prolecute aay acb III CCIDIICCticm with any
ius1r1llllent or aaramat evk1actDa or IllcurlnJ; aD orlllY plId of1he o.rateed ObUptllms.
1.9 UUllftwto..hUI~. The r.lOt that l1li.)' IOUDIlcral" acc;uritJ. security k1t~ or Ii~ \:onlanplatcd or intllldcd to be
Kivu. cnaled or pIIIled .. .;llrity far the ~ of the 0uImnleed O~Iptl~ or, ~ JI8rt Ill_at 1lIaJ! not btI properly
plrftclal or mDCIld. or shaJI pro1/C to b1t lIDfInfCll'Cll@lc or IIIbordinIde to lIlY' aher RC.ni)i .IiiiIDat or Iiell, it bIinl l'flCDIIlJzed and
IIRfId by 0lW'IJItDr that Gu..1I1iOr Is not ~ ido ... a...ty in ralIInce ol1, Dr in CDltalDpladan of Ihe ban:fit5 of, the
v.l~. c:oCarceability, callectibility Clr valueof8DY Dftlae cDlla1erd forth. GuaraIced Oblfpdons.
JJiI .QlIH. n. Note. tK. ~ ObUptlClftS lIIId lhc JilIbDillos ... ob1iaatllX1S of Qu~tw to Lc-adcr beRLIIIdcr
ltaIllIOt be reduced, dilchupcl or :reIcucd beaase of or by nual of Illy afltinl or future ria'd of oll'ser" claim or __e of
BomIWIlr "'I..oder, Clr a,pIDIt payment artbe OuuunMd OblW<<iDlll. whedler ncIJ rfabt of ofIHt. dlim or derer. arlsel in
CODllllttfon wl1h the a-rmneed ObUptions (Ot'the tnasac:tioIls CIMIdn& the 0DInnI8ed ObIlpdon.) Ill' olherNillJ.
1.11 KmK. 'lbll RClJ'IIDiutian, JDllrgII' or CODIOIidltiOll ofBlXT~er into or wItb aiay oIbcr cmpontlon Dr llIIti~.
1..12 ~r_ Any p.ymcnt by Borrower Ia LcIId8r if held to tOutituk: a ,..ranlle lIDder IKdrujJtcy lewI. Dr fur
bY reasoa lADder II J8qI1Jred to refimd such paymllr1t ar pi}' I1ldt .oom to BOITo.... or'someone else.
1..13 Ot_ Actio.. TMeIl or 0mIIUd. Ally other aon taken or DDdlted to ~ bbll with Japcc:t 10 the Lala.
D()~.cs, the GaIIQteed ObHpflons. Dr Ihe IICUdty and collaca1 tbenfbr, *'-Oler or IIDlIUcl1 u:tfar1 Dr 1IIDft_ prejudlclll
Oll'-or or..... die Ullellbaod CbK 01lll1lDlDr will .. n:q1Ilrad to pay die (JDel...... 0bI1ptiD8 plIt'11111ll to tile 1mnS llerel>>( It
b Ibc aambiJUOUl- WIlIqUfvocal in..... ofGu8JWar1bat OunmtonWlba ablipled fll pay tile O~t.ld Oblip.doas when
dIIe. nDtWfdlltlDdfnllDY CllZIII'MI1Ce, ein:umllante, neat, Jet.... or amIafaa w'llalmeftr. whettalr"c:aideu)pIaud or JIIlt IlOIlIIlIaplaWd,
IlId wIII1har or not aIIIerwtIe or pu1Icul8l'ly dacrINld he'" whlcb ablipdou lbaD be dllemed IlCfaIitld by GlAUIDtor only utm the
I\lJJ and finet p8YID8at qd lltidacd_ oCtile GUlII8IItaIll ObBpdOlll.
ARTICLE m
UPJltitlrNTA'I1ONS .AND WARRANTII9
-:;
To Induce lADder to emer- into 1he LoID DoClll'Deftts and CXUIOd aedlt to BD/1'OW!f, OaarmItor repn:scntJ and 'WID'1Dts to
Lellder.. "limn:
3.1 ~ G\:IarIlItor is m aflDhde. of BorroMl', is lhc CMIIeT of. direct l;II' Indirect iIlttrest in Bonoww, JQJd hu
IIe.WId, or 1riI11'CClllM. dlnlGI or inclrect bmefit Itom lballlakidl orlbll QuIl'Uty willa Mlpcct to the Gullrlntecd OblprloM.
3:l :rlmllfm1tv and ]1..11..- GBrutor Is famUiar wJtb, IIIId his lndllpaxll:Ill1y .viewed books bd recards
reprdbta. as fmardal GDIldition of !he 'Barrnw and Is fam.lHer wilh the vallie of ~y. and .II collatll'8l B1IcDdcd 10 be ere.tIeI IS
f-- .~
Feb 18 2009 3:12PM
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p.57
EXHIBIT D
SIGllIriI)' far the paymcat or lIac: NDtC Dr OUlll'll1lccd ObllptJons; laU'MMlr, 0UraIar Is nor relyilll on lIlICI1 finIDda] c:.oIdidon or lhll
col"'enlu 11\ fndacaaIemla enter into this Guaranty.
