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Ivy Pointe in Pelican MarshMEMORANDUM DATE: January 7, 1998 TO: Maureen Kenyon, Supervisor, Clerk to Board FROM: Shirley Nix, Engineering Technician II/~ Project Plan Review RE: Ivy Pointe in Pelican Marsh Water and Sewer Facilities Acceptance ! On December 3, 1997, Engineering Review granted preliminary acceptance of the water and sewer facilities within the above- referenced project. Attached, please find the following recorded documents, in order: 1. Utilities Facilities Subordination, Consent and Joinder 2. Bill of Sale 3. Utilities Facilities Warranty Deed Also, please find attached the following documents for your files. o 10. 11. Owner's Affidavit Attorney's Affidavit Copy of preliminary approval letter(s) from Engineering Review Certification of pressure testing of water lines by Engineer of Record Bacteriological clearances (DER certification) for water facilities DER Placement-in-Service letter for sewer facilities Contractor's Final Release of Lien Lab results on bacteriological test for water lines Memorandum to Maureen Kenyon, Supervisor, Clerk to Board January 7, 1998 Page Two 12. Certification concerning contributions-in-aid of any construction 13. Verification of final cost (Detailed: quantities, sizes, unit cost, total cost, etc.) 14. Letter by Engineer certifying that all water and/or sewer facilities are located within the public right-of-way or dedicated easements 15. Contractual Guarantee for material and workmanship for a period of at least one year after the Board of County Commissioners' acceptance for both water and sewer facilities 16. Payment of water usage, laboratory and administrative charges for filling, flushing and bacteriologically certifying water lines from invoice prepared by the Utilities Division 17. Letter from fire district regarding ownership and maintenance of fire hydrants and certification of field fire flow capacity testing 18. Certification of the inflow/infiltration test for the sewer lines by Engineer of Record 19. Copy of video tape test report 20. Letter from Compliance Services section certifying that the final inspection reveals that the Utility facilities have been constructed in accordance with County ordinances and regulations 21. One copy of the recorded plat 22. One set of record drawings, signed and sealed by the Engineer of Record If you have any questions, please call and advise accordingly. attachments .0 z o u L Retn: ENGINEERING REVIEW SERVICE~ SHIRLEY NIX E~? 5586 . 2266532 OR: 2378 PG: 0873 RECORDED in the OFFICIAL RECORDS of COLLIER COUNTY, FL 01/08/98 at l~:32AM DWIGHT E, BROCK, CLERK UTILITY FACILITIES SUBORDINATION. CONSENT AND JOINDER THIS SUBORDINATION, CONSENT AND JOINDER given this 29th day of August , 1997, by Comerica Bank, a Michigan corporation (hereinafter referred to as "Mortgagee"), in favor of the BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BODY OF COLLIER COUNTY AND AS EX- OFFICIO THE GOVERNING BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT, its successors and assigns (hereinafter referred to as "County"). Mortgagee is used as singular or plural, as the context requires. WITNESSETH. WHEREAS, Mortgagee is the owner and holder of that certain Mortgage, Security Agreement and Assignment of Rents by and between Ivy Pointe, Inc., a Florida corporation, as Mortgagor, and Comerica Bank, a Michigan corporation, as Mortgagee, recorded in O.R. Book 2268, Page 1288; Assignment of Contracts, Licenses, Permits, etc., by and between Ivy Pointe, Inc., a Florida corporation, as Borrower, and Comerica Bank, a Michigan corporation, as Lender, recorded in O.R. Book 2268, Page 1318; UCC-1 Financing Statement by and between Ivy Pointe, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, recorded in O.R Book 2268, Page 1323; all of the Public Records of Collier County, Florida; and UCC-1 Financing Statement by and between Ivy Pointe, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, filed with the Florida Secretary of State, Number 970000016914 (hereinafter referred to as "Mortgage"), encumbering the premises legally described therein (hereinafter referred to as the "Encumbered Property"). WHEREAS, County has requested and received from the fee simple owner of the Encumbered Property non-exclusive easements for the installation and maintenance of utility facilities over and across a portion of the encumbered premises legally described in Exhibit "A" attached hereto and incorporated herein by virtue of this reference, )which premises are hereinafter referred to as the "Easement Property." WHEREAS, County has requested that Mortgagee consent to, join in and subordinate its Mortgage to the interest that County has in the Easement Property to which request Mortgagee has agreed. NOW, THEREFORE, in consideration of TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, the Mortgagee does hereby consent to, join in and subordinate the lien of its Mortgage to the grant of that certain easement described herein over, under, and across the Easement Property and any interest of the County in any utility facilities located therein or affixed thereto. Except as subordinated to the easement described herein over, under, and across the Easement Property or any utility facilities located therein or affixed thereto, said Mortgage shall remain otherwise in full force and effect. OR: 2378 PG: 0874 IN WITNESS WHEREOF, the Mortgagee has caused these presents to be executed the date and year first above written. Witnesses: Print Name:/~],'c~ fi/foci'e_ Comerica Bank, a Michigan Corporation [CORPORATE SEAL] STATE OF F 1 o r i d a COUNTY OF Palm Beach The foregoing Utilities Facilities Subordination, Consent and Joinder was acknowledged before meby Edward M. Cochran ,a~s Vice Presic~n~ of Comerica Bank, a Michigan corporation.. H~/she(i~ pers°naliY known to m~or has produced as identification. WITNESS my hand and official seal this 2 9 t h day of Notary Public (affix notarial seal) August , 1997. Print Name My Commission Expires: This Instrument Prepared By: C. Perry Peeples, Esquire Annis, Mitchell, Cockey, Edwards & Roehn, P.A. 8889 Pelican Bay Blvd., Suite 300 Naples, Florida 34108 (941) 597-7088 O~FICIAL NOTARY SEAL ALICE MARIE LAVIN YrARY PUBLIC STATE OF FLORIDA COMMISSION NO, CC587947 COM MJ~SI_ON EXP, SEPT 24,20(10 *** OR: 2378 PG: 0875 Tract A as shown on the Plat of Ivy Pointe, recorded in Plat Book 28, Page 33, Public Records of Collier County, Florida. FOR USE BY CLERK OF COURT: 2266533 OR: 2378 PG: 0876 RECORDED in OFFICIAL RECORDS of COLLIER COUNTY, PL 01/08/98 at ll:32AM DWIGHT E. BROCK, CLERK R~C F~ 15.00 Retn: S~IR~¥ ~IX ~X? 55~6 BILL OF SALE THIS BILL OF SALE evidencing the sale and conveyance of the water and sewer utility facilities described herein is made this .~f' day of ~4~153' , 1997, by Ivy Pointe, Inc., a Florida corporation, a Florida corporation (hereinafter referred to as "Seller"), and the BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BODY OF COLLIER COUNTY AND AS EX-OFFICIO THE GOVERNING BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT, its successors and assigns, (hereinafter referred to as "Buyer"). WITNESSETH: That said Seller, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to said Seller in hand paid by the said Buyer, the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred, set over and delivered, and by these presents does grant, bargain, sell, transfer, set over and deliver unto the Buyer, and the Buyer's heirs, successors and assigns forever, all those certain water and sewer utility facilities lying within the following described land, together with appurtenant easement rights for the operation, installation and maintenance of said facilities, situate, lying and being in Collier County, Florida, to wit: (See Exhibit "A" attached hereto and incorporated by reference herein) The Seller, for itself and its successors, hereby covenants to and with the Buyer and its successors and assigns that it is the lawful owner of the said goods and chattels herein referred to as utility facilities; that said goods and chattels are free from all liens and encumbrances; that it has good right, title and authority to sell same, and that it will warrant and defend the same against the lawful claims and demands of all persons whomsoever. Seller and Buyer are used for singular or plural, as the context requires. OR: 2378 PG: 0877 IN WITNESS WHEREOF, Seller has caused these presents to be executed the date and year first above written. Witnesses: STATE OF FLORIDA COUNTY OF COLLIER IVy POINTE, INC. a Florida COrporation' Its: President [CORPORATE SEALJ The foregoing Bill of Sale was acknowledged before me by Paula Davis, as President of Ivy Pointe, Inc., a Florida corporation, who is p~ or Who has produced as identification. WITNEss my hand and officia/ sea/ this ~ day of~L&~~, 1997. (affix This Instrument Prepared By: C. Perry Peeples, Esquire Ann/s, Mitchell, Cockey, Edwards & Roehn 8889 Pelican Bay Blvd., Suite 300 Nap/es, Florida 34108 (941) 597-7088 (Print~~~ My Commission Expires: *** OR: 2378 PG: 0878 Tract A as shown on the Plat of Ivy Pointe, recorded in Plat Book 28, Page 33, Public Records of Collier County, Florida. FOR USE BY THE CLERK OF COURT: 226653 OR: 2378 PG: 0879 RECORDBD in O~ICIAL RBCORD$ o~ COLLIER COUNT~, ~L 01/08/9~ at 11:32~M D~IGH~ ~. B~OC[, C~K R~C )B~ 15.00 DOC-.10 Retn: BXI 55B6 UTILITIES FACILITIES WARRANTY DEED THIS · ' fter referred to as "Grantor"), and the BOARD Pointe, Inc, a Florida corporation (herema Ivy · OF cOUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BODY OF COLLIER cOUNTY AND AS EX-OFFICIO THE GOVERNING BOARD OF THE COLLIER cOUNTY WATER-SEWER DISTRICT, its successors and assigns (hereinafter referred to as "Grantee"). WITNESSETH: That said Grantor, for and in consideration of the sum of Ten Dollars and other good and valuable consideration to said Grantor in hand paid by said Grantee, the receipt whereof is hereby acknowledged, has granted, bargained and sold to the said Grantee, and Grantee's heirs, successors and assigns forever, all water and sewer utility facilities lying within the following described land, together with appurtenant easement rights for the operation, installation and maintenance of said facilities, situate, lying and being in Collier County, Florida, to wit: (See Exhibit "A" attached hereto and incorporated by reference herein) and said Grantor does hereby fully warrant the title to said utility facilities, and will defend the same against the lawful claims of all persons whomsoever. For the purposes of this conveyance, the utility facilities conveyed herein shall not be deemed to convey any of the lands described in Exhibit "A". Grantor and Grantee are used for singular or plural, as context requires. IN WITNESS WHEREOF, Grantor has caused these presents to be executed the date and year first above written. Ivy Pointe, Inc., a Florida corporation B .y(~-' Paula Davis Its: President OR: 2378 PG: 0880 STATE OF FLORIDA COUNTY OF COLLIER The foregoing Utility Facilities Warranty Deed was acknowledged before me by Paula Davis, as President of Ivy Pointe, Inc., a Florida corporation, who is personally known to me or who has produced identification. WITNESS my hand and official seal this c~ day of ~x6~AZk2~-~ , 1997. (affix notarial seal) Print Na~e My Commission Expires: This Instrument Prepared By: C. Perry Peeples, Esq. Annis, Mitchell, Cockey, Edwards & Roehn 8889 Pelican Bay Blvd., Suite 300 Naples, Florida 34108 (941) 597-7088 -2- *** OR: 2378 PG: 0881 *** Tract A as shown on the Plat of Ivy Pointe, recorded in Plat Book 28, Page 33, Public Records of Collier County, Florida. OWNER'S AFFIDAVIT STATE OF FLORIDA COUNTY OF COLLIER On this ~ day of ~o.~tS~ ,1997, before me personally appeared Paula Davis, as President of Ivy Pointe, Inc., a Florida corporation, owner of property, to me personally known (hereinafter "Affiant"), who, being duly sworn on her oath, did say that all of the persons, firms, and corporations, including the general contractor and all subcontractors, who have furnished services, labor or materials according to plans and specifications, or extra items, used in the construction or repair of water and sewer utility facilities on the real estate hereinafter described, have been paid in full and that such work has been fully completed and accepted by the owner. Affiam further says that no claims have been made to the Owner by, nor is any suit now pending on behalf of, any contractor, subcontractor, laborer or materialman, and further that no chattel mortgages or conditional bills of sale have been given or are now outstanding as to the subject utility facilities placed upon or installed in the aforesaid premises. Affiant further says that the mility facilities described herein are encumbered by, or subject to a Mortgage, Security Agreemem and Assignmem of Rems by and between Ivy Poime, Inc., a Florida corporation, as Mortgagor, and Comerica Bank, a Michigan corporation, as Mortgagee, recorded in O.R. Book 2268, Page 1288; Assignmem of Comracts, Licenses, Permits, etc., by and between Ivy Pointe, Inc., a Florida corporation, as Borrower, and Comerica Bank, a Michigan corporation, as Lender, recorded in O.R. Book 2268, Page 1318; UCC-1 Financing Statemem by and between Ivy Pointe, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, recorded in O.R Book 2268, Page 1323; all of the Public Records of Collier County, Florida; and UCC-1 Financing Statemem by and between Ivy Poime, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, filed with the Florida Secretary of State, Number 970000016914. Affiant, as and on behalf of the owner of the subject utility facilities, does for valuable consideration hereby agree and guarantee, to hold the Board of County Commissioners of Collier County, Florida, as the governing body of Collier County and as Ex-Officio the Governing Board of the Collier County Water-Sewer District harmless against any lien, claim or suit by any general contractor, subcontractor, mechanic or materialman, and against chattel mortgages, security interests or repair of the subject utility facilities. Affiant is used as singular or plural, as the context requires. The utility facilities referred to herein are located within the real property described in the attached Exhibit "A". IVY POINTE, INC., a Florida corporation Paula Davis Its: President [CORPORATE SEAL] STATE OF FLORIDA COUNTY OF COLLIER The foregoing Owner's Affidavit was sworn to and subscribed before me by Paula Davis, as President of Ivy Pointe, Inc., a Florida corporation, who is personally kn_ow_._n to me~ or who has produced as identification. WITNESS my hand and official seal this ~ day of ~ 1 a (%~ ~ ~4( , 1997. (affi~ Print Name) My Commission Expires: 03/2 7//zoc~l This Instrument Prepared By: C. Perry Peeples, Esq. ANNIS, MITCHELL, COCKEY, EDWARDS & ROEHN, P.A. 8889 Pelican Bay Boulevard Suite 300 Naples, FL 34108 (941) 597-7088 -2- EXHIBIT "A" Tract A as shown on the Plat of Ivy Pointe, recorded in Plat Book :28, Page 33, Public Records of Collier County, Florida. ATTORNEY'S AFFIDAVIT STATE OF FLORIDA ) COUNTY OF COLLIER ) On this ! t.,[ ~ay of /~ xo~ u 3'~ , 1997, before me personally appeared C. Perry Peeples, a licensed attorney authori/ed to practice in the State of Florida, to me personally known, whose current business address and telephone number is Annis, Mitchell, Cockey, Edwards & Roehn, P.A., 8889 Pelican Bay Blvd., Suite 300, Naples, Florida 34108, (941) 597-7088, (hereinafter "Affiant"), who, being duly sworn on his oath, does say: 1. This Affidavit is given as an inducement to the Board of County Commissioners of Collier County, Florida as the governing body of Collier County and as Ex-Officio the Governing Board of the Collier County Water-Sewer District to accept the dedication or conveyance of water and sewer utility facilities located within or upon the real property described in the attached Exhibit "A", which is incorporated herein by reference, said land being located in Collier County, Florida. 2. The Affiant has examined record title information to both the real and personal property referenced in this affidavit, including but not limited to, information requested from the Florida Secretary of State relative to any Uniform Commercial Code financing statements. 3. The record owner of the real and personal property described herein is Ivy Pointe, Inc., a Florida corporation (hereinafter "Owner"). The Owner acquired record title to the subject real property by instrument recorded at Official Records Book 2268, at Page 1286, Public Records, Collier County, Florida (copy attached). 4. Affiant has examined corporate information obtained from the Secretary of State. The Owner is current and active within said State, and is currently authorized to do business in the State of Florida. Paula Davis as President is authorized to execute the instruments on behalf of the corporation in conjunction with the conveyance of the subject real and personal property. 