3.3 No ~latkm BY Lader. Nehhar Lender nor my DIhBr ~ Iw I118dIl IIIly raptaenlatlon, ....rranty or
..temcnt 10 GUVIlItar In order 10 indu.ce the QuIl1lDIOr to IUCIIle Ibis Gulnml)'.
3.4 ~ nil ~CGUlion, dcll'm'J' and ptrfixtDDa: by 0uar1Dtar af1bis GualDtJ md die CaaRmmatiOll of tile
1FIDSlcdoDl CClIUIDpw.d Ila'emder do not, ud will Dot, 1iUD~....... or cxmIic:t wftll, ~ law. Ila!IltIl or repr.kln YIbatIoe'\Iar 10
\\lIriI:b 0"1'III1lIr 1I1Ubja:t or cGIIStitute . defiluJl (or IlL eYIIlt Micb with 'llDtlca or . oftDc Dr IIaIh waakl coaadlule . defftlt)
ulldlr, orMDlt in the IIrcaI:h or..Y Indcatare, 1IIartpte. docd aftru&t, chirp. Hcn.arlDYlXtIIb'Id.lplemCDt or other inslrumcnr 10
wbJch GulrmIDr ita putyorw1lJc:h may brllpplicab1a to G--=. This ~ 11 altpl mcI blndlDa Clb~ ofGullnotDr and
is eufarceeblll in -...,c1aIea with Its lamS, cxcapt as limited bJ bnlcruptc:y, inlohwcy or 0Iher lawl or &uerallflPllcatiOll relatinalO
tha wan:emeat of aeMol'I' rfahts.
35 ~J IDI.-.t.(i) Thllllltblr (A) 0uIIn1llOr'11pOIII& is llDl n:quftd to JuiD ha ... ec:bowledp ud consent to
thiIs Qummty in order far Lender to make a claim on &11 of the inI=IsIln .n or dill ..... ...IID lb. ltDaDdel llltements of
GullnldDr Jail de1fvcrad to Lender an or prior to the dati; or Ibis OuInnty or CB> 111 ofaucb _IS tDC OaarmIor"s sole Ind &1lpII1iIII:
pmpc:rty _nofte of IUCh IISSIII cormltute any portbI of OUuuWI joilt, COtIIDIIIhky. a.bI or milled JII'OPII1Y, or (iI) If' neicher
c1IUSIl (A) or (B) irmncdidaJy preccdillllR tnIe, ,11m o.aaror'll ~ .. 0lCeQIted Ibis 0UIrIAI1 for ... lIllpI'UII ]IUIpDSII of
adcnawWPllIIId CIIIIICIIIinB 10 tha IID1C 10 1110 alJDw thll Lender tD ~ 1IpCID sm:ft spoo.:'l joint, CODUllllDly. nwfIa) or mixed
pnlIpCrtJ in...., If III1)'.LD all rsf NCb ISlets to IlItist)' QIIUIIDtor'1 obDptioRS purlUlDtla Ihit ~.
3.& Sul'Yttal. All rept"t.ICl\tatlons IItId 1VBlTUtIa IDIdc by Gu.an_ henia....1 JW'YIve &be llX.eCIIlIou hereof.
ARTICLE IV
liUBOllDINATlON OF C&R.TAIN JNDJEBI'KDNESS
. 4.1 $ubardlllalloD of All o.u-tor a.l... As_eel lIercJn, the IIlrm t1llDm1n1or elms" lIIal) mean all dclltllJld
llabOtda or Borrower to OGarantor, wbedIer neb debts lIIXIliILbI1ftia now exist Dr Ire - -..nar i1Icmnd or aria, or wbcd1er lhe
obli<iom afBanowcrthmca be dIRe.. canlfnpnf. pimll'Y, HCClQdBry, avenl,joaand...... or otJwnvise, and IlJ'UP,IlCllw or
wIaether such ddll or l&ibllltiea be evidenced by rotc, CODhcC. ClpcD aaxlIIIl~ClJ'CIlhawIsc,'" frrcspcctlve of1he ~ Drperscn
in wbau tiwt INCh dabts or IiablHtloa may, at Cbeir tDccptiaa. "Wi t.n. or nay ha'lllbr be cr-.d, ar dIll.-.er iI whidt 1hey
hive been or '" benlIlfter be acqufrcd by GumnIor. The 0vanIII0r CllIfms sIIalllDcblfe wIIhoUt liailidon ID dpts and clulms of
Guanmtor1pih11 BamWl!' (IIriIIna u al'Cl111 ofJUbroplion orG1buwlle) - a r.ltJtofOaHnllUlr". JIIl3'IIl- oralllll' I pClll1iOll Or
the GUIlBII'" Obllplfom. WMncva.. Bvent of Dellmlt exlaU, OUBl1lDlllr abaU no1 m:eIw or l:UIl~ direclly OIlndirllc1Jy, fiurn
BOnoWUBDY lmounI upon tile QuanJllorClalms,
4.2 CIItbu III Baknlatn. In Ibe eYllllll ofrecelvenldp, bubuplcY. narpnI'.oadGa. mmpment. dcblor'. rlliet Cf
other 1Dsolvauc::y prDCelclblp JnYOMn& GltIIIntOr IS debtor, Lender dIaIJ Ia", fie riPl to JII'O'M ill claim In 11'1)' Iach pruceedina 10
81 10 Dltablilh lis ri&111S Ilacwldcr and ftceiYe cIirecdy tt. dJc recci'l!r, trus1ea or oIhI:r ccut CUltDditm cliYicllmds IIId JlI)'mIIICI
w1t1ah wDald Dtherwi. be JIlIYabll upGD GvvanIGr"1 ODBnll1Dr Claims. Ouenntor bInby .... auch dtYIda1dIlIDd JIIIYDlIl1U to
Lmder-. Sbould Le:nder recei'le, for lIppliCllton UJIOIItha GlImnIftII ObJildions, IUIY melt dMdBnd or JMIY1IIUl w1t1ch III odIuwlle
~JII1D CI1mmIor, Ind which. IS btltwea1 BonowIr and o...a.fIlr, thaJI ClOIlSIbtu aaIlt IlpOIl GaannUlr'1 G\llnItOr CIIlins,
thu upon pl)'lllllllt lJIlAndtr in Ihll of tile Guaranteci 0blipUaes, 0aanm_1IhaI1 beGolDe IUhraptad to aha riPts af Lbdcr to dtc
atat \hat IUCh JlIlYDlI1Ils 10 Lender au Iac:Il CJumntar CleiIU "\Ie amtribaIad 1Dwvd 1bJ Iqldd1ltJon of au-nJor'.r ab1Iptfons fer
tha 0uInaIIe1l Oblpthlllll. aud lucb droptha lIIan be wIIb a..- 10 IbIl pIUpCIICkm of OllllUtor'l cbrlpllolll ~r m.
Gu...._ OblipllCIDI whlah would lIava bMa u~lIid If'LoDdcr hid DOt ncclNd dhfdalda or plyIftc:ala IJIlOIl O.-on Olcantu
a~. .
oC.3 P.YIIIIIIII Held I. rrual- In the ewn11he1, natwilhllllDdIaa Ia)ItldaI tlllll11 coau.y in this GIIUIDtJ, OlllnJROr
should lUll. 111)' tuds, ,.ymllftl. claim or alillrbldon wbIcb II prohlbllDd by 1IIis Gwmnty. Guarantor... 10 "old in inialb"
LQIder ulDIIUnuqualco rh& IIII1CJU1\l ohlllUuds, payanIDII. c:1IIn1s or dlslribudons .l(i~ IUd aams thll Ouafl1llm' ..... have
IhIalutaly 110 domiafoIl O~ lb. amount of ~h Ibnd.. ptL)'IIIIIUSa claims or diatributians ID ncciwd axc~p1 to JIIY them promptly Ul
I.ead&lr, -.d a..nnsar CCMDIIIts promptly 10 pay 1ba nmc lei Lader.
~
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Feb 18 2009 3:13PM
NASON YEAGER GERSON WHITE 5614710894
EXHIBIT 0
<4.04 LIeIIs SaberdbultL GUJ8IIIGr 11"* thll any liaIs, securily IntlrlSls,. .Jud&mllnl lions, dJIrps or other
uCUlllbnnca upon Borrower', ISIlllI.ewmlpylllCDt orlD)' oflhc a....".. CIIIim.....11 be ud n:m8ln faicrIor md lubardlnate
to any lias, .1CIIrity lntnstl, juci&Jneut DellS. damps or cxher IIncumbnn:a upcm BorraMr"llSSIltIlIICIII'ItJe payrnedl of !.he
CluarHfad Db1Iptlanl. lII.rdI.. .r wheth... such mcumbl'8llce. ill &wi' or Guamzur or I..ader paeseatly exr.. Ill' are haul.er
aared Dr' lttIelL WlI110c &be pdor Milton couem of Lender, CkwIn.... slaBJl 1101 (I) ex__ or albree any creditor's r1lhl ~
GwmuIlOr DI8Y hlw apinrt BOJ'l'CIMlI". or 00 fOreclose, repoIIeD, seqaater or Dthmrise .a IlIIpS or Insljtule l1l)I acOOn or
pacelldiDp (judicIIt or otIIerwiIa. fncIudiDI. wldlaul JimllatillO, Iht CDIIIIIICII=- ot or jHader iD, IJI)' IJqaicIIttoo. beulcruptc:y,
l~ cilCblor'. N1icf ar lnroMJ1I:)' prooceedia&) 10 enlilrce 1ft)' li8llS, mmtlIP, deeds crt' buIt, ...nty rnLerata. call1t1nl
ri&hls.judpIc11Is Dr o1berlllCll1llbnmc:es OIl Dsets DrBOJ'11JWIIr held by QuuantDr.
ARneLl: v
MlSCltT .r .A.N~OUS
5.1 ~. ND f'aIhn 10 exen:ise. and 110 delay in ean:iIIn& an the pill of Lender, I1l1 riabt lie_dCI' lhall apemll:
85 . WDiver lheRot BOr _0 lIIlJ .Inile or pIl'tflll!lCllClA dlereDfpredudelD)" CIlher ortbnhllr exGClse lhIIeof or die mrcIse of lilY
oIkcr rI&bL Thl T1ahl!l of .Lender bereuader .lIan be In IdclitlDllIO aU other d&blI ]lnI\Iided by law. No lIl~catlDII Dr WIIiver of In)'
proYIrlaa ofddl GUIItIIty, nor CGIIIG 10 depamn 'IIaIrGnBn. &J1BIJ be effccdve lin_ in wriIin& IDd DO nth CIIIIIClDI Dr waiver shill
axtead be)"lIDIl1he patdcu1Ir cue WId JlUlPOII! lnvolval. No notilZl Dl'demmd BM=n fa ID)' CIlIC allall amsdhltc . ftlWI at rh riaht
to Ukll Dlbnc:tiDll in liar; 1atIlll, IbnDar or elk iDItancn without rucb notice or dcDund.