5. The subject real and personal property is encumbered of record, or is the subject of financing statements filed in the Public Records of Collier County, Florida, or the Office of the Secretary of State as follows: Mortgage, Security Agreement and Assignment of Rents by and between Ivy Pointe, Inc., a Florida corporation, as Mortgagor, and Comerica Bank, a Michigan corporation, as Mortgagee, recorded in O.R. Book 2268, Page 1288; Assignment of Contracts, Licenses, Permits, etc., by and between Ivy Pointe, Inc., a Florida corporation, as Borrower, and Comerica Bank, a Michigan corporation, as Lender, recorded in O.R. Book 2268, Page 1318; UCC-1 Financing Statement by and between Ivy Pointe, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, recorded in O.R Book 2268, Page 1323; all of the Public Records of Collier County, Florida; and UCC-1 Financing Statement by and between Ivy Pointe, Inc., a Florida corporation, as Debtor, and Comerica Bank, a Michigan corporation, as Secured Party, filed with the Florida Secretary of State, Number 970000016914. (copies attached). o and current as of the date this Affidavit is given. Affiant further states that the information comained in this Affidavit is tree, correct C. PE~ PEEPLES STATE OF FLORIDA COUNTY OF COLLIER The foregoing Attorney's Affidavit was sworn to and subscribed before me by C. Perry Peeples, who is personally known to me. WITNESS my hand and official seal this /~-~ day of ~ , 1997. (affix notarial seal) IJ~ LEANNE MARIE FARMOSA ~ MyComm Expi~e~;:~pl 5, ~ Na. CC 388397 I~o~ Public (Print Name) My Commission Expires: This Instrument Prepared By: C. Perry Peeples, Esq. Annis, Mitchell, Cockey, Edwards & Roehn, P.A. 8889 Pelican Bay Blvd., Suite 300 Naples, Florida 34108 (941) 597-7088 EXHIBIT "A" Tract A as shown on the Plat o£Ivy Pointe, recorded in Plat Book 2g, Page 33, Public Records o£ Collier County, Florida. Tsx Polio No. 66679461726 and should be returned to: Vivien N. H~stings, Egl, WCI Communitle~ Limited Parmership - 801 Laurel Onk Drive, Suite Nnples, FL 34108 2134703-0R:' 2268 PG: 1286 IDCOIIID in OL~IClAL II(OlDS of COLLIII COUIH, FL 01/02/97 et 04:S3PI( DWIGHT I. BROCK, CLIll COIS 3200000.00 IlC ?11 10.50 DOC-,70 22400.00 letn: ilO[If #ITCIILLBTAL 8889 PBLICAN BAY BLVD J300 BAPLIS FL 34108 above this line for record!n~ d_~!~) . WARRANTY DRRn THIS WARRANTY DEED, made the c~ ~ day of December, 1996, by WCl COMMUN][T~S LIMITED PARTNERSHIP, a 'Delaware limited partnership, whose post office address is 801 Laurel Oak Drive, Suite 500, Naples, Florida 34108, ("Grantor"), to Ivy Pointe, Inc., a Florida corporation, whose post office address is 9501 North Tamiami Trail, Suite 202, Naples, Florida 34108, ("Grantee"): (Wherever used herein, the terms "Grantor" and "Grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations) WITNF.~ETH: That the Grantor, for and in consideration of the sum of $10.00--and other valuable considerations, receipt, of which is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee, all that cenain land situate in Collier County, Florida, viz: Parcel "K", Pelknn Marsh Unit Eight Replat, according to the plat thereof recorded in Plat Book 27, Pages 42 through 44, inclusive, of the Public Records of Collier County, Florida. TO~ETItER with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD, the same in fee simple forever. SUB, IF. CT to the following: (a) Taxes and assessments for 1997 and subsequent years; (b) That certain DECLARATION OF GENERAL COVENANTS, CONDITIONS AND RESTRICTIONS FOR PELICAN MARSH recorded in OR Book 1891, pages 1814 through 1865, inclusive, of the Public Records of Collier County, Florida, as amended; (c) That certain DECLARATION OF NEIGHBORHOOD CGVENANTS, CONDITIONS AND RES~ONS FOR PARCEL K, PELICAN MARSH RI]PLAT, to be recorded simultaneously herewith; (d) Applicable comprehensive plans, or elements or portions hereof, land development regulations including zoning and subdivision ordinances, development orders, Pelican Marsh DRI Development Order 95-1 adopted by the Board of County Commissioners of Collier County, Florida pursuant to Resolution No. 95-71 dated January 24, 1995, development permits and other regulations and conditions of all governmental agencies concerning the Property; 1 Covem~, conditions,, restrictions, easements, limitations and reservations of record. (f) The Property lies within the Pelican Marsh Community. Grantee is hereby notified that (1) the Property Grantee is purchasing is located within a hurricane vulnerability zone; (2) the hurricane evacuation time for the Southwest Florida Region is high; and (3) hurricane shelter space is limited. Grantee is required to include this notification in any subsequent deeds conveying a portion or all of the Property. The Grantor hereby covenants with said Grantee that the Grantor is lawfully seized of said land in fee simple; that it has good fight and lawful authority to sell and convey said land; that the Grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever. IN WITNESS WIIEREOF, the Grantor has signed and sealed these presents the day and year first above written. Signed, Sealed and Delivered i~ence off ~ a Dela~ Wimps Name: [J~_F:~ t[.~tT~U_.f ~ Witnezs/lqame: L)I I? &tl)i~ J .TLt~LK_f.,, WCI COMMUNITIES LIMITED PARTNERSHIP ~~~. ~ partnership chmoyer ~e~lio'r Vice President * F.,xec~ed lmrmmnt to a~&orlty ~-anted in tlmt certain Certificate/Power of Attorney recorded at O.R. Book 2234, PUg~ 0651, of the Public Records of Collier County, Florida. STATE OF FLORIDA COUNTY OF COLLIER I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared Jerry H. Schmoyer, well-known to me to be a Senior Vice President, of the partnership named as Grantor in the foregoing deed and that he acknowledged executing the same in the presence of two subscribing witnesses, freely and voluntarily under authority duly vested in him by said partnership. He is personally known to me. WITNESS my hand and official seal in the County and State last aforesaid this December, 1996. [SEAL] ~'~day of Notary .Public \. My Co~. Expir~: -~' - 2 Prepared By: Warren J. Kozlow, Esq. WARREN J. KOZLOW, P.A. 7000 West Palmetto Park Rd. Suite 400 Boca Raton, Florida 33433 RETURN TO: 2134704 OR: 2268 PG: 1288 RB(:OIDID in OIIlClAL IICOIDS of COLLIII COUld, IL 01/02/S7 at 04:52L, H DWIGHT I. BROC[, CLIH OBLD OBLI 5700000.0 D0C-.35 1S950.0 IHT-.002 11400.0 aetn: IIflIY~r~ilL'L*TL'AL 8889 PBLICAI BAY BLVD #300 eAPLIS FL 34108 Bruce G. Fedor, Esq. ANNIS, MITCHELL, COCKEY, EDWARDS & ROEHN, P.A. 8889 Pelican Bay Blvd., Suite 300 Naples, Florida 341'08 MORTGAGE, SECURITY AGI~_~M~NT an~ ASSIGNMENT OF RENTS THIS MORTGAGE, SECURITY AGREEMENT and ASSIGNMENT OF RENTS ("Mortgage") is executed by IVY POINTE, INC., a Florida corporation ("Mortgagor"), whose address is 9051 Tamiami Trail North, Suite 202, Naples, Florida 33963, to COMERICA BANK, a Michigan corporation ("Mortgagee"), whose address is 500 Woodward Avenue, 7th Floor, MC-3255, Detroit, Michigan 48226. WI TNESSETH: WHEREAS, Mortgagor has executed and delivered to Mortgagee that certain Land Loan Promissory Note ("Land Loan Note"), dated on or about the date hereof, in the amount of THREE MILLION FOUR HUNDRED EIGHTY THOUSAND and NO/100 ($3,480,000.00) DOLLARS, with interest thereon, and that certain Construction Loan Promissory Note ("Construction Loan Note"), dated on or about the date hereof, in the amount of TWO MILLION TWO HUNDRED TWENTY THOUSAND and NO/100 ($2,220,000.00) DOLLARS, with interest thereon, copies of which are attached hereto and made a part hereof as EXHIBITS "A" & "B", respectively (the Land Loan Note and the Construction Loan Note are hereinafter referred to, individually and collectively, as the "Notes"). NOW, THEREFORE, for good and valuable consideration, and to secure, on a pari passu basis, the payment of the amounts set forth in the Notes, or so much thereof as may be advanced, together with interest thereon and all other sums of money advanced or due thereunder, and to secure the payment and performance by Mortgagor of that certain Loan Agreement ("Loan Agreement"), dated on or about the date hereof, by and between Mortgagor, as "Borrower" and Mortgagee, as "Lender", and to secure the payment and performance by Mortgagor of that certain Assignment of Contracts, Licenses, Permits, Etc. ("Assignment"), dated on or about the date hereof, by Mortgagor to Mortgagee (the Notes, this Mortgage, the Loan Agreement, the Assignment and all other agreements and documents referenced therein and/or executed in accordance therewith, in the past, now or in the future, are sometimes hereinafter collectively referred to as the "Loan Documents", and individually as a "Loan Document"), and to further secure the payment and performance by Mortgagor under all other Loan Documents, Mortgagor does grant, bargain, sell, alien, remise, release, convey, mortgage and confirm unto Mortgagee, in fee simple, the following described property located in the City of Naples, Collier County, Florida, together with the buildings and improvements thereon erected or to be erected thereon (collectively, the "Premises"): See EXHIBIT "C", attached hereto and made a part hereof; TO~ETHER WITH the following property rights: (a) Ail right, title and interest of Mortgagor in and to all leases or subleases covering the Premises or any portion thereof, now or hereafter existing or entered into, and all right, title and interest of Mortgagor thereunder, including, without limitation, all cash or security deposits, advance rentals and deposits or payments of a similar nature; (b) Ail right, title and interest of Mortgagor in and to all agreements or options to sell, purchase or lease the Premises or any portion thereof or interest therein, including, without limitation, all deposits and other sums thereunder; (c) Ail interests, estate or other claims, both in law and equity, which Mortgagor now has or may hereafter acquire in the Premises; (d) Ail easements, rights-of-way and rights used in connection therewith or as a means of access thereto, and all tenements, hereditaments and appurtenances thereof and thereto, all right, title and interest of Mortgagor in and to any streets and roads abutting said Premises, and in and to any strips or gores of land therein, all water, sanitary and storm systems that are now or hereafter located on or adjacent to the Premises, and all gas, oil, mineral and timber rights and riparian and littoral rights pertaining to the Premises; (e) All machinery, apparatus, equipment, fittings, fixtures and articles of personal property of every kind and nature whatsoever, now owned or hereafter owned by Mortgagor and which are now or will hereafter be located in or upon the Premises, or any part thereof, and used or usable in connection with the use and operation of buildings or for use in any construction being conducted on the Premises, it being understood and agreed that all such items are part and parcel of the Premises and appropriated to the use thereof, and, whether affixed or annexed to the Premises or not, shall for the purposes of this Mortgage be deemed conclusively to be real estate and mortgaged hereby; and Mortgagor agrees to execute and deliver, from time to time, such further instruments as may be requested by Mortgagee to confirm the lien of this Mortgage on any such items; (f) All awards and proceeds to which Mortgagor is entitled by virtue of any taking of all or any part of the Premises by condemnation or the exercise of the right of eminent domain, the alteration of the grade of any street, or any other taking; (g) Ail rents, issues and profits of the Premises and all estate, right, title and interest of every nature whatsoever of Mortgagor in and to the same. The Premises and all property rights described in (a) through (g) above are sometimes hereinafter collectively referred to as the "Property... TO HAVE AND 'TO HOLD all and singular the Property hereby conveyed, the tenements, hereditaments and appurtenances thereunto belonging or in any way appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all estate, right, title, interest, property, possession, claim and demand whatsoever as well in law, as in equity of Mortgagor in and to the same and every part and parcel thereof unto Mortgagee in fee simple. 2 PROVIDED, HOWEVER, that if Mortgagor shall pay Mortgagee the sums specified .in the Notes and all other sums Secured by this Mortgage, at the times and in the manner required, all without deduction, setoff or credit, and shall also timely perform, comply with and observe all the terms and conditions of this Mortgage, the Notes and the other Loan Documents, and any renewals, extensions, consolidations or modifications thereof, then the estate hereby created shall cease and be null and void, but shall otherwise remain in full force and effect. Mortgagor covenants with and warrants to Mortgagee: (a) that Mortgagor has good and marketable title to the Property, is indefeasibly and lawfully seised and possessed of the Property in fee simple and has the lawful right to sell, mortgage and convey the same; (b) that the Property is unencumbered except for any matters listed in a schedule of exceptions to coverage in the title insurance policy insuring the lien of this Mortgage; and (c) that Mortgagor shall forever warrant and defend the Property unto Mortgagee, and the validity and priority of the lien of this Mortgage, against the lawful claims and demands of all persons whomsoever. Mortgagor further covenants and agrees with Mortgagee as follows: 1. Payment and Performance. Mortgagor shall pay all sums due Mortgagee at the time and in the manner provided in the Notes and in the other Loan Documents, without deduction or setoff, in lawful money of the United States of America, and Mortgagor shall otherwise perform, comply with and abide by each and every one of the terms, provisions and conditions contained in the Loan Documents. 2. Taxes, Assessments and Charges. Mortgagor shall pay all taxes, assessments (whether general or special) and all other charges whatsoever levied, assessed, placed or made against all or any part of the Property or any interest of Mortgagor or Mortgagee therein, or against any Loan Document or any obligation thereunder. Mortgagor shall make such payment in full (and shall deliver to Mortgagee the paid receipts) not later than Thirty (30) days before the last day upon which the same may be paid without the imposition of interest (except interest on special assessments payable by law in installments, in which case Mortgagor shall pay each such installment when due) or other late charge or penalty. If Mortgagor shall fail, neglect or refuse to pay any such taxes, assessments or other charges as aforesaid, then Mortgagee at its option may pay the same, and any funds so advanced by Mortgagee shall bear interest, shall be paid and shall be secured as provided in Section 15 hereof (hereinafter, the "Advance Provision"). 3. Liens. Mortgagor shall not permit any liens, encumbrances, mechanics' or construction, laborers', statutory or other liens or charges upon the Property or any part thereof, and shall pay and promptly discharge, at Mortgagor's cost and expense, all such liens, encumbrances and charges upon the Property or any part thereof or interest therein. Mortgagor shall have the right to contest in good faith the validity of any such lien, encumbrance or charge, provided Mortgagor shall first deposit acceptable security with a court of competent jurisdiction sufficient to eliminate the lien as a lien upon the Property. If Mortgagor shall fail to transfer the lien to a bond or otherwise discharge any such lien, encumbrance or charge, then, in addition to any other right or remedy of Mortgagee, Mortgagee may, but is not obligated to, discharge same, either by paying the amount claimed to be due or by procuring the discharge of such lien by depositing in court a bond or otherwise giving security for such claim, or in such manner as is or may be prescribed by law. Any such p~yment or deposit by Mortgagee shall .be subject to the Advance ProvisiOn. 