5.2. tfIIIsEl. Any notice, dem8od, statcmeut, req1lCSt or canSllCll mlde hcrounder....U be m writlD&.lddreased to Ihe
.Ild:r.... U set fixth below. oflbe JIIrt.Y 111 whom such nollce is 10 he llYn, Dr III such other-eddnIss II 0uImaI0r or lADder, aslbc
c... may be, _. dull'll'" ill wrldng. ..d ...11 be deemed to be received by the IIlIdrcssce on (0 the *11UCh JIIItice is Jllmoaally
delhacd to ruch .cJdR... (Ii) .. fhln:I (3-, day followiD& the cIey such IKICicz Is dc:pmilcd with Ibc lIllltcd .... poslal service first
d... catIfiad mail. ntlDD ~ NqUIIted. (b1) the dl)' foJlowm& Iht day em wbttla JUCh ~tice is deJiwnld to a ..tionllly
rccaaai2zd OYIIrtIIIht coarier dIIIiwry ""Ice. or (1\') lIIe dl)' fl.Climile trWlsllliIsion is 1lDIlfiIiJ\ed aftcrtrlJllmfalon ofsucb noIIce by
.1IIecopy to auch IBhcopiu number IS 01lllllltor or l.I=nder. . the ase may be. shaD IaMI prevlousl1 ""-11 Inrii.. The
," adtbIICS of Ibe patdes her1lto ve .. ~JlOWI: a-ruror: NDIU1IlI S. GoddIlrd, PNDRT COJllTAcr INPORMA TlON); LIIHfg: ,
"" tlHSERT). cia Ra""" Balclprlsllfl, AIID~ Briaa W. SmIrJ1, 63oo}ij! III Ave. SUf1e 300. Farll.audeIdaJe, FL 333341. 9$4-343-2470-
dlPct, 954-'776- 7911-IBcslmJJe.
5..3 Go...... uw. ThIs OUBmlty shill be. &owmcd by IIld caDtrued in ICCICII'lIaK1e with Ibe laws or dill SUte in
which lIae Teal propclTlJ clUIlJ1IIbhd by thl Mortpge is locatad IlJd lite appliCllbJe ll.ws of1he Unircd Sratca Df America.
5.4 III\l8Id ProYllloJlr. IflDY pnM.1on ofd1Js OUlrIUll)Ilshc1d lObe mep" fnvalJd, Ul"1IIJI9IiIrcabJo lIIlIIerpresent or
flIturc IIWI.~ durina tile tmD of lhi.r o.raa~.1IICb pro.... u.u be filll)1acYmble md IWs GuuIIII:y nil !Ie comI11led and
I!lIfan:cd u If such DIcp1, iDftlid or lIDeatO~c pravlsiCltl bad IICWf AIIIlpriad a part or tis 0ura1;y, lII1d tb rerRiDfn&
pnrrisiaas of this ()I&iIIIIy ahID nmai1l in IhU fbrc:e and e&ct mllhdI DOt be alfected by the II... iMtld or lI1enforceable
provfsba or by Is J8Yel'DCC ftOlD this OUIJ'IDt.y, UDlea 1UC1l continued ef&etJvaq. ofdll. ~, IImadificd, would be eanlrmy
10 1he !.sIc lIIIIk..tulnp I1ld tntenIIcDs aftlle pIIties as aJllRllOd Iaercia.
55 AIHH.mts. ThI. O....nty 1II8Y ba .lDCIIded DIlly by an ill5lnimc:m In wriIJnG aes:utcd by fie party or ID
autbariud repn:sentalive of~ party .pinsl .m sueb amendmrlnt ill sOUP! to be enforced.
5-' PartI.u B01I1Id: A.III...-t. 'I1WI QuIl'lDly 111.11 be biDdiIIf, lIPDD a:nci laID 10 tha benefit oft. parties hereto and
their rupectiYC IIICICISIDD, UliJIIS uad JepI np......thes; provided, bcwtever. tbIt G1IIIJWltor ..-.y Dot, without Ik prior writmn
~ GfLcodcr.1IfIiIn lIty ofb rllhtJ, powtlll, duti:s or ObUptiD11S heramder. .'
5.7 HlldhaR. ScctiDII bRdiap IR for COJIYlmieace of ratinnce only aDd shill lit JlO WII)' aIIict u.c lDtmp'altllioD of
rills a....lly.
5.8 B!sIlIII- The recital aul iDlrOductoIy plnlBPbs IunGf..r. I pllrt hereor, form . basis for lids GUIl'IIIlty and shill
be considarcdmimatsJevidence oflhe &eU and dOCllrncnts referred to Ihereln.
~~
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NASON YEAGER GERSON WHITE 5614710894
EXHIBIT D
53 BlIlaIS _lid llewd... If Ouaranfar becomes lI.ble rat any in~ owIaa by BRower tD Laldcr, by
eadorsemeDI or ~e" DIller thla UDder Ibis Guuety, such liability IbaD DOt be ill any JNamCI' impaired CIr affected ~ IIlId
IbA riJlds of l.eafa- .lRlIIIder mall b. cwnuIll6YC of any and ID oIher ",Ins milt Lender may aver .'YO ....... GuenntDf. TIle
ClDlfds& by Lend.. of my rfaht or l'CIIIIldy hereunder or mler uy Dl1tcr IIIscruIaB11t. or at law or In eqatry, .'all11M predude tJae
COIlCllmlld orsubrequmt oercise or.y ather rilht Ol'retDedy.
5.10 O6er D6mI Twm.. ltDy CIIpJtaIimd tenn lIhlized hllflfn IbaIl have the IllelD!lJlu IpccJfLCd in the Monpp,
W1iea such Icnn is odmwfu specftIcII}y dll5ncd hellin. UnJeu 1Jlr: C1mleXt clearJy indiaDlB. . Cl:IIllraJ)' fnteat Dr unles5 otherwise
speclficaU, pnMded IIerdD, wanlr used In this Gu.1mty may be med laterdIsnll8bly ill ....ar<< pbal form.
5.J1 ..tIratr. THIS GUARANIY BMBOOJl:S nm .FINAL. BN7IRE AGREEMENT OF OUARAN7OR, AND
LBNDBR WITH RBSPI!CT TO GUARA'NTOR.'S GUARANTY OF TIlE GUARANTEBO OBUOAnONS .AND SUPBRSEDa
ANY AND ALL PRIOR COMMITMENTS. AGRBIlMIiNTS. ~~A'l1ONS, AND lDmBIUlTANDlNGS. WIIBlHER
W'1UTTEN OK ORAL, R.BLA TINO TO THE SUBJECT ItfATTER HEREOF. THIS GUARAlfTY IS DlTENDED BY
GUARANTOR AND LENDER. AS A FINAL AND CONPLEI'E EXPUS8JON ()]f TIlE TERMS OF TIm OUARANTY, AND
NO COtJIfi OF DEALING BEnYEIiN GUARANTOR AND LENDBR. NO COURSE OF PBRFORMANCE. 1fO 'l'RADE
PRACI1CBS, AND NO IMDENCE OF PRIem, CON'TEMPORAHEOUS OR SUBSEQUENT O1lAL AGltEEMENTS OR.
DJSaJSSIC14S OR 01'HBR. EXTRlNSlC EVIDENCE OF ANY NATtJR.E SHALL BE USID> TO CONI1tADlCT, VAJlY.
SUPPLEMENT OR MOOlFY ANY lERM OF 1l:lIS OUARA'NlY. nmRE ARE NO ORAL AOREE!MBNTS Jm'J'\YE&l
GtlARAN'roR AND LENDBR.
5.U w..... or "hi TD TrIILI B\r Jury, Ou.uANTQR HBKBBY AGREES NOT TO ELEcr A TlUAL BY JURY
OF ANYlSSlJ.B 11UA&LB OFJUGHT BY JUIlY, AND WAlVES ANY RIOIrr TO 'TRIAL BYflJRY PULLY m THE EXTENT
THAT ANY SUCH lOGIn' SHALl. NOW OR HEREAFT8R IXlST WI11l B.EOAJU) TO THIS otJAIl.ANTY. 1HE 'NOTE,. THE
MOIlTGAGIl. 01. THB O'1lER. J..OAN JJOClJMEN'B. OR ANY CLAJ.M, COUNT.BR.a..AJM OR.01lJB1lACTJON AIUSDIG Dol
CONNECTION THI!RBWlTH. THJ5 WANER. OF RJ3HT TO TRIAL lSY 1UR.Y IS OM!H I3lOWDfGLV AND
VOLUNTARILY;BY GUA8.J.HToR. AND IS INTENDED TO ENCOMPASSlHDIVIDUAU.Y JtACH INSTAlICE AND SAar
ISSUE AS 'll? WHpI:~ RIGJrr TO A TRIAL BY R1RY WQULD 011l!JlWlSE Aa:R.tm. LClfD5R IS HEREBY
AUTHOlUZED 10 f1LE J\'COPY.OF THIS PARAGRAPH JIll ANY JlROCEEDfNO AS CONa.USJVB EYlDENCE OF THlS
WAIVER BY GUARANTOR. . , --
5.J3 ~1IIUIt. Guarantor aWlIt',ledps Ibal Lender ancllts SUCt:I!5SOrS IUld assIans may lII!It -I&tt or trlnsfer this
CluInaty. tlle NOIe ad otber LaIn llac:ame1D tD on. or more mvcstrlrl.
5.14. ReIufp- ill Certain Clrallllla.es. Ifl1any time any payment ofm.principaloforimcn:st UIld8rtbeNote
or IIIIY uda. BDOIIll.-yablc by the BCDTOWCr U1lder the. LOllI DllCUIDmIlr Is r~ or III1ISt be orTaerwise redlnd Dr -..meet upon
the lnsoI\Iucy, blnknptcy Dr rea~ of die Borrower Dr atberwiae. GDIIrIIn~1 obUpdO!ls ben:undcr wIIb .peer 10 lIIell
paYlIMmt s1laO lie JeiaIlIIIed .. tltllllJb suoh JIIlJllutat hu heea duo bDI not _dallt lucIl time.
n. _aul., qflhls MI k hJt "'fIII1 77,. ....r..p~I..foIJrnq.