4. Insurance. Mortgagor, at Mortgagor's sole cost and expense, at all times, must obtain and maintain in full force and effect all insurance coverages required by this Mortgage and the Loan Agreement, which insurance policies and coverages shall be in the amounts and otherwise meet all requirements of this Mortgage and the Loan Agreement, including, without limitation, the following: (a) Mortgagor shall maintain builder's risk insurance with a reputable and highly rated insurance company or companies licensed in Florida and reasonably acceptable to Mortgagee, covering all improvements, equipment and tangible personal property now or hereafter located on the Property, in an amount not less than their full insurable value on a One Hundred (100%) Percent replacement cost basis, without contribution or coinsurance, for the benefit of Mortgagor and Mortgagee as their interests may appear, by policies on such terms, in such form and for such periods as Mortgagee shall require or approve from time to time, insuring with extended coverage and broad form coverage against loss or damage by fire, flood, casualty, and such other insurable risks as may from time to time be required by Mortgagee. Mortgagor shall assign and deliver to Mortgagee all policies of insurance which insure against any loss or damage to the Property or any part thereof, as collateral and further security for the payment and performance of this Mortgage, the Notes and the other Loan Documents, with loss payable to Mortgagee pursuant to a standard mortgagee clause acceptable to Mortgagee. Mortgagor shall give Mortgagee written notice of any loss or damage to the Property or any part thereof within Seventy- Two (72) Hours after the occurrence of such event, and shall not adjust or settle any such loss or damage without Mortgagee's prior written consent, which consent shall not be unreasonably withheld. In the event of such loss or damage, all proceeds of insurance shall be payable to Mortgagee, and Mortgagor hereby authorizes and directs any affected insurance company to make payment of such proceeds directly to Mortgagee. Mortgagee is hereby authorized and empowered by Mortgagor to settle, adjust or compromise any claims for loss, damage or destruction under any policy or policies of insurance. Mortgagor hereby irrevocably appoints Mortgagee its attorney-in-fact coupled with an interest with the power and authority to endorse any checks, drafts or other instruments representing any proceeds of such insurance, whether payable by reason of loss thereunder or otherwise. If any insurance proceeds are received for loss or damage to the Property, then Mortgagee at its option may retain such proceeds, or any portion thereof, and apply them toward payments due under this Mortgage, the Notes and/or the other Loan Documents (in any order of priority Mortgagee may deem appropriate in its sole discretion), or Mortgagee may disburse such proceeds, or any portion thereof, to Mortgagor for the repair or restoration of the damaged Property or any part thereof in a similar manner as disbursements under a construction loan, in which event, Mortgagee shall not be obligated to see to the proper application by Mortgagor of any such disbursements. Except to the extent that insurance proceeds are received by Mortgagee and applied to the indebtedness secured hereby, nothing herein contained shall be deemed to excuse Mortgagor from repairing and/or maintaining the Property as provided in this Mortgage or restoring all damage or destruction to the Property, regardless of whether there are insurance proceeds .4 available or whether any such proceeds are sufficient in amount, and the application or release by Mortgagee of any insurance proceeds shall not cure or waive any default under this Mortgage. (b) Mortgagor shall obtain and carry general comprehensive liability insurance with a reputable and highly rated insurance company or companies licensed in Florida and reasonably acceptable to Mortgagee, which policy shall name both Mortgagor and Mortgagee as insureds, with initial limits of not less than One Million ($1,000,000.00) Dollars as to personal injury or death, and Five Hundred Thousand ($500,000.00) Dollars with respect to property damage (or such greater or different limits which Mortgagee may require from time to time in its sole discretion) and on such terms, in such form and for such periods as Mortgagee shall approve from time to time. (c) If the Property or any part thereof is designated as a flood prone or flood risk area under the Flood Disaster Protection Act of 1973, as amended or supplemented, then Mortgagor shall obtain flood insurance in an amount not less than the replacement cost of the improvements to be constructed on the Property. (d) Mortgagor shall also obtain and maintain such other insurance in such amounts as Mortgagee may reasonably require from time to time. Mortgagor may also obtain any other insurance not required pursuant to this Mortgage or the Loan Agreement, but any such insurance affecting the Property shall be for the mutual benefit of Mortgagor and Mortgagee, and shall be subject to the other applicable provisions of this Mortgage and the Loan Agreement. (e) Mortgagor shall deliver to Mortgagee all policies required hereunder and under the Loan Agreement, with evidence of payment satisfactory to Mortgagee, before any amounts are required to be advanced under the Notes, and not less than Thirty (30) days prior to the expiration date of each policy required under this Mortgage and under the Loan Agreement, Mortgagor shall deliver to Mortgagee renewal policies with evidence of payment satisfactory to Mortgagee. All insurance policies shall contain a provision that such policies shall not be canceled or materially amended (which shall include, without limitation, any reduction in the scope or limits of coverage) without at least Thirty (30) days prior written notice to Mortgagee. (f) If Mortgagor fails to maintain any required insurance in force, then Mortgagee at its option may obtain such insurance and pay the premiums therefor, and any such sums advanced by Mortgagee shall be subject to the Advance Provision. (g) Upon any default by Mortgagor under this Mortgage, the Notes or any other Loan Document, all right, title and interest of Mortgagor in and to all such insurance policies then in force, including, without limitation, any and all unearned premiums and existing claims, will pass to Mortgagee, which, at its option, and as attorney-in-fact for Mortgagor, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee may elect in its sole discretion. The foregoing appointment of Mortgagee as attorney-in-fact for Mortgagor is coupled with an interest, and irrevocable. Notwithstanding the occurrence of any casualty or the availability of any insurance proceeds, Mortgagor shall pay the amounts due under this Mortgage, the Notes and the other Loan Documents in the manner and at the times required therein. (h) In the event of a foreclosure of this Mortgage or other transfer of title or assignment of the Property in extinguishment, in whole or in part, of the debt secured hereby, all right, title and interest of Mortgagor in and to all policies of insurance (including, without limitation, any right to unearned premiums) required or permitted by this Section shall inure to the benefit of and pass to the successor in interest to Mortgagor or the purchaser or grantee of the Property. (i) Notwithstanding the occurrence of any casualty or the availability of any insurance proceeds, Mortgagor shall pay the amounts due under this Mortgage, the Notes and the other Loan Documents in the manner and at the times required therein. 5. Escrow Account. At any time after a default by Mortgagor hereunder, under the Notes or any under any other Loan Document, at Mortgagee's option and immediately upon Mortgagee's request, Mortgagor shall pay to Mortgagee, together with and in addition to each regular installment of principal and/or interest payable under the Notes, an amount deemed sufficient by Mortgagee to provide Mortgagee with funds in an escrow account sufficient to pay the taxes, assessments, insurance premiums and other charges next due at least Thirty (30) days before the date the same are due. Mortgagee shall not be liable for any interest on any such funds held in the escrow account, and Mortgagee may co-mingle such funds with other funds held by Mortgagee. At least Thirty (30) days before the date the same are due, Mortgagor shall furnish to Mortgagee an official statement of the amount of said taxes, assessments, insurance premiums and other charges, and Mortgagee shall pay the same, but only if sufficient funds remain in the escrow account. In the event of any deficiency in the escrow account, Mortgagor shall upon notice from Mortgagee immediately deposit with Mortgagee such additional funds as Mortgagee may deem necessary to cure the deficiency, in its sole discretion. If Mortgagee elects to pay any such taxes, assessments, insurance premiums or other charges notwithstanding the escrow account deficiency, then all sums advanced by Mortgagee in excess of the escrow account balance shall be subject to the Advance Provision. An official receipt for such sums shall be conclusive evidence of Mortgagee's payment and of the validity of the tax, assessment, insurance premium or other charge so paid. In the event of any default under this Mortgage, the Notes or any other Loan Document, Mortgagee, at its option, may apply any or all funds in the escrow account against any other sums due under this Mortgage, the Notes or any other Loan Document, in any order of priority as Mortgagee may deem appropriate, in its sole discretion. Upon payment in full of the Notes and any other amounts due under the Loan Documents, the funds remaining in the escrow account (if any) shall be paid to the record owner of the Property encumbered by this Mortgage as of the date of such full payment. 6. Maintenance and Repair. Mortgagor shall do everything necessary to maintain the Property in good condition and repair, shall operate the Property in a first-class manner, shall not commit or suffer any waste, impairment, abandonment or deterioration of the Property, shall promptly pay all utility fees for services provided to the Property; and shall comply with (or cause compliance with) all applicable restrictive covenants and all statutes, ordinances and requirements of any governmental authorities having jurisdiction over the Property or the use thereof. If Mortgagor shall fail, neglect or refuse to repair or maintain the Property as aforesaid, then Mortgagee may, at its option, undertake such repairs or maintenance, and any funds advanced therefor by Mortgagee shall be subject' to the Advance Provision. 7. Security Agreemene. This Mortgage is a "security agreement" and creates a "security interest" in favor of Mortgagee as a "secured party" with respect to all property included in or on, or relating to, in any manner whatsoever, the Property, which is covered by the Uniform Commercial Code as adopted by the State of Florida, as it may hereafter be modified, amended or substituted ("UCC"). Mortgagor hereby grants unto Mortgagee a security interest in and to all of the property (collectively, the "Collateral") described in this Mortgage, the Assignment and the Financing Statements filed with the Florida Secretary of State and with the Clerk of the Circuit Court of Collier County, Florida on or about the date hereof, and any renewals, extensions or replacements thereof (collectively, the "Financing Statements"). Mortgagee shall have all rights with respect to such Collateral which is subject to the security interest afforded by the UCC in addition to, and not in limitation of, the other rights afforded Mortgagee hereunder. Upon default under this Mortgage or any other Loan Document, Mortgagee may, at its option, pursue any and all rights and~remedies available to a secured party with respect to any portion of the Collateral so covered by the UCC, or Mortgagee may, at its option, proceed as to all or any part of the Property in accordance with Mortgagee's rights and remedies in respect of real property. Mortgagor and Mortgagee agree that the mention of any portion of the Property in the Financing Statement filed in the records normally pertaining to personal property shall not derogate from or impair in any way their declared intention that all items of Collateral described in this Mortgage, the Assignment and the Financing Statements are part of the real estate encumbered hereby to the fullest extent permitted by law, regardless of whether any such item is physically attached to the improvements or whether serial numbers are used for the better identification of certain items of equipment. Specifically, the mention in any such Financing Statement of (a) the rights in or to the proceeds of any insurance policy, (b) any award in eminent domain proceedings for a taking or for loss of value, (c) Mortgagor's interest as lessor in any present or future lease or right to income growing out of the use or occupancy of the Property, or any part thereof, whether pursuant to lease or otherwise, or (d) any other item included in the definition of the Collateral, shall never be construed to alter any of the rights of Mortgagee as determined by this Mortgage or to impugn the priority of Mortgagee's lien and security interest with respect to the Property; such mention in a Financing Statement is declared to be for the protection of Mortgagee in the event any court shall hold that notice of Mortgagee's priority of interest with respect to any such portion of the Collateral must be filed in the UCC records in order to be effective against or to take priority over any particular class of persons, including, without limitation, the federal government and any subdivision or instrumentality of the federal government. This Mortgage or a copy hereof, or any Financing Statement, shall be sufficient as a financing statement under the UCC. Mortgagor agrees to make, execute and deliver to Mortgagee, in form and content satisfactory to Mortgagee, such financing statements and further assurances as Mortgagee may, from time to time, consider necessary to create, protect or preserve Mortgagee's security interest, and Mortgagor agrees to pay the cost of filing and/or recording same in all public offices where necessary or where required by Mortgagee. 8. Assiqnment of Ren%s. As further security for the repayment of the Notes and the payment and performance of Mortgagor's other obligations under the Loan Documents, Mortgagor hereby assigns and transfers to Mortgagee all rents, leases, subleases, issues, proceeds and profits (collectively, the "Assigned Rents") of the Property, and all right, title and interest of Mortgagor in and under the Assigned Rents, and any extensions and.renewals thereof, now or hereafter affecting the ~roperty. Although Mortgagor and Mortgagee intend that this Instrument shall be a present assignment, it is agreed that as long as no default shall exist under the Notes, this Mortgage or any other Loan Document, Mortgagor may collect Assigned Rents for not more than each current month in advance, but upon the occurrence of any such default, or at any time during its continuance, all right of Mortgagor to collect or receive Assigned Rents shall wholly terminate upon written notice from Mortgagee. Mortgagor agrees to execute any additional document(s) or instrument(s) as Mortgagee may require in furtherance of the terms hereof, within Five (5) days after any request by Mortgagee. Any subsequent assignment of the Assigned Re,ts to any party other than Mortgagee shall, at all times, be inferior and subordinate to the assignment granted hereby and to the rights of Mortgagee herein, provided, however, that no such subsequent assignment of the Assigned Rents shall be made by Mortgagor without the prior written consent of Mortgagee, which Mortgagee may give or deny in its sole discretion. Mortgagor hereby irrevocably appoints Mortgagee its true and lawful attorney-in-fact, at the option of Mortgagee, at any time and from time to time, to demand, receive and enforce payment, give receipts, releases and satisfactions, and to sue, in the name of Mortgagor or Mortgagee, for all such Assigned Rents. Mortgagor, however, shall have the right to collect such Assigned Rents (but not more than One [1] month in advance) unless Mortgagor is in default hereunder, under the Notes or under any other Loan Document. This sslgnment of the Assigned Rents is intended to be a ' an absolute assignment, not merely the passing of a security interest. If required by Mortgagee, Mortgagor will specifically assign to Mortgagee all such leases whether now existing or hereafter created. Upon any default under this Mortgage or any other Loan Document, Mortgagee may, at any time, without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of the Property, or any part thereof, and Mortgagee. may, in its own name, sue for or otherwise collect such Assigned Rents, including, without less the costs and expenses of operation and collection apply same, limitation, past due and unpaid Assigned Rents, a~d (including, without limitation, attorneys, fees), upon any indebtedness secured hereby and in such order as Mortgagee may determine, in its sole discretion. The collection of such Assigned Rents, or the entering upon and taking possession of the Property, or any part thereof, or the application thereof as aforesaid, shall not cure or waive any such default or invalidate any act done in response to such default. In addition (and not as an election of remedies), upon the occurrence of any such default, Mortgagee may apply for a court order requiring Mortgagor to deposit all Assigned Rents into the court registry pursuant to Florida Statute Section 697.07, as amended. Mortgagor hereby consents to entry of such an order upon the sworn ex parte motion of Mortgagee that such a default has occurred. Mortgagor shall comply with and observe its obligations as landlord under all leases or subleases affecting the Property or any part thereof, whether now in existence or entered into in the future. Mortgagor shall, if requested, furnish Mortgagee with executed copies of all leases and subleases now or hereafter created on the Property, or any part thereof, and all such leases and subleases must be in form and substance acceptable to Mortgagee. Mortgagor shall not modify, surrender or terminate, either orally or in writing, any lease or sublease now existing or hereafter created upon the Property, or any part thereof, and Mortgagor shall not permit an assignment or sublease thereof without the prior written consent of Mortgagee, which consent shall not be unreasonably withheld. 9. Further Encumbrances. Mortgagor shall not grant any other lien, lease or mortgage on all or any part of the Property or any interest therein, nor make any further assignment of the Assigned Rents of the Property without the prior written consent of Mortgagee, which Mortgagee may give or deny in its sole discretion; any such unpermitted lien or mortgage or assignment by Mortgagor shall entitle Mortgagee to declare all amounts due under the Notes and other Loan Documents immediately due ~and payable and to foreclose this Mortgage. Any such other lien or mortgage or assignment shall be junior to this Mortgage, and shall be subject to all renewals, extensions, modifications, releases, interest rate increases, future advances, changes or exchanges permitted by this Mortgage, all without the joinder or consent of such junior lien holder or mortgagee or assignee and without any obligation on Mortgagee's part to give notice of any kind thereto. Mortgagor shall maintain in good standing any other mortgage or encumbrance to secure debt affecting any part of the Property from time to time, and shall not commit or permit or suffer to occur any default thereunder, nor shall Mortgagor accept any future advance under or modify the terms of any such mortgage or encumbrance which may then be superior to the lien of this Mortgage; any default under any such mortgage or encumbrance shall be a default hereunder. Except for encumbrances permitted by Mortgagee, Mortgagor shall not commit or permit or suffer to occur any act or omission whereby any of the security represented by this Mortgage shall be impaired or threatened, or whereby any of the Property or any interest therein shall become subject to any attachment, judgment, lien, charge or other encumbrance whatsoever, and Mortgagor shall immediately cause any such attachment, judgment, lien, charge or other encumbrance to be discharged or otherwise bonded or transferred to other security. Mortgagor shall not directly or indirectly do anything or take any action which might prejudice any of the right, title or interest of Mortgagee in or to any of the Property or impose or create any direct or indirect obligation or liability on the part of Mortgagee with respect to any of the Property. 10. Prohibited Transfers. It is acknowledged and agreed by Mortgagor that as part of the inducement to Mortgagee to make the loan evidenced by the Notes and secured by this Mortgage, Mortgagee has relied upon the credit-worthiness and the reliability of Mortgagor. Mortgagor shall not cause or permit or suffer to occur any of the following events without the prior written consent of Mortgagee, which Mortgagee may give or deny in its sole discretion, and if any of the same shall occur without such consent, then Mortgagee shall have the right, without limitation, to declare all amounts due under the Notes and other Loan Documents immediately due and payable and to foreclose this Mortgage: (i) if all or any part of the legal or equitable or beneficial title to all or any part of the Property or any interest therein shall in any manner whatsoever be sold, conveyed, leased, transferred or further encumbered, either voluntarily or by operation of law, except for: (a) the sale and conveyance of single family homes to third party purchasers pursuant to contracts in form approved by Mortgagee in accordance with the Loan Agreement, and (b) any conveyance allowed under Section 31 hereof; or (ii) in the case of any part of the Property directly or indirectly owned by a corporation, limited or general partnership, joint venture, trust or other business entity, if any stock or partnership interest or joint venture interest or beneficial interest in such owner shall be sold, conveyed, leased or transferred (except if between Paula J. Davis and John W. Frasco), or if such stock or partnership interest or joint venture interest or beneficial interest shall be assigned, pledged, hypothecated, mortgaged or otherwise encumbered. If any person or entity should obtain any interest in all or any part of the Property, pursuant to execution or enforcement of any lien, 9 security interest or other' right, whether superior, equal or subordinate to this Mortgage or the lien hereof, such event shall be deemed to be a transfer by Mortgagor and a default under this Mortgage and all other Loan Documents. 11. Further Assurances. From time to time and on demand, MortgAgor shall execute and deliver to Mortgagee (and pay the costs of preparing and recording, if applicable) any further instruments or documents reasonably required by Mortgagee to reaffirm, correct or perfect the lien and security interest of Mortgagee in all of the Property and all additions, replacements and proceeds, including, without limitation, mortgages, security agreements, financing statements, assignments and renewal and substitution notes. 12. Default. At Mortgagee's option, all of the principal and interest and other sums secured by this Mortgage shall immediately or at any time thereafter become due and payable without notice to Mortgagor, and Mortgagee shall immediately have all the rights accorded Mortgagee by law and hereunder to foreclose this Mortgage and otherwise to enforce this Mortgage and any other Loan Document, upon the occurrence of any one or more of the following defaults: (a) the failure of Mortgagor to pay Mortgagee any sum due under the Notes within Ten (10) days after such payment is due, (b) the failure of Mortgagor to pay Mortgagee any other amount due under any other Loan Document within Ten (10) days after such payment is due, (c) the failure of Mortgagor to pay any tax, assessment, utility charge, or other charge against the Property or any part thereof as and when required by this Mortgage, (d) any waste, impairment, abandonment, deterioration, removal, demolition, material alteration or enlargement of any existing improvements, or the commencement of construction of any new improvements, without the prior written consent of Mortgagee, (e) the failure to keep in force the policies of insurance required by this Mortgage or any other Loan Document, (f) Mortgagor's failure or refusal to provide any estoppel certificate within the time required by this Mortgage, (g) Mortgagor's recordation of any notice limiting the amount of future advances that may be secured by this Mortgage, (h) any sale, transfer (whether voluntary or by-operation of law), conveyance, lease or further encumbrance of all or any part of the Property, or any interest therein, except for: [ii the sale and conveyance of single family homes to third party purchasers pursuant to contracts in form approved by Mortgagee in accordance with the Loan Agreement, and [ii] any conveyance allowed under Section 31 hereof; or any sale, transfer (whether voluntary or by operation of law), conveyance, lease of further encumbrance of all or any part of any ownership interest in Mortgagor (except if between Paula J. Davis and John W. Frasco), or the additional assignment of all or any part of the Assigned Rents arising from the Property, (i) Mortgagor's failure to remove any involuntary lien on the Property or any part thereof within Twenty (20) days after its filing, or the filing of any suit against the Property or any part thereof upon any claim of lien other than this Mortgage (whether superior or inferior to this Mortgage), (j) Mortgagor's failure to comply within Ten (10) days with any requirement, order or notice of violation of a law, ordinance, or regulation issued or promulgated by any political subdivision or governmental department claiming jurisdiction over the Property or any operation conducted on the Property (or, if such order or notice provides a time period for compliance, Mortgagor's failure to comply within such time period), or, in the case of a curable noncompliance requiring longer than the applicable time period for its cure, Mortgagor's failure to commence to comply with said order or notice within said period or failure thereafter to pursue such cure diligently to completion, (k) the issuance of any order by the State of Florida, or any subdivision, instrumentality, administrative board or department thereof, declaring unlawful or suspending any operation conducted by Mortgagor or any "Obligor" (as hereinafter defined) on 10 the Property, (1) if any representation, warranty, affidavit, certificate or statement made or delivered to Mortgagee by or on behalf of Mortgagor, or any other person or entity liable under the Loan Documents, including, without limitation, any guarantor ("Obligor"), from time to time in connection with the Notes, this Mortgage or any other Loan Document shall prove false, incorrect or misleading in any respect deemed material by Mortgagee, (m) the death or mental or physical incapacity of any Obligor who is a natural person (provided that Mortgagee, in its sole discretion, determines that its collateral hereunder is thereby materially impaired), or the dissolution or merger or consolidation or termination of existence of Mortgagor or any Obligor, or the failure or cessation or liquidation of the business of Mortgagor or any Obligor, (n) any default by any Obligor under the Loan Documents in the payment of any indebtedness (whether direct or contingent and whether matured or accelerated) to Mortgagee or to any person whomsoever, or if Mortgagor or any Obligor shall become insolvent or unable to pay its debts as they become due, (o) the disposition or transfer or exchange of all or substantially all of Mortgagor's or any Obligor's assets for less than fair market value, or the issuance of any levy, attachment, charging order, garnishment or other process against any property of Mortgagor or any Obligor, or the filing of any lien against any such property, provided, however, that if Mortgagor or any Obligor contests in good faith the validity of any such lien, encumbrance or charge, and deposits acceptable security with a court of competent jurisdiction sufficient to eliminate the lien, encumbrance or charge as a lien upon such property within ten (10) days, then Mortgagor will not be in default hereunder, (p) if Mortgagor or any Obligor shall make an assignment for the benefit of creditors, file a petition in bankruptcy, apply to or petition any tribunal for the appointment of a custodian, receiver, intervenor or trustee for Mortgagor or such Obligor or a substantial part of Mortgagor's or such Obligor's assets, or if Mortgagor or any Obligor shall commence any proceeding under any bankruptcy, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect, or if Mortgagor or any Obligor shall by act or omission approve, consent to or acquiesce in the filing of any such petition or application against Mortgagor or such Obligor or the appointment of any such custodian, receiver, intervenor or trustee or the commencement of any such proceeding against Mortgagor or such Obligor or the entry of an order for relief with respect to Mortgagor or such Obligor, or if any such petition or application shall have been filed or proceeding commenced against Mortgagor or any Obligor which remains undismissed for Thirty (30) days or more or in which an order for relief is entered, or Mortgagor or any Obligor shall suffer any such appointment of a custodian, receiver, intervenor or trustee to continue undischarged for Thirty (30) days or more, (q) if Mortgagor or any Obligor shall have concealed, transferred, removed, or permitted to be concealed, transferred or removed, any part of Mortgagor's or such Obligor's property with intent to hinder, delay or defraud any of Mortgagor's or such Obligor's creditors, or if Mortgagor or any Obligor shall have made or suffered a transfer of any of Mortgagor's or such Obligor's properties which may be invalid under any bankruptcy, fraudulent conveyance, preference or similar law, or if Mortgagor or any Obligor shall have made any transfer of Mortgagor's or such Obligor's properties to or for the benefit of any creditor at a time when other creditors similarly situated have not been paid, (r) the existence of any uncured default under any other mortgage or encumbrance affecting any part of the Property then encumbered by this Mortgage, or Mortgagor's acceptance of any future advance under, or modification of the terms of, any such other mortgage or encumbrance which may then be superior to the lien of this Mortgage, (s) Mortgagee's election to declare the amounts due and payable under the provisions of any other Loan Document, (t) if, at any time, Mortgagee deems itself insecure for any reason 11 whatsoever, or if any change or event shall occur which in Mortgagee's sole judgment impairs any security for repayment of the Notes, increases Mortgagee's risk in connection with the repayment of the Notes, or indicates that Mortgagor or any Obligor may be unable to perform Mortgagor's or such Obligor's obligations under any Loan Document, (u) any change in the financial condition of Mortgagor or any Obligor subsequent to the date hereof, which is, in the sole discretion of Mortgagee, material and adverse, (v) any default in the observance or performance of any other covenant or agreement of Mortgagor or any Obligor in this Mortgage or any other Loan Document, the occurrence of any other event prohibited by the terms of this Mortgage or any other Loan Document, or the violation of any other provision of this Mortgage or any other Loan Document, which default continues for a period of Ten (10) days. No consent or waiver expressed or implied by Mortgagee with respect to any default under this Mortgage shall be construed as a consent or waiver with respect to any further default of the same or a different nature; and no consent or waiver shall be deemed or construed to exist by reason of any curative action initiated by Mortgagee or any other course of conduct or in any other manner whatsoever except by a writing duly executed by Mortgagee, and then only for the single occasion to which such writing is addressed. In order to declare the Notes due and payable because of Mortgagor's failure to pay any tax, assessment, insurance premium, charge, liability, obligation or encumbrance upon the Property as required by .this Mortgage, or because of any other default, Mortgagee shall not be required to pay the same or to advance funds to cure the default, notwithstanding Mortgagee's option under this Mortgage or any other Loan Document to do so; no such payment or advance by Mortgagee shall be deemed or construed as a waiver of Mortgagee's right to declare the Notes due and payable on account of such failure or other default. 13. Reme4ies. The rights and remedies of Mortgagee under this Mortgage or any other Loan Document or applicable law shall be cumulative and concurrent and may be pursued separately, successively or together against Mortgagor and/or any Obligor(s), the Property, any other collateral securing repayment of the Notes, or any one or more of the foregoing, all at the sole discretion of Mortgagee, and may be exercised as often as occasion therefor shall arise, all to the maximum extent permitted by law. Mortgagee's pursuit of any remedy shall not preclude pursuit of any other remedy until Mortgagee shall have recovered all sums due Mortgagee, together with the appropriate interest thereon and all costs of collection, including, without limitation, all attorneys' and paralegal fees and costs incurred by Mortgagee through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings. Neither Mortgagor nor anyone claiming through or under Mortgagor shall set up, claim or seek to take advantage of any appraisement, valuation, stay, moratorium, extension, exemption or redemption laws, now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this Mortgage or the sale of the Property. To the maximum extent permitted by law, Mortgagor, for itself and all who may claim through or under Mortgagor, hereby severally waive the benefit of all such laws and waive any and all rights to have the Property or any other collateral securing repayment of the Notes marshalled upon any foreclosure of this Mortgage or any other instrument securing repayment of the Notes, and hereby severally agree that the Property and any such other collateral may be sold as an entirety or in such parcels, in such manner, and in such order as Mortgagee in its sole discretion may elect. 14. Foreclosure Aqainst Part of Property. Mortgagee shall have the right to foreclose this Mortgage against all or any part of the Property, without waiving its right to subsequently foreclose against any other part or all of the remaining Property. 12 If Mortgagee elects to foreclose against only part of the Property, then this Mortgage shall remain in full force and effect as to that part of the Property not foreclosed. 