--::
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p.59
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Feb 18 2009 3:14PM
NASON YEAGER GERSON WHITE 5614710894
p.60
EXHIBIT 0
Exeaned lIS uf ~ day and )'IilBr fir5t .bcnrll writsen.
C.....nlDn
Norman 8. Goddard
ACKNOWL~Mli.NT
STA'mOF
COUNTY OF
)
)
the fCll'C&ofa& bslrwn_ 'IIIIS I'M'Illl to, subscribed. m:11c1mowledged bdn me this _ GIy af ,2009, by
Norman S. GaddanI. He is pa:uaaUy knowa to me or pramted . driver', Iicea!Ie as ~ntlflC&tIan Illd did. DIM IlIIce an
0Itb.
Notal)' SIImpISeaI:
Notluy SlpalUfe:
'No1myPrblt:
NotIUy PubHc. S1* /If
CommilllSlon No.:
Ny C'Jutm!toqao EqIIres:
t\W.f'lDm450103\Ounl11y_0adlIIrd_RlT_I.doc.
. .:~.
;-- 4r
MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY
BOARD MEETING HELD ON TUESDAY, OCTOBER 21,2008,
AT 6:15 P.M. IN CITY COMMISSION CHAMBERS,
BOYNTON BEACH, FLORIDA
PRESENT:
Jerry Taylor, Chair
Marlene Ross
Ron Weiland
Lisa Bright, Executive Director
James Cherof, Board Attorney
ABSENT:
Jose Rodriguez, Vice Chair
Woodrow L. Hay
I. Call to Order
Chair Taylor called the meeting to order at 6:16 p.m.
II. Roll Call
The Deputy City Clerk called the roll. Chair Taylor declared a quorum was present.
III. Agenda Approval:
A. Additions, Deletions, Corrections to the Agenda
There were no additions, deletions or corrections to the agenda.
B. Adoption of the Agenda
Motion
Mr. Weiland moved to accept the agenda as presented. Ms. Ross seconded the motion. The
motion passed unanimously.
IV. New Business
A. Consideration of Exercising Right of First Refusal on Property located at 3675 S.
Federal Highway
Chair Taylor explained the property was the previous location of a strip club and the seller was
offering the property for $2.2 million. The City has First Right of Refusal which can be
abandoned.
1
Special Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
October 21, 2008
Ms. Ross inquired if the name of the new business would be Mr. G's Rock Bar and Grill and
requested more information on the proposed business.
Lisa Bright, Boynton Beach Community Redevelopment Agency Executive Director, replied the
proposed buyer was rather vague and additional parking may be required. According to the
terms that the Board had issued with the purchase of the adult entertainment license and
alcohol (ABT) license, the Community Redevelopment Agency has the First Right of Refusal.
The property consisted of less than an acre of land and was being sold for $2.2 million. Neither
City staff nor CRA staff were aware of any details of the bar. The new owner would be required
to purchase a new liquor license.
Chair Taylor noted the options were to not exercise the First Right of Refusal and buy the
property for $2.2 million or exercise the First Right of Refusal and allow the seller to seek
another buyer for the property.
Motion
Mr. Weiland moved to exercise the Right of First Refusal. Attorney Cherof advised the motion
was properly worded. Ms. Ross seconded the motion. The motion passed unanimously.
V. Adjournment
There being no further business to come before the Boar, Chair Taylor properly adjourned the
meeting at 6:20 p.m.
2
MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT
AGENCY BOARD MEmNG HELD ON TUESDAY, JANUARY 20, 2009
AT 5:45 P.M. IN CITY COMMSSION CHAMBERS,
BOYNTON BEACH, FLORIDA
PRESENT:
Jerry Taylor, Chair
Jose Rodriguez, Vice Chair
Marlene Ross
Ron Weiland
Lisa Bright, Executive Director
James Cherof, Board Attorney
Absent:
Woodrow Hay
I. Call to Order - Chair Jerry Taylor
Chair Taylor called the meeting to order at 5:52 p.m. He noted there was some
miscommunication of the starting time for the meeting and in the interest of fairness,
suggested the meeting be recessed until 6:30 p.m.
Motion
Mr. Weiland moved to recess the meeting until 6:30 p.m. Ms. Ross seconded the
motion. The motion passed 4-0.
(Meeting recessed until 6:30 p.m.)
II. Pledge to the Flag and Invocation (Joint with the City Commission)
(Mayor Taylor called the City Commission meeting to order at 6:30 p.m. Reverend Rick
Riccardi offered the invocation followed by the Pledge of Allegiance to the Flag led by
Vice Mayor Rodriguez. A motion was made and unanimously passed to recess the City
Commission meeting for the Community Redevelopment Agency Board meeting.)
III. Roll Call
(The Community Redevelopment Agency Board meeting reconvened at 6:33 p.m. All
board members were present)
1
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
January 20, 2009
IV. Consideration of Master Development Agreement with Auburn Group
Attorney Cherof advised representatives from the Auburn Group were not present.