15. Advances Hereunder. In the event of any default by Mortgagor of any of the terms, provisions or conditions of this Mortgage, the Notes or any other Loan Document, Mortgagee shall have the right (but in no event the obligation), at its option, to cure the default or take any other action Mortgagee deems necessary or desirable to protect its security (including, without limitation, the payment of any taxes, assessments, insurance premiums, charges, liens or encumbrances required of Mortgagor under this Mortgage or any other Loan Document), without thereby waiving any rights or remedies otherwise available to Mortgagee. If Mortgagee shall elect to advance at any time any sum(s) for the protection of its security or for any other reason permitted or provided by any of the terms of this Mortgage or any other Loan Document, then such sum(s) shall be deemed amounts due under the Notes, shall be repaid by Mortgagor on demand, shall be secured by this Mortgage and shall bear interest until paid at the highest rate allowed by applicable law, commencing on the date they are advanced by Mortgagee. Such sum(s) shall be deemed advanced under this Mortgage and secured hereby, as if advanced on the date this Mortgage was executed, and shall be superior to any right or title to, interest in, or claim upon all or any portion of the Property junior to the lien of this Mortgage. 16. Receiver. In any action to foreclose this Mortgage, or upon any other default hereunder, or upon the actual or threatened waste to any part of the Property, Mortgagee shall have the right to apply, without notice on an ex parte basis, for the appointment of a receiver of the Property and the Assigned Rents thereof, and Mortgagee shall be entitled to the appointment of such a receiver as a matter of right, without consideration of the value of the Property as security for the amounts due Mortgagee or the solvency of Mortgagor or any Obligor. To the extent permitted by law, Mortgagor hereby waives any right to object to the appointment of a receiver as aforesaid and expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to Mortgagee. 17. Fees and Expenses. Mortgagor shall pay any and all costs and expenses, including, without limitation, all attorneys' and paralegal fees and costs incurred by Mortgagee, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings, incurred by Mortgagee to sustain the lien of this Mortgage or its priority, to protect or enforce any of Mortgagee's rights under this Mortgage or under any other Loan Document, to recover any indebtedness secured hereby, to contest or collect any award or payment in connection with the taking or condemnation of all or any part of the Property, or for any title examination or abstract preparation or appraisal or title insurance policy relating to the Property, and all such sums shall be subject to the Advance Provision. 18. Indem-it¥. In the event Mortgagee shall be named as a party to any lawsuit brought at any time against Mortgagor or with respect to the Property or this Mortgage or the Loan Documents, then regardless of the merits of such lawsuit, Mortgagor shall defend Mortgagee and indemnify and hold Mortgagee fully harmless from any and all claims, demands, damages, liabilities, judgments, lOsses, costs and expenses, including, without limitation, all attorneys' and paralegal fees and costs incurred by Mortgagee, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings, incurred by Mortgagee. 13 19. Condenmatio,. Immediately upon obtaining knowledge of the institution.or pending institution of any proceeding for the condemnation of the Property or any part thereof, Mortgagor shall notify Mortgagee thereof. Mortgagee may participate in any such proceedings and may be represented therein by counsel of its selection, and Mortgagor will deliver to Mortgagee all instruments requested by Mortgagee from time to time to permit or facilitate such participation. In the event of any such condemnation proceeding, the award or compensation payable is hereby assigned to and shall be paid to Mortgagee, and Mortgagee shall not be obligated to question the amount of any such award or compensation. At Mortgagee's option, all or any part of the award or compensation shall be applied toward payment of the Notes and other amounts that may be due under the Loan Documents (in any order of priority Mortgagee may deem appropriate in its sole discretion) or shall be disbursed to Mortgagor from time to time for the restoration of the Property in a similar manner as disbursements under a construction loan; Mortgagee shall not be obligated to see to the proper application by Mortgagor of any such disbursement. If all of the Property is so taken but the award or compensation is insufficient to pay the Notes and other amounts that may be due under the Loan Documents in full, then, at Mortgagee's option, the unpaid balance shall be immediately due and payable. 20. ~ocumentar¥ S~mps and Intangible Taxe~. If at any time the State of Florida shall determine that the intangible tax paid in connection with this Mortgage is insufficient or that the documentary stamps affixed hereto are insufficient, and that additional ntanglble tax should be paid or that additional stamps i ' should be affixed, then Mortgagor shall pay for the same, together with any 'interest or penalties imposed in connection with such determination, and Mortgagor hereby agrees to indemnify and hold Mortgagee harmless therefrom. If any such sums shall be advanced by Mortgagee, they shall be subject to the Advance Provision. 21. No Shift of Taxes. If any federal, state or local law shall hereafter be enacted which (a) for the purpose of ad valorem taxation shall deduct the amount of any lien from the value of real property, or (b) shall impose on Mortgagee the payment of all or any part of the taxes or assessments or charges required to be paid hereunder by Mortgagor, or (c) shall change in any way the laws for the taxation of mortgages or debts secured thereby or Mortgagee's interest in the Property, or shall change the manner of collecting such taxes, so as to affect this Mortgage or the debt secured hereby or the holder thereof, then, upon demand, Mortgagor shall pay such taxes or assessments or charges imposed on Mortgagee or shall reimburse Mortgagee therefor; provided, however, that if in the opinion of Mortgagee's counsel the requirement that Mortgagor make such payments might be unlawful or might result in the imposition of interest in excess of the maximum lawful rate, then Mortgagee shall have the right to declare the amounts secured hereunder to be due and payable Thirty (30) days after notice thereof to Mortgagor. 22. Consent to Chanqes. Mortgagor consents and agrees that, at any time and from time to time without notice, (a) Mortgagee and the owner(s) of any collateral then securing repayment of the Notes may agree to release, increase, change, substitute or exchange all or any part of such collateral, and (b) Mortgagee and any person(s) and/or entity(-ies) then primarily liable for repayment of the Notes may agree to renew, extend or compromise the Notes in whole or in part or to modify the terms of the Notes in any respect whatsoever. Mortgagor agrees that no such release, increase, change, substitution, exchange, renewal, extension, compromise or modification, no sale of the Property or any part thereof, no forbearance on the part of Mortgagee, and no other indulgence given by Mortgagee (whether with or without consideration), shall relieve or diminish in any mannerthe liability of Mortgagor, nor adversely 14 affect the priority of this Mortgage, nor limit or prejudice or impair any right.or remedy of Mortgagee. Mortgagor and all those claiming by, through or under it hereby jointly and severally waive any and all right to prior notice of, and any and all defenses or claims based upon, any such release, increase, change, substitution, exchange, renewal, extension, compromise, modification, sale, forbearance or indulgence. 23. Estoppel Letters and Inform~tio,. Within Three (3) days after request in person or within Five (5) days after request by mail, Mortgagor shall furnish to Mortgagee a written statement, duly acknowledged, of the amount of principal and interest and other sums then owing under the Notes and other Loan Documents, and whether any offsets, counterclaims or defenses exist thereto. Mortgagor shall promptly furnish to Mortgagee any financial or other information regarding Mortgagor or the Property required by any Loan Document or which Mortgagee may reasonably request from time to time. 24. Environmental Laws. Mortgagor represents and warrants to Mortgagee that Mortgagor has undertaken an appropriate inquiry into the previous ownership and uses of the Property consistent with good commercial or customary practice in an effort to minimize liability with respect to any substances defined as or included in " "hazardous wastes, the definition of "hazardous substances, .. "hazardous materials," "toxic substances," "contaminants" or other pollution under any applicable federal, state, local or other laws, ordinances, rules or regulations now or hereafter in effect ("Hazardous Materials"). Mortgagor represents and warrants that the Property is presently free from contamination by Hazardous Materials and that the Property and the activities conducted thereon do not pose any significant hazard to human health or the environment or violate any applicable federal, state, local or other laws, ordinances, rules or regulations pertaining to Hazardous Materials or industrial hygiene or environmental conditions ("Environmental Laws"). Mortgagor shall not cause or permit the Property to be used for the generation, handling, storage, transportation, disposal or release of any Hazardous Materials except as exempted or permitted under applicable Environmental Laws, and Mortgagor shall not cause or permit the Property.or any activities conducted thereon to be in violation of any applicable Environmental Laws. Mortgagor agrees to indemnify Mortgagee and hold Mortgagee and its directors, officers, employees, successors and assigns harmless from and against any and all claims, losses, damages (including all foreseeable and unforeseeable consequential damages), liabilities, fines, penalties, charges, interest, administrative or judicial proceedings and orders, judgments remedial action requirements, enforcement actions of any kind, and all costs and expenses incurred in connection therewith (including, without limitation, attorneys' and paralegal fees and costs incurred by Mortgagee through and including all negotiations, trial, appellate, post- judgment, bankruptcy and/or other proceedings), directly or indirectly resulting in whole or in part from the violation of any Environmental Laws applicable to the Property or any activity conducted thereon, or from any past, present or future use, generation, handling, storage,.transportation, disposal or release of Hazardous Materials at or in connection with the Property, or any decontamination, detoxification, closure, cleanup or other remedial measure required with respect to the Property under any Environmental Laws. Ail sums paid and costs incurred by Mortgagee with respect to the foregoing matters shall be subject to the Advance Provision. This indemnity shall survive the full payment and performance of the Loan Documents and the satisfaction of this Mortgage, and shall inure to the benefit of any transferee of title to the Property through foreclosure of this Mortgage or through deed in lieu of foreclosure. 15 25. NO Usur~. In no event shall any agreed to or actual exaction charged, reserved or taken as an advance or forbearance by Mortgagee as consideration for the Notes exceed the limits imposed or provided by the law applicable from time to time on the Notes for the use or detention of money or for forbearance in seeking its collection, and Mortgagee hereby waives any right to demand any such excess. In the event that the interest provisions of the Loan Documents or any exactions required thereunder shall result at any time or for any reason in an effective rate of interest that transcends the maximum interest rate permitted by applicable law, then without further agreement or notice, the obligation to be fulfilled shall automatically be reduced to such limit and all sums received by Mortgagee in excess of those lawfully collectible as interest shall be applied against the principal of the Notes immediately upon Mortgagee's receipt thereof with the same force and effect as though the payor had specifically designated such extra sums to be so applied to principal and Mortgagee had agreed to accept such extra payment(s) as a premium-free prepayment or prepayments; if such excess sums exceed the then principal balance of the Notes, then such excess sums shall be refunded to the payor. 26. Inspection and Watchmen. Mortgagee and any persons authorized by Mortgagee shall have the right, from time to time at the discretion of Mortgagee, to enter and inspect the Property. At any time after default under the terms of this Mortgage or any other Loan Document, if any of the improvements or equipment on the Property shall be unprotected or unguarded, or if any of such improvements shall be allowed to remain vacant or deserted, then at its option, Mortgagee may employ watchmen for the Property and expend any monies deemed necessary by Mortgagee to protect the same from waste, vandalism and other hazards, depredation or injury, and any sums expended by Mortgagee for such purpose shall be subject to the Advance Provision. 27. Abstracts An4/Or Other Title Doc,,mentatio-. Upon request by Mortgagee, Mortgagor shall deliver to Mortgagee or its designated agent the abstract or abstracts of title and/or all other title documentation covering the Property as further security for repayment of the Notes, which abstract(s) and/or other title documentation shall remain in the possession of Mortgagee or its agent at all times until all sums secured by this Mortgage are paid in full. In the event of a foreclosure of this Mortgage or other transfer of title to the Property, all right, title and interest of Mortgagor in and to such abstract(s) and/or other title documentation shall pass to the foreclosure purchaser or other transferee. 28. No Partnership. Mortgagor and Mortgagee hereby acknowledge and agree that Mortgagee is not, has never been, and shall not be deemed a partner or joint venturer of Mortgagor with respect to the Property, and that the relationship of Mortgagee to Mortgagor is, has always been, and shall continue to be strictly the role of a lender. Mortgagor hereby (a) waives and relinquishes any and all claims, demands, counterclaims and/or defenses alleging the existence of any partnership, joint venture or other fiduciary relationship between it and Mortgagee, and (b) agrees to indemnify and hold Mortgagee harmless against any and all losses, damages, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other fees, costs and expenses (including, without limitation, attorneys' and paralegal fees and costs through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings) that Mortgagee may sustain as the result of any such allegation by any person whomsoever. 29. Representations and Warranties. In order to induce Mortgagee to exten~ the credit secured hereby, Mortgagor represents and warrants that: (a) there are no actions, suits or proceedings pending or threatened against, brought by, or affecting Mortgagor 16 or any Obligor or any portion of the Property or involving the validity or enforceability of this Mortgage or the priority of its lien, before any court of law or equity or any tribunal, administrative board of governmental authority, and neither Mortgagor nor any Obligor is in default under any other indebtedness or with respect to any order, writ, injunction, decree, judgment or demand of any court or any governmental authority; (b) the execution and delivery of this Mortgage and all other Loan Documents do not and shall not (i) violate any provisions of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to Mortgagor or any Obligor, nor (ii) result in a breach of, or constitute a default under, any indenture, bond, mortgage, lease, instrument, credit agreement, undertaking, contract or other agreement to which Mortgagor or any Obligor is a party or by which any of them or their respective properties may be bound or affected; (c) this Mortgage and all other Loan Documents constitute valid and binding obligations of the Mortgagor and Obligor(s) executing the same, enforceable against them in accordance with their respective terms; (d) all financial statements of Mortgagor and the Obligors previously delivered to Mortgagee have been prepared in accordance with generally accepted accounting principles consistently applied and fairly present the correct respective financial conditions of Mortgagor and the Obligors as of their respective dates, and the foregoing shall be true with respect to all financial statements of the Mortgagor and Obligors delivered to Mortgagee hereafter; (e) there is no fact that Mortgagor or the Obligors have not dis- closed to Mortgagee in writing that could materially, adversely affect their respective properties, businesses or financial condi- tions or the Property or any other collateral for repayment of the Notes; (f) Mortgagor and/or the Obligors have duly obtained all permits, licenses, approvals and consents from, and made all filings with, any governmental authority (and the same have not lapsed nor been rescinded or revoked) which are necessary in connection with the execution or delivery or enforcement of this Mortgage or any other'Loan Document or the performance of any of Mortgagor's or Obligor's obligations thereunder; (g) the proceeds of the Notes are not being used to purchase or carry any "margin stock" within the meaning of Regulation "U" of the Board of Governors of the Federal Reserve System, nor to extend credit to others for that purpose; and (h) each extension of credit secured by this Mortgage is exempt from the provisions of the Federal Consumers Credit Protection Act (Truth-in-Lending Act) and Regulation "Z" of the Board of Governors of the Federal Reserve System, because Mortgagor is an entity fully excluded therefrom, and/or because said extension of credit is only for business or commercial purposes of Mortgagor and is not being used for personal, family, household or agricultural purposes. 30. Future Advances. This Mortgage shall secure such future advances as may be made by Mortgagee, at its option and for any purpose, within twenty (20) years from the date of this Mortgage. Ail such future advances shall be secured to the same extent as if made on the date of the execution of this Mortgage, and shall take priority as to third persons without actual notice from the time this Mortgage is filed for record as provided by law. The total amount of indebtedness secured by this Mortgage may decrease or increase from time to time, but the total un~aid balance so secured at any one time shall not exceed the maximum principal amount of twice the original principal amount of the Notes, plus interest and any disbursements made for the payment of taxes, levies or insurance on the Property, with interest on those disbursements, plus any increase in the principal balance as the result of negative amortization or deferred interest. Without the prior written consent of Mortgagee, which Mortgagee may give or deny in its sole discretion, Mortgagor shall not file for record any notice limiting the maximum principal amount that may be 17 secured by this Mortgage to a sum less than the maximum principal amount set forth in this paragraph. 31. Partial Releases. Upon Mortgagor's request, Mortgagee will execute and deliver to Mortgagor partial releases of this Mortgage, with respect to a portion of the Property upon which Mortgagor has constructed a single family home (a "Lot"), provided that: (i) Mortgagor delivers the partial release to Mortgagee, in form and content satisfactory to Mortgagee, (ii) Mortgagor pays to Mortgagee any reasonable attorneys' or other fees and expenses incurred by Mortgagee in connection with the partial release, (iii) there is no default under this Mortgage or any other Loan Document, and (iv) Mortgagor pays to Mortgagee, in immediately available funds, the amounts set forth in the Loan Agreement for such partial release. Mortgagor intends to convey to The Foundation of Pelican Marsh, Inc., a Florida corporation not for profit (the "Association"), the roads (the "Roa4s") within the Property. Mortgagor intends to convey the Roads to the Association on or about the time of Mortgagor's closing on its sale of the first home constructed on the Property by Mortgagor to a third party purchaser (the "First Closing"), and, provided that. Mortgagor is not then in default under any Loan Document, Mortgagee agrees to release the Roads from this Mortgage, at no cost, simultaneously upon the First Closing; provided, however, that Mortgagor shall pay Mortgagee all costs (including without limitation, attorney's fees) incurred by Mortgagee in connection with its review and execution of any such release and related documents. Except as set forth in this paragraph and in the preceding paragraph, Mortgagee shall have no obligation to release any other property from this Mortgage or other Loan Documents until Mortgagor has paid Mortgagee a release price, which must be acceptable to Mortgagee in its sole discretion, or until the balance under the Land Loan Note has been reduced to zero (-0-) and Mortgagee has no further funding obligation under the Land Loan. 32. Miscellaneous. (a) Notices. Any notices or other communications under this Mortgage shall be in writing and shall be deemed given and received when sent to the addresses set forth below (or to such other address as such party may designate by notice given in like fashion): (i) when personally delivered, upon receipt or refusal of receipt, (ii) three (3) business days after mailing by deposit with the United States Postal Service, postage prepaid, by certified or registered mail, return receipt requested, or (iii) one (1) business day after acceptance for delivery by Federal Express or other nationally recognized overnight delivery service: If ~o Mortgagee: COMERICA BANK Commercial Real Estate I 500 Woodward Ave. 7th Floor MC-3255 Detroit, Michigan 33431 Wi~h copies to: Mr. Edward M. Cochran Vice President COMERICA BANK 1800 Corporate Blvd., N.W. Boca Raton, Florida 33431 18 Warren J. Kozlow, Esq. WARREN J. KOZLOW, P.A. 7000 West Palmetto Park Rd. Suite 400 Boca Raton, Florida 33433 I£ ~o Nor~gagor: Ms. Paula J. Davis, President IVY POINTE, INC. 9051Tamiami Trail North Suite 202 Naples, Florida 33963 Bruce G. Fedor, Esq. ANNIS, MITCHELL, COCKEY, EDWARDS & ROEHN, P.A. 8889 Pelican Bay Blvd. Suite 300 Naples, Florida 34108 (b) Modification & Waiver. Failure of any party to insist upon compliance with any provision hereof shall not constitute a waiver thereof, and no waiver of any provision of this Mortgage shall be effective unless it is in writing and signed by the party against whom it is asserted. Any waiver of any provision of this Mortgage shall only be applicable to the specific provision and instance to which it is related, and shall not be deemed to be a continuing or future waiver as to such provision or as to any other provision. (c) Partial Invalidity. Any determination by a court of competent jurisdiction that any provision of this Mortgage is not valid or enforceable as specifically set forth shall not result in such provision being declared invalid, but the same shall be deemed modified, if possible, in such a manner so as to result in the same being valid and enforceable to the maximum extent permitted by law; if such modification is not possible, then such provision shall be deemed stricken and severed from this Mortgage, and the remaining provisions shall remain in full force and effect. (d) Interpretation. Ail parties hereto have been represented by legal counsel of their choice in connection with this Mortgage and th~ other Loan Documents, and if any provision of this Mortgage or any other Loan Document shall be subject to judicial interpretation, it is agreed that the court interpreting or construing such provision shall not apply any presumption that the provision should be more strictly construed against the party who itself or through its agents prepared same, it being acknowledged and agreed that legal counsel of all parties have participated in the preparation of this Mortgage and all terms and provisions have been negotiated. (e) Number, Gender & Headings. Whenever the context of any provision hereof shall require or permit it, words in the singular shall include the plural, words in the plural shall include the singular, and pronouns of any gender shall include the other genders. The headings, captions, sections and subsections in this Mortgage are for convenience only, and shall have no effect upon the meaning of any of the terms, provisions or conditions herein. (f) Assiqnment & Successors. This Mortgage is not assignable by Mortgagor without Mortgagee's prior written 19 consent, which Mortgagee may give or deny in its sole discretion.. All of the terms, provisions and conditions in this Mortgage shall be binding upon the parties hereto and their respective successors and assigns, and shall inure only to the benefit of Mortgagee and its successors and assigns, and Mortgagor and Mortgagor's permitted successors and assigns; no other person or entity shall be deemed a benefitted party hereunder any circumstances. (g) Conflict; Loan Documents. In the event of any conflict between the terms of this Mortgage and the terms of any other Loan Document, the order of priority of the Loan Documents shall be as follows: the Loan Agreement, the Notes, this Mortgage, the Assignment and then the other Loan Documents. In the event of conflict, handwritten provisions that are initialled by all parties shall control over typewritten provisions. The terms and provisions of all Loan Documents are hereby incorporated herein and made a part of this Mortgage. (h) Governinq Law & Venue. This Mortgage shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of Florida, excepting only that federal law shall govern to the extent that it may permit Mortgagee to charge, from time to time, interest on the Notes at a rate higher than may be permissible under applicable Florida law. Venue for any action hereunder shall be Collier County, Florida. (i) Time of the Essence & Time Periods. Time shall be of the essence as to all terms, provisions and conditions 'of this Mortgage with respect to all terms, provisions and conditions for which a definite time for performance is specified, provided, however, that the foregoing shall not be deemed to deprive any party of the benefit of any cure or grace period that may be set forth herein. No extension of any time period shall be implied from any conduct of the parties, and any such extension must be in writing and signed by the party to whom suc~ performance is due. All time periods in this Mortgage shall be deemed to be calendar days, provided, however, that if the last day of any particular time period is a Saturday, Sunday or legal holiday, then the time period shall be deemed to extend to the next business day. 33. Waiver of Jury Trial. MORTGAGOR, INTENDING TO BIND ITSELF AND ITS SUCCESSORS AND ASSIGNS, DOES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT WHICH IT HAS OR MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL ACTION, PROCEEDING, SUIT, LITIGATION, CLAIM, DEFENSE OR COUNTERCLAIM, ARISING OUT OF, UNDER, IN CONNECTION WITH, OR BASED UPON: (A) THIS MORTGAGE, THE LOAN AGREEMENT, THE NOTES AND/OR ANY OTHER LOAN DOCUMENT OR AGREEMENT OR MATTER ARISING BETWEEN MORTGAGOR AND LENDER WITH RESPECT TO SUCH AGREEMENTS, OR (B) ANY CONDUCT, COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY RESPECTING ANY MATTER ADDRESSED OR CONTEMPLATED IN THIS MORTGAGE, THE LOAN AGREEMENT, THE NOTESAND/OR ANY OTHER LOAN DOCUMENT OR AGREEMENT OR MATTER ARISING BETWEEN MORTGAGOR AND LENDER WITH RESPECT TO SUCH AGREEMENTS. THIS WAIVER IS INTENDED TO BE APPLICABLE THROUGHOUT THE PERIOD OF TIME DURING WHICH THIS MORTGAGE, THE LOAN AGREEMENT, THE NOTES AND OTHER LOAN DOCUMENTS WERE NEGOTIATED, TO THE PRESENT TIME, AND AT ALL TIMES IN THE FUTURE UNTIL ALL APPLICABLE STATUTES OF LIMITATION RESPECTING THE TYPES OF LEGAL ACTIONS AND CLAIMS COVERED HEREBY SHALL HAVE RUN, NOTWITHSTANDING THE EXPIRATION OR EARLIER TERMINATION OF THIS MORTGAGE, THE LOAN AGREEMENT, THE NOTES ORANY OTHER LOAN DOCUMENT. MORTGAGOR HEREBY CERTIFIES THAT NEITHER MORTGAGEE NOR ANY REPRESENTATIVE OR AGENT OF MORTGAGEE OR MORTGAGEE'S COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT MORTGAGEE WOULD NOT, IN 20 THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF THE RIGHT TO A JURY TRIAL. MORTGAGOR ACKNOWLEDGES THAT MORTGAGEE HAS BEEN INDUCED TO ENTER INTO THIS MORTGAGE AND MAKE THE .LOAN BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH. MORTGAGOR FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS MORTGAGE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT COUNSEL SELECTED BY IT. Witnesses: ruce G. Fed0v Print Name Signature Print Name IVY POINTE, INC., a Florida corporation Paula J. Davi~, President STATE OF F~Q~ID~ ) ) COUNTY OF x-~L~V,J~h. ) The foregoing instrument was acknowledged before me this~I~ day of December,' 1996, by Paula J. Davis, as President of Ivy Pointe, Inc., a Florida corporation, on behalf of the corporation. She is personally known to me or has produced ~-~ as identification, and did not take an oath. Notary Public - Signature Print Name ] N~f~Y ~gLIC ~'A~ OF FLORII)A~ !_ ~~ou ~. ~r. 6,~ l 12-28-g6 21 EXHIBIT "A" LAND LOAN PROMISSORY NOTE $3,480r000.00 Naples, Florida December 31, 1996 FOR VALUE RECEIVED, the undersigned, IVY POINTE, INC. ("Borrower"), promises to pay to the order of COMERICA BANK ("Lender"), whose address is 500 Woodward Ave., 7th Floor, MC-3255, Detroit, Michigan 48226, the principal sum of THREE MILLION FOUR HUNDRED EIGHTY THOUSAND and NO/100 ($3,480,000.00) DO?.T.~RS ("Maximum Principal Amount"), or so much thereof as has been advanced hereunder, together with interest thereon from the dates advanced, at an annual rate equal to ONE (1%) PERCENT above Lender's "Prime Rate of Interest" (as hereinafter defined). The principal and interest of this Note shall be payable as follows: Interest shall accrue on the daily principal balances from time to time outstanding hereunder. Interest only shall be paid on the first of each month, in arrears, beginning on February 1, 1997, and the unpaid principal balance and all accrued and unpaid interest shall be due and payable, in full, twenty-four (24) months from the date hereof, on December 31, 1998. Notwithstanding the foregoing, THREE HUNDRED EIGHTY-SIX THOUSAND and NO/100 ($386,000.00) DOLLARS of the Maximum Principal Amount that Borrower may borrow hereunder is designated as an interest reserve, and may only be disbursed to Borrower for use in the payment of interest due hereunder. Lender's "Prime Rate of Interest" is that annual rate of interest so designated by Lender and which is changed by Lender from time to time, which rate is purely discretionary, and is not necessarily the best or lowest rate charged to borrowing customers of Lender. Each change in the Prime Rate of Interest shall be effective as of the date upon which the Prime Rate of Interest is changed by Lender. Interest shall be computed on the basis of a 360 day year, and paid upon the actual number of days upon which the principal balance has been disbursed from time to time and remains outstanding. Ail payments due hereunder shall be payable at the office of Lender, 500 Woodward Ave., 7th Floor, MC-3255, Detroit, Michigan 48226, or at such other place as Lender may from time to time designate in writing, in lawful money of the United States of America, without setoff or deduction. All payments shall be applied first to late charges (if any), then to all other amounts due hereunder except principal and interest (if any), then to interest, and then to principal. Interest will accrue for each day that principal is outstanding, but in no event shall interest be due at a rate in excess of the highest lawful rate. Without limiting the generality of the foregoing, and notwithstanding any oral or written agreement, no deposit of funds shall be required in connection with this Note in an amount which will, when deducted from the principal amount outstanding hereunder, cause the rate of interest hereunder to exceed the maximum lawful rate. In no event shall interest (including any charge or fee held to be interest by a court of competent jurisdiction) accrue or be payable hereon in excess of the highest lawful rate permitted by law for the time such indebtedness shall be outstanding and unpaid, and if by reason of acceleration of maturity of such indebtedness, or for any other reason, interest in excess of the highest lawful rate shall be due or paid, any such excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if .in excess of principal indebtedness, such excess shall be refunded to Borrower; and thereafter, ..the effective rate of interest under this Note shall be automatically reduced to the maximum lawful rate permitted for this Note under applicable usury laws. Payment of this Note is secured by a Mortgage, Security Agreement & Assignment of Rents ("Mortgage") executed simultaneously herewith by Borrower, as mortgagor, to Lender, as mortgagee. This Note has also been executed, in part, pursuant to that certain Loan Agreement ("Loan Agreement"), dated the date hereof, by and between Borrower, Lender and others, as guarantors (this Note, the Mortgage, the Loan Agreement, that certain Construction Loan Promissory Note (the "Construction Loan Note") in the original principal amount of $2,220,000.00, dated the date hereof, from Borrower to Lender, and all other agreements and documents referenced therein and/or executed in accordance therewith, in the past, now or in the future, are sometimes hereinafter collectively referred to as the "Loan Documents", and individually as a "Loan Document"). A default under the Mortgage, Loan Agreement or any other Loan Document shall also be a default by the Borrower under this Note, and the terms and provisions of ~he Mortgage, Loan Agreement and other Loan Documents are hereby incorporated herein by this reference. This Note may be prepaid in whole or in part at any time without premium or penalty. Prepayment shall not affect or vary the duty of the Borrower to pay all obligations when due, nor shall such prepayments affect or impair the right of Lender to pursue remedies available to it hereunder or under the Mortgage, the Loan Agreement