A review of the documentation that had been provided was given by Attorney Cherof
noting that the documents would have to be viewed in tandem. Chair Taylor indicated
he wanted to have input from the City Manager, Executive Director of the Community
Redevelopment Agency, Board members and any public input. Mr. Weiland suggested
the City Manager be heard first.
Kurt Bressner, City Manager, had six major points with the agreement.
1) Phase IV Density - The agreement sets forth levels of density, building heights
and number of units. The Heart of Boynton Redevelopment Plan will have to be
modified, including land use modifications, with public discussion and input. The
agreement has to be totally subordinate to the legislative discretion of the City
Commission to approve any changes to the Redevelopment Plan.
2.) Phased Development -- There needed to be some type of assurance that any
financial incentives due to the Community Redevelopment Agency, in conjunction with
Phase II before the completion of Phase I, could be accommodated by the Community
Redevelopment Agency budget out of sequence. Any change in the development
sequence must give the Community Redevelopment Agency some flexibility for
payments.
3.) Community Redevelopment Agency and City Land -- Parcels on the south side of
Martin Luther King Boulevard, adjacent to the market area, were conveyed to the City
by the County with deed restrictions. There is a reverter clause that the parcels must
be replaced as open space or payment made to the County. In order to provide
marketable titles to the parcels, the property would have to be swapped or otherwise
accommodated with the County and not readily available to Auburn on a conveyance.
Mr. Rodriguez confirmed there was another provision in the agreement that allowed for
the boundaries to be changed if the parcels were not available. Mr. Bressner cautioned
the parcels in question were located in the middle of Phase I.
4.) Change in Business Terms -- The trigger to reduce the Community
Redevelopment Agency contribution would be a reduction in units.
5.) Senior Center - The developer's previous commitment to maintain and operate a
senior center in the Heart of Boynton for 50 years had been struck from the proposed
agreement and should be clarified.
2
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
January 20, 2009
6.) Timeline for Community Redevelopment Agency financial review - Only 15 days
had been allotted for the Community Redevelopment Agency to submit their review of
the financial report and add any comments. It would not be sufficient time for public
meetings and review. Mr. Bressner also questioned if the same accounting firm would
be used for both the Auburn review and financial ability of the Community
Redevelopment Agency to meet its obligations. He felt the ultimate determination
should be a policy decision of the Board.
Vice Chair Rodriguez questioned the intent of the 30 day period, whether to complete
the review or contract for the review. Attorney Cherof agreed the language was open
for interpretation, but he felt "obtain" meant to have the completed report.
Mr. Weiland questioned the ability of the Board to move forward without Auburn
representatives present. There were many changes required, but without Auburn
present, progress could not be made. Attorney Cherof agreed it was a complex contract
with many diverse points and views. He suggested a special meeting be set with
negotiation of the terms and redrafting of the agreement, ending in a complete and
final contract.
Mr. Hay expressed concern with the constant changes and was not in favor of any
agreement until all the questions were answered. Vice Chair Rodriguez and Mr.
Weiland concurred that the understanding was the agreement was to be finalized and
not more changes. Mr. Hay would not agree to anything until a third party financial
analysis was reviewed. Chair Taylor agreed and noted Auburn had reserved the right to
make further changes also.
Ms. Ross indicated she was looking for some third party verification before any
agreement could be made. She could not support the current document or the four
phases. The residents, including those in surrounding areas, have valid questions and
complaints regarding the proposed development plan. Their feedback needed to be
considered. Mr. Hay wanted the developer to meet with the various neighborhood
associations and residents and requested to be present at those meetings.
Ms. Ross was concerned about the encumbering of $23.5 million of the Community
Redevelopment Agency funds and its impact on the future of the Agency. Mr. Weiland
pointed out the sum is dispersed over 12 years based on the progress of the project.
Vice Chair Rodriguez stressed the future of the Community Redevelopment Agency was
irrelevant in the project. The Agency was developed to eliminate blight and slum and
the monies should accomplish that goal. Chair Taylor disagreed and contended the
$23.5 million encumbrances would disable the Community Redevelopment Agency to
work on other projects. Mr. Weiland commended the Community Redevelopment
Agency for the many projects that had been accomplished. The Heart of Boynton
3
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
January 20, 2009
project had been discussed for many years and a commitment to move forward had to
be made. Chair Taylor added the project may not happen with this developer. Mr. Hay
commented the project could not be undertaken blindly.
Chair Taylor suggested a motion be made to table the issue and a meeting scheduled
with Auburn and Community Redevelopment Agency Board.
Motion
Mr. Hay, so moved. Vice Chair Rodriguez seconded the motion.
Ms. Bright requested direction on the third party verification. There was consensus of
three board members; however, the timing was unclear. She had been searching for
an avenue to piggyback an existing contract for the verification and analysis. In the
alternative an RFP would be necessary.
Chair Taylor confirmed that there was total consensus that the agreement with Auburn
would not be finalized until the third party analysis was received and reviewed.
Ms. Bright also requested clarification or a motion regarding the expectation of holding
more public meetings. Mr. Hay explained his intent was, before the document is
signed, input from the community was needed. Mr. Weiland commented if a piggyback
could not be found, the process would take four to six months. Ms. Bright indicated if
an amendment to the Heart of Boynton Plan and Federal Highway Corridor Plan would
be sought, the City and Community Redevelopment Agency would be required to
participate in any public meetings to be in compliance with State statutes.
Chair Taylor declared there was consensus to coordinate any meetings with all parties.
Vice Chair Rodriguez understood there was a timeline for funding that could be missed.
Ms. Bright advised a grocery store had to be built by the spring of 2010 to meet the
basic requirements of the Florida Housing Finance Tax Credit Program. If built, it would
allow Auburn to compete in the next cycle for funding in 2010.
Vote
The motion passed unanimously to table.
V. Consideration of Subordination Agreement with 3675 Acquisition, LLC
Attorney Cherof explained the subordination agreement with 3675 Acquisition, LLC
involved the right of first refusal to purchase the property that used to be the former
adult entertainment establishment. In conjunction with an attempt to sell the property,
4
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
January 20, 2009
the potential buyer wants to go out and borrow money and then exercise due diligence.
The lender has requested the Community Redevelopment Agency to subordinate its
right of first refusal. In the event of a default, the right of first refusal would be
eliminated in a foreclosure procedure. The owner requests the subordination to
facilitate their transaction with the developer and his lender.
Attorney Cherof noted without the subordination there would be no lender and the
attempt to sell the praperty would fail and redevelopment delayed. Chair Taylor
contended the Community Redevelopment Agency would probably not buy the property
either.
It was recommended by Attorney Cheraf, that the Community Redevelopment Agency
not give up the right of first refusal. He speculated there would be another deal after
this one and the right would be preserved.
Ms. Ross requested input from the Executive Director. Ms. Bright asserted it was a
policy decision. She recalled it had been clear that the entity to buy the out parcel was
3600 Holding, so it could complete the square. Ms. Bright stressed a commercial
development project may be missed.
Vice Chair Rodriguez wanted to avoid 3600 Holding getting a $300,000 deal on the
property and the Community Redevelopment Agency had given up its right of first
refusal on the property. Ms. Bright reported Mr. Goddard would get $800,000, but
become part of the bigger deal with a larger commercial site. The total is $2 million.
Attorney Cherof explained if the lender foreclosed on the $800,000 loan it would also
foreclose the right of first refusal and affect future transactions as well. Vice Chair
Rodriguez was against the release.
Chair Taylor wanted to see the area developed and did not foresee the Community
Redevelopment Agency purchasing the property. Attorney Cherof suggested tabling the
matter and ask for more transparency of the contemplated transaction. The relationship
between the developer and lender should be made more clear. The loan could be
foreclosed the day after the subordination was release.
Motion
Vice Chair Rodriguez moved to table to get more transparency. Ms. Ross seconded the
motion. The motion passed unanimously.
Mr. Hay disclosed he had talked to a representative of Auburn last week.
5
Meeting Minutes
Community Redevelopment Agency Board
Boynton Beach, FL
January 20, 2009
VI. Adjournment
There being nothing further to come before the Board, Chair Taylor properly adjourned
the meeting at 7:07 p.m.
.fl C>rfl
'7tLl,(,t!Cff
i~~ith A. Pyle, t
Deputy City Clerk
6
MINUTES OF THE COMMUNITY REDEVELOPMENT AGENCY BOARD
SPECIAL MEETING HELD ON MONDAY, JANUARY 26, 2009
AT 4:30 PM AT THE eRA OFFICES
BOYNTON BEACH, FLORIDA
PRESENT:
Jerry Taylor, Chair
Woodrow L. Hay
Marlene Ross
Ron Weiland
Lisa Bright, Executive Director
Shana Bridgeman, Board Attorney
Chair Taylor called the meeting to order at 5 :00 PM.
I. Roll Call
Ashley Buckley, Administrative Services Manager for the eRA took role. A quorum was
present.
II. Consideration of Subordination Agreement with 3675 Acquisition, LLC - Tabled at the
Special Meeting held on January 20, 2009
Motion
Ron Weiland moved to remove this item from the table.
Marlene Ross seconded the motion that passed 4-0
Motion
Marlene Ross motioned that the Board accept the subordination agreement with 3675
Acquisition, LLC, subject to Board Attorney review and approval.
Ron Weiland seconded the motion that passed 4-0.
There being no further business to discuss, the meeting properly adjourned at 5:09 PM
~~
Ashley B Buckley
Administrative Services Manager
~~~qY~T8~ C
. East Side-West S"lde-Seaside Renaissance
NOTICE OF SPECIAL MEETING
OF THE CRA BOARD
The Boynton Beach Community Redevelopment Agency will hold a
Special Board Meeting on the following date: Tuesday, March 3,
2009 at 6: 15 PM. The meeting will be held at the City Commission
Chambers located at 100 E. Boynton Beach Boulevard, Boynton
Beach, FL 33435. The purpose and the subject of the meeting will
include the following:
. Consideration of Second Amendment to Purchase and Sale
Agreement with NSG Properties, Inc and Grindstone
Management LLC
An Agenda will be provided at the Meeting.
Jerry Taylor, Chairperson
Lisa Bright, Executive Director
Boynton Beach Community Redevelopment Agency
915 S. Federal Highway
Boynton Beach, FL 33435