or any other Loan Document. All prepayments shall be accompanied by written notice stating the amount being prepaid. All prepayments shall be applied first to late charges (if any), then to all other amounts due hereunder except principal and interest (if any), then to interest, and then to principal. If all or any part of the payments of principal and interest due hereunder are not received by Lender when such payment is due, then Borrower shall also be obligated to pay Lender a la~e ~harge equal to FIVE (5%) PERCENT of each such late payment, as liquidated damages and not as a penalty. Borrower agrees that proof of actual damages would be impossible to ascertain with certainty, and that the late charge represents a fair and reasonable estimate of the probable costs Lender will incur by reason of a late payment, including but not limited to, administrative and bookkeeping costs, collection activity, interest costs, and other expenses incurred as a result of the late payment. Acceptance of a late charge shall not constitute a waiver of any default and shall not prevent Lender from exercising any other rights and remedies of Lender under this Note, the Mortgage, the Loan Agreement or any other Loan Document, and in no event shall this provision waive the Lender's right to declare a default and accelerate the balance due hereunder, to foreclose the Mortgage and/or to pursue any other remedies under the Loan Documents. If Borrower shall fail to pay any principal or interest, or any other sum of money due under this Note, the Construction Loan Note, the Mortgage, the Loan Agreement or any other Loan Document within ten (10) after due, or if Borrower fails to timely perform any of the nonmonetary terms and provisions of this Note, the Construction Loan Note, the Mortgage, the Loan Agreement or any other Loan Document within ten (10) days after performance is due, or if all or any part of the property secured by the Mortgage or any interest in it is sold or transferred (unless previously released from the Mortgage by Lender), or if all or any part of the property secured by the Mortgage or any interest in it is further encumbered, then Lender, at its option at any time thereafter and without any notice, demand, or presentment for payment to Borrower, all of which notice and demand Borrower hereby waives, may declare 2 immediately due and payable the outstanding principal balance hereunder, together with all accrued interest thereon and any and all other sums due and payable under this Note, the Construction Loan Note, the Mortgage, the Loan Agreement and/or all other Loan Documents (which sums shall include, without limitation, all costs of collection and attorneys' and paralegal fees and costs incurred by Lender in collecting or enforcing payment thereof, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings), and all such sums shall bear interest at the highest rate permitted by Florida law from the date due, and payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to Lender. The remedies of Lender as provided herein, in the Mortgage, the Loan Agreement, any other Loan Document or any other document now or hereafter relating to or securing the within indebtedness, shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of Lender, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. No delay or failure on the part of Lender to exercise any right or remedy under this Note, the Mortgage, the Loan Agreement, any other Loan Document or any other document shall constitute a waiver of such right or remedy or any other right or remedy, and no waiver of any past default shall constitute a waiver of any future default or of any other default. No failure to accelerate the debt evidenced by this Note by reason of Borrower's default, or acceptance of a past due payment, or indulgence granted from time to time, shall be construed to be a waiver of the right to insist upon prompt payment thereafter or to impose late charges, or be construed so as to preclude the exercise of any right that Lender may have, whether by law, by agreement or otherwise. Borrower and all others who are, or may become, liable for the payment hereof: (i) waive presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of this Note; (ii) hereby consent to all extensions of time, renewals, postponements of time of payment of this Note or other modifications hereof from time to time prior to or after the maturity of this Note without notice, consent or further consideration to any of the foregoing; and (iii) expressly agree that Lender shall not be required first to institute any suit or to exhaust its remedies against Borrower or any other person or party to become liable hereunder or against the collateral under the Mortgage, in order to enforce the payment of this Note. The provisions of this Note may be changed only by a written agreement executed by Borrower and Lender. This instrument shall be governed by and construed and enforced according to the laws of the State of Florida. Venue with respect to any litigation hereunder shall be Collier County, Florida. If any provision of this Note shall be deemed unenforceable under applicable law, such provision shall be ineffective, but only to the extent of such unenforceability, without invalidating the remainder of such provision or the remaining provisions of this Note. Whenever used, the singular shall include the plural, the plural shall include the singular, the use of any gender shall be applicable to all genders, and the words "Borrower" and "Lender" shall be deemed to include the respective heirs, personal 3 representatives, successors and assigns of Borrower and Lender. All of the terms.and provisions of this Note shall be applicable to and be binding upon each and every maker, endorser, surety, guarantor and all other persons who are or who may become liable for the payment hereof, jointly and severally, and their heirs, personal representatives, successors and assigns. BORROWER AND LENDER, INTENDING TO BIND THEMSELVES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, DO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT WHICH THEY HAVE OR MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL ACTION, PROCEEDING, SUIT, LITIGATION, CLAIM, DEFENSE OR COUNTERCLAIM, ARISING OUT OF, UNDER, IN CONNECTION WITH, OR BASED UPON: (A) THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND/OR ANY OTHER LOAN DOCUMENT OR AGREEMENT OR MATTER ARISING BETWEEN BORROWER AND LENDER WITH RESPECT TO SUCH AGREEMENTS, OR (B) ANY CONDUCT, COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY RESPECTINGANYMATTER ADDRESSED OR CONTEMPLATED IN THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND/OR ANY OTHER LOAN DOCUMENT OR AGREEMENT OR MATTER ARISING BETWEEN BORROWER AND LENDER WITH RESPECT TO SUCH AGREEMENTS. THIS WAIVER IS INTENDED TO BE APPLICABLE THROUGHOUT THE PERIOD OF TIME DURING WHICH THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND OTHER LOAN DOCUMENTS WERE NEGOTIATED, TO THE PRESENT TIME, AND AT ALL TIMES IN THE FUTURE UNTIL ALLAPPLICABLE STATUTES OF LIMITATION RESPECTING THE TYPES OF LEGAL ACTIONS AND CLAIMS COVERED HEREBY SHALL HAVE RUN, NOTWITHSTANDING THE EXPIRATION OR EARLIER TERMINATION OF THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT. BORROWER HEREBY CERTIFIES THAT NEITHER LENDER NOR ANY REPRESENTATIVE OR AGENT OF LENDER OR LENDER'S COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF THE RIGHT TO A JURY TRIAL. BORROWER ACKNOWLEDGES THAT LENDER HAS BEEN INDUCED TO MAKE THE LOAN EVIDENCED BY THIS NOTE BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH. BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT COUNSEL SELECTED BY BORROWER. Ivy Pointe, Inc. By: Paula J. Davis, President Florida Documen2aryStAmp Taxes have been paid and the proper stamps have been affixed 2o the Mortgage secur£ng this Promissory Note. 12-26-96 4 ,EXHIBIT "B" CONSTRUCTION LOAN PROMISSORY NOTF $2.220,000.00 Naples, Florida December 31, 1996 FOR VALUE RECEIVED, the undersigned, IVY POINTE, INC. ("Borrower"), promises to pay to the order of COMERICA BANK ("Lender"), whose address is 500 Woodward Ave., 7th Floor, MC-3255, Detroit, Michigan 48226, the principal sum of TWO MItT.ION TWO HUNDRED TWENTY THOUSAND and NO/100 ($2,220,000.00) ("Maximum Principal Amount"), or so much thereof as has been advanced hereunder, together with interest thereon from the dates advanced, at an annual rate equal to ONE-HALF (0.5%) PERCENT above Lender's "Prime Rate of Interest" (as hereinafter defined). The principal and interest of this Note shall be payable as follows: Interest shall accrue on the daily principal balances from time to time outstanding hereunder. Interest only shall be paid on the first of each month, in arrears, beginning on February 1, 1997, and the unpaid principal balance and all accrued and unpaid interest shall be due and payable, in full, twenty-four (24) months from the date hereof, on December 31, 1998. The loan represented by this Note is a revolving credit, such that during the term hereof, Borrower may borrow, repay and reborrow from time to time, subject to the terms and conditions of that certain Loan Agreement ("Loan Agreement"), dated the date hereof, by and between Borrower, Lender and others (as guarantors), provided, however, that the maximum principal amount outstanding hereunder may increase and decrease, but shall never exceed the Maximum Principal Amount. Notwithstanding the foregoing, TWO HUNDRED TWENTY THOUSAND and NO/100 ($220,000.00) DOLLARS of the Maximum Principal Amount that Borrower may borrow hereunder is designated as an interest reserve, and may only be disbursed to Borrower for use in the payment of interest due hereunder. Lender's "Prime Rate of Interest" is that annual rate of interest so designated by Lender and which is changed by Lender from time to time, which rate is purely discretionary, and-is not necessarily the best or lowest rate charged to borrowing customers of Lender. Each change in the Prime Rate of Interest shall be effective as of the date upon which the Prime Rate of Interest is changed by Lender. Interest shall be computed on the basis of a 360 day year, and paid upon the actual number of days upon which the principal balance has been disbursed from time to time and remains outstanding. Ail payments due hereunder shall be payable at the office of Lender, 500 Woodward Ave., 7th Floor, MC-3255, Detroit, Michigan 48226, or at such other place as Lender may from time to time designate in writing, in lawful money of the United States of America, without setoff or deduction. Ail payments shall be applied first to late charges (if any), then to all other amounts due hereunder except principal and interest (if any), then to interest, and then to principal. Interest will accrue for each day that principal is outstanding, but in no event shall interest be due at a rate in excess of the highest lawful rate. Without limiting the generality of the fore-oin- oral or written agreement, no deposi[ of~un~= notwithstanding any shall be required in connection with this Note in an amount which will, when deducted from the principal amount outstanding hereunder, cause the rate of interest hereunder to exceed the maximum lawful rate. In no event shall interest (including any charge or fee held to be interest by a court of competent jurisdiction) accrue or be payable hereon in excess of the highest lawful rate permitted by law for the time such indebtedness shall be outstanding and unpaid,.and if by reason of acceleration of maturity of such indebtedness, or for any other reason, interest in excess of the highest lawful rate shall be due or paid, any such excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in .excess of principal indebtedness, such excess shall be refunded to Borrower; and thereafter, the effective rate of interest under this Note shall be automatically reduced to the maximum lawful rate permitted for this Note under applicable usury laws. Payment of this Note is secured by a Mortgage, Security Agreement & Assignment of Rents ("Mortgage") executed simultaneously herewith by Borrower, as mortgagor, to Lender, as mortgagee. This Note has also been executed, in part, pursuant to the Loan Agreement (this Note, the Mortgage, the Loan Agreement, that certain Land Loan Promissory Note (the "Land Loan Note") in the original principal amount of $3,480,000.00, dated the date hereof, from Borrower to Lender, and all other agreements and documents referenced therein and/or executed in accordance therewith, in the past, now or in the future, are sometimes hereinafter collectively referred to as the "Loan Documents", and individually as a "Loan Document"). A default under the Mortgage, Loan Agreement or any other Loan Document shall also be a default by the Borrower under this Note, and the terms and provisions of the Mortgage, Loan Agreement and other Loan Documents are hereby incorporated herein by this reference. This Note may be prepaid in whole or in part at any time without premium or penalty. Prepayment shall not affect or vary the duty of the Borrower to pay all obligations when due, nor shall such prepayments affect or impair the right of Lender to pursue remedies available to it hereunder or under the Mortgage, the Loan Agreement or any other Loan Document. All prepayments shall be accompanied by written notice stating the amount being prepaid. All prepayments shall be applied first to late charges (if any), then to all other amounts due hereunder except principal and interest (if any), then to interest, and then to principal. If all or any part of the payments of principal and interest due hereunder are not received by Lender when such payment is due, then Borrower shall also be obligated to pay Lender a late charge equal to FIVE (5%) PERCENT of each such late payment, as liquidated damages and not as a penalty. Borrower agrees that proof of actual damages would be impossible to ascertain with certainty, and that the late charge represents a fair and reasonable estimate of the probable costs Lender will incur by reason of a late payment, including but not limited to, administrative and bookkeeping costs, collection activity, interest costs, and other expenses incurred as a result of the late payment. Acceptance of a late charge shall not constitute a waiver of any default and shall not prevent Lender from exercising any other rights and remedies of Lender under this Note, the Mortgage, the Loan Agreement or any other Loan Document, and in no event shall this provision waive the Lender's right to declare a default and accelerate the balance due hereunder, to foreclose the Mortgage and/or to pursue any other remedies under the Loan Documents. If Borrower shall fail to pay any principal or interest, or any other sum of money due under this Note, the Land Loan Note, the Mortgage, the Loan Agreement or any other Loan Document within ten (10) after due, or if Borrower fails to timely perform any of the nonmonetary terms and provisions of this Note, the Land Loan Note, the Mortgage, the Loan Agreement or any other Loan Document within ten (10) days after performance is due, or if all or any part of the property secured by the Mortgage or any interest in it is sold or transferred (unless previously released from the Mortgage by Lender), or if all or any part of the property secured by the Mortgage or any interest in it is further encumbered, then Lender, at its option at any time thereafter and without any notice, demand, or presentment for payment to Borrower, all of which notice and demand Borrower hereby waives, may declare immediately due and payable the outstanding principal balance hereunder, together with all accrued interest thereon and any and all other sums due and payable under this Note, the Land Loan Note, the Mortgage, the Loan Agreement .and/or .a~l other Loan Documents (~hich sums shall include, without l~mltation, all costs of collection and attorneys, and paralegal fees and costs incurred by Lender in collecting or enforcing payment thereof, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings), and all such sums shall bear interest at the highest rate permitted by Florida law from the date due, and payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to Lender. The remedies of Lender as provided herein, in the Mortgage, the Loan Agreement, any other Loan Document or any other document now or hereafter relating to or securing the within indebtedness, shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of Lender, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. No delay or failure on the part of Lender to exercise any right or remedy under this Note, the Mortgage, the Loan Agreement, any other Loan Document or any other document shall constitute a waiver of such right or remedy or any other right or remedy, and no waiver of any past default shall constitute a waiver of any future default or of any other default. No failure to accelerate the debt evidenced by this Note by reason of Borrower's default, or acceptance of a past due payment, or indulgence granted from time to time, shall be construed to be a waiver of the right to insist upon prompt payment thereafter or to impose late charges, or be construed so as to preclude the exercise of any right that Lender may have, whether by law, by agreement or otherwise. Borrower and all others who are, or may become, liable for the payment hereof: (i) waive presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of this Note; (ii) hereby consent to all extensions of time, renewals, postponements of time of payment of this Note or other modifications hereof from time to time prior to or after the maturity of this Note without notice consent or further ons~deratlon to any of the foregoing; ' C ° ' and (iii) expressly agree that Lender shall not be required first to institute any suit or to exhaust its remedies against Borrower or any other person or party to become liable hereunder or against the collateral under the Mortgage, in order to enforce the payment of this Note. The provisions of this Note may be changed only by a written agreement executed by Borrower and Lender. This instrument shall be governed by and construed and enforced according to the laws of the'State of Florida. Venue with respect to any litigation hereunder shall be Collier County, Florida. If any provision of this Note shall be deemed unenforceable under applicable law, such provision shall be ineffective, but only to the extent of such unenforceability, without invalidating the remainder of such provision or the remaining provisions of this Note. Whenever used, the singular shall include the plural, the plural shall include the singular, the use of any gender shall be applicable to all genders, and the words "Borrower" and "Lender" shall be deemed to include the respective heirs, personal representatives, successors and assigns of Borrower and Lender. All of the terms and provisions of this Note shall be applicable to and be binding upon each and every maker, endorser, surety, guarantor and all other persons who are or who may become liable for the payment hereof, jointly and severally, and their heirs, personal representatives, successors and assigns. BORROWER AND LENDER, INTENDING TO BIND THEMSELVES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, DO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT WHICH THEY HAVE OR MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL ACTION, PROCEEDING, SUIT, LITIGATION, CLAIM, DEFENSE OR COUNTERCLAIM, ARISING OUT OF, UNDER, IN CONNECTION WITH, OR BASED UPON: (A) THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND/OR ANY OTHER LOAN DOCUMENT OR AGREEMENT OR MATTER ARISING BETWEEN BORROWER AND LENDER WITH RESPECT TO SUCH AGREEMENTS, OR (B) ANY CONDUCT, COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY RESPECTING ANYMATTER ADDRESSED OR CONTEMPLATED IN THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND/ORANY OTHER LOAN DOCUMENT OR AGREEMENT 'OR MATTER ARISING BETWEEN BORROWER AND LENDER WITH RESPECT TO SUCH AGREEMENTS. THIS WAIVER IS INTENDED TO BE APPLICABLE THROUGHOUT THE PERIOD OF TIME DURING WHICH THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT AND OTHER' LOAN DOCUMENTS WERE NEGOTIATED, TO THE PRESENT TIME, AND AT ALL TIMES IN THE FUTURE UNTIL ALLAPPLICABLE STATUTES OF LIMITATION RESPECTING THE TYPES OF LEGAL ACTIONS AND CLAIMS COVERED HEREBY SHALL HAVE RUN, NOTWITHSTANDING THE EXPIRATION OR EARLIER TERMINATION OF THIS NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT. BORROWER HEREBY CERTIFIES THAT NEITHER LENDER NOR ANy REPRESENTATIVE OR AGENT OF LENDER OR LENDER'S COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF THE RIGHT TO A JURY TRIAL. BORROWER ACKNOWLEDGES THAT LENDER HAS BEEN INDUCED TO MAKE THE LOAN EVIDENCED BY THIS NOTE BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH. BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT COUNSEL SELECTED BY BORROWER. Ivy Pointe, Inc. By.'.. Paula J. Davis, President Florida Documentary Stamp Taxes have been paid and the proper stamps have been affixed to the Mo~cgage securing this Promissory Note. c, \gA~TZRS \CO~RzCA\ IVX\NOT~_COR. 2 4 *** 01t: 22[;8 PS: 1317 Prepared By= Warren J. Kozlow, Esq WARREN J. KOZLOW, P.A. 7000 W. Palmetto Park Road Suite 400 Boca Baton, Florida 33433 Re2urn To: 2134705 OR: 2268 PG: 1318 PJCO~DID Jl~ OI'J'ZCIAL IlCOIDI O~ CO~ZI~ ~g~, ~ 01/03/~7 at 04:53FK Dll~ I. BIOC~, CLBR[ aero: UC Fl] 24.00 88fi FILI~ ~T BLVD 1300 ff~Ll~ FL 34108 Bruce G. Fedor, Esq. ANNIS, MITCHELL, COCKEY, EDWARDS & ROEHN, P.A. 8889 Pelican Bay Blvd., Suite 300 Naples, Florida 34108 ASSIGNH~N~ OF CONTRACTS, LICENSKS, PERMITS, ETC. This Assignment of Contracts, Licenses, Permits, Etc. ("Assignment..) is made by IVY POINTE, INC., a Florida corporation ("Borrower"), whose address is 9051Tamiami Trail North, Suite 202, Naples, Florida 33963, to COMERICA BANK, a Michigan corporation ("Lender"), whose address 500 Woodward Avenue, 7th Floor, MC-3255, Detroit, Michigan 48226. WHEREAS, on or about the date hereof, Borrower has borrowed from Lender up to a maximum of FIVE MILLION SEVEN HUNDRED THOUSAND and NO/100 ($5,700,000.00) DOLLARS (the "Loan"), as evidenced by that certain Land Loan Promissory Note ("Land Loan Note") from , Borrower, as maker, to Lender, as payee, dated on or about the date hereof, in the amount of THREE MILLION FOUR HUNDRED EIGHTY THOUSAND and NO/100 ($3,480,000.00) DOLLARS, and that certain Construction Loan Promissory Note ("Construction Loan Note"), from Borrower, as maker, to.Lender, as payee, dated on or about the date hereof, in the amount of TWO MILLION TWO HUNDRED TWENTY THOUSAND and N0/100 ($2,220,000.00) DOLLARS (the Land Loan Note and the Construction Loan Note are hereinafter referred to individually and collectively, jointly and severally, as the "Notes"), which Notes are secured by that certain Mortgage, Security Agreement & Assignment of Rents ("Mortgage"), executed by Borrower, as mortgagor, to Lender, as mortgagee, which Mortgage encumbers the property described in EXHIBIT "A", attached hereto and made a part hereof (the "Property"); and WHEREAS, on or about the date hereof, Borrower, Lender and others have also entered into that certain Loan Agreement ("Loan Agreement"), pursuant to which the Notes, the Mortgage and other documents and instruments have been executed and delivered by Borrower to Lender (this Assignment, the Notes, the Mortgage, the Loan Agreement and all other agreements and documents referenced therein and/or executed in accordance therewith, in the past, now or in the future, are sometimes hereinafter collectively referred to as the "Loan Doc,,~ents", and individually as a "Loan Document"); and WHEREAS, Borrower intends to use the Loan proceeds to develop and/or construct improvements on the Property, consisting of approximately Forty-Four (44) building pads and related entranceway(s), roads, infrastructure development, Forty-Four (44) single family homes, and related improvements (collectively, the "Improvements,,); and WHEREAS, in connection with the Improvements, Borrower has entered or will enter into certain contracts and agreements, and has acquired or will acquire certain licenses, permits and development and other rights; and WHEREAS, as a condition of making the Loan to Borrower, Lender has required Borrower to execute and deliver this Assignment, and Borrower has agreed to do so. NOW, THEREFORE, for and in consideration of the sum of Ten ($10.00) Dollars, the receipt of which is hereby acknowledged, and for and in consideration of the covenants herein set forth, Borrower hereby agrees as follows: 1. The recitals set forth above are true and correct and are hereby incorporated herein by this reference. 2. In order to secure: (i) payment of all indebtedness evidenced by the Notes (including, without limitation, any extension, modification or renewal thereof), (ii) all other sums due under the Loan Documents, and (iii) the performance and discharge by Borrower of each and every obligation, covenant and agreement of Borrower contained in the Loan Documents, Borrower hereby assigns, sets over, transfers and conveys to Lender, and grants to Lender a security interest in, all of Borrower's right, title and interest in and to the following, together with any changes, extensions, revisions or modifications thereto (hereinafter collectively referred to as the "Collateral-): (a) Ail contracts, subcontracts and all other agreements now or hereafter existing, which pertain or relate in any manner to the Property or any part thereof, or any improvements now or hereafter located thereon. (b) Ail drawings, plans and specifications, including, without limitation, all site plans and development, landscaping and engineering plans for the Property, and all agreements, building permits, surveys, architectural plans and specifications, governmental approvals, licenses, permits, agreements with utility companies and other utilities, water and sewer capacity reservation agreements and all other consents, approvals and agreements which Borrower may now or hereafter own, or be a party to, with respect to or in connection with the Property or any part thereof, or any improvements now or hereafter located thereon. (c) Ail building and other permits, bonds, construction contracts, including, without limitation, any agreements with Borrower's architect and engineer, purchase contracts for the sale of residences within the Property ("Purchase Agreements'.), all deposits and other payments made or to be made under the Purchase Agreements, utility agreements and rights, governmental applications and proceedings, feasibility studies, traffic studies, soil tests, environmental reports or studies, maintenance and service contracts, management agreements, goodwill, marketing agreements, names, tradenames and fictitious names, warranties and guaranties, occupancy permits and licenses, insurance policies, personal property and leases therefor, easements or rights-of-way agreements, now or hereafter existing, which pertain or relate in any manner to the Property or any part thereof, or any improvements now or hereafter located thereon. (d) Ail of Borrower,s rights, title and interest, if any, under the Declaration of Neighborhood Covenants, Conditions and Restrictions For Parcel K - Pelican Marsh Unit Eight Replat, as previously or hereafter recorded in the Public Records of Collier County, Florida, which Declaration encumbers or will encumber the Property. (e) Ail proceeds of all of the foregoing including, without limitation, proceeds of the conversion, ' voluntary or involuntary, of any of the foregoing into cash or liquidated claims, proceeds of insurance policies, condemnation awards, or resulting from the sale, hypothecation or transfer of any 2 of the Collateral, and all products, renewals, accessions and additions to any of the Collateral. 3. In the event of the occurrence of any default under the Loan Agreement, the Notes, the Mortgage or any other Loan Document (a "Default"), Lender shall have the right and option, in its sole discretion, to exercise the rights, benefits and privileges of Borrower in the Collateral upon Ten (10) days written notice to the other party(-ies) to such Collateral (the "O~he~ Parties"). Neither this Assignment nor any action or actions on the part of Lender shall constitute an assumption by Lender of any of the obligations of Borrower under the Collateral, and Borrower shall continue to be liable for all obligations thereunder. Borrower hereby agrees to protect, defend, indemnify and hold Lender harmless from and against any and all loss, cost, liability or expense, including, without limitation, attorneys' and paralegal fees and costs incurred by Lender, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings, resulting from any failure of Borrower to perform and observe, at the time and in the manner therein provided, each of the covenants, agreements and obligations of Borrower contained in the Collateral. 4. As long as no Default has occurred, Borrower may continue to receive and exercise all of the rights, benefits and privileges under the Collateral. 5. Upon delivery of written notice of a Default to Borrower, Lender shall have the right, in its sole discretion, to take in its name or in name of Borrower or otherwise, such action as Lender may at any time or from time to time reasonably determine to be necessary to cure any Default of Borrower, but under no circumstances shall Lender be obligated to take such action. Lender shall incur no liability on account of any action taken in good faith by it or on its behalf or otherwise hereunder, whether or not the same shall prove to be improper, inadequate or invalid in whole or in part, and Borrower agrees to protect, defend, indemnify and hold Lender harmless from and against any and all loss, cost, liability or expense, including, without limitation, attorneys' and paralegal fees and costs incurred by Lender, through and including all negotiations, trial, appellate, post-judgment, bankruptcy and/or other proceedings, in connection with any such action or actions. This Assignment shall constitute Borrower's irrevocable direction to and full authority for the Other Parties to act at Lender's written direction, notice or demand, and to otherwise perform on Lender's behalf under the Collateral after a Default exists. The Other Parties shall be fully protected by Borrower in their reliance upon and compliance with any written request, notice or demand made by Lender with respect to the Collateral, or for performance of any undertaking thereunder, and shall have no right or duty to inquire as to whether any Default has actually occurred or is then existing. 6. Borrower hereby irrevocably constitutes and appoints Lender as its true and lawful attorney-in-fact, empowered to act in Borrower's name or in Lender's name or otherwise, in order to enforce all rights of Borrower under the Collateral. This power of attorney, is coupled with an interest, and irrevocable. 7. Borrower represents and warrants that it has full power and authority to make this Assignment, that the Collateral is valid, subsisting and in full force and effect, and that no Default, right of setoff or claim for additional payments exists thereunder. Borrower covenants to make all required payments and otherwise perform its obligations under the Collateral, and to give prompt notice to Lender of any notice of default served upon Borrower with respect to its obligations under the Collateral, and at Borrower's sole cost and expense, to enforce or secure the performance of each and every obligation of the Other Parties. Borrower further covenants that it shall make no changes in or amendments to the Collateral, including, without limitation, any addenda, modifications or change orders, without the prior written consent of Lender, except for such change orders or extras, if any, as are specifically allowed by the Loan Agreement, and shall not tender or accept a surrender or cancellation of the Collateral, or further assign or create any further encumbrance or hypothecation of Borrower's interest under the Collateral, without the prior written consent of Lender, which Lender may give or deny in its sole discretion. 8. This Assignment and the agreements and undertakings of Borrower hereunder shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit of Lender and its successors, and assigns, and any purchaser of any interest in the Loan Agreement and/or the other Loan Documents. 9. Borrower agrees to make, execute and deliver all such further or additional instruments as may be necessary to satisfy the intents and purposes hereof, and to perfect the assignment made hereby. 10. This Assignment shall terminate for each individual part of the Property (a "Lot"), simultaneously upon the recordation in the Public Records of Collier County, Florida, of a partial release or a partial satisfaction of the Mortgage referencing the Lot. Dated as of the Witnesses: Signature Signa~e -'~ - ir'uce Fedor' Print Name day of December, 1996. Ivy Pointe, Inc., a Florida corporation Paula J. D~v~s, Presiden-t STATE OF FLORIDA ) , COUNTY OF P /g~/ ) Th~ foregoing instrument was acknowledged before me this~/-- day of December, 1996, by Paula J. Davis, as President of Ivy Pointe, Inc., a Florida corporation, on behalf of the corporation. She is personally known to me or has produced ~-- as identification. Notary Public - Signature 12-2g-~ Print Name 4 EXHIBIT LEGAL DESCRIPTION Parcel K, PELICAN MARSH UNIT BIGHT REPLAT, according 'to the plat thereof, recorded in Plat Book 27, Pages 42 through 44, of the Public Records of Collier County, Florida. 5 -~y P6J,?e, Inc., a Florida corporaticG ]51 Tamia~i Trail North, Suite 202 ,~em]nole FOlla UL'C-I STATE[ OF FLORIDA FORM COMMERCIAL CODE FINANCING STATEMENT FORM UCC-1 (REV. 1993) This F~ Statement is p~e~,e~ted to a filing officer for filing pursuant to the Uniform Commercial Code: I ls. Data of Birth or FE~ Applied for ddltlonal Debtor or Trade Nai~,e (Last ~i.T,e Ilc. City, State Naples, Florida 'ailing Address 12c. City, State I ecured Party (Last Name ~i'~t If -~ Attached "SEOJ-~ED PARTY" Page ailing AdGrasi ~ Attached "SECURED PARIS" Page sslgnee of Secured Pa~y (Last ~a,T,e F;,~; If an '-,C,;vldual) 1 ld. Zip Code / 339 3 2a. Data of Birth or FEll 2d. Zip Code City, State 13c. Zip Code ailing Address 4b. City, State 1 4c. Zip Code I ds Financing Stat~T, ent cov~-~ the ~i-q~ types or ;'~ or property [Include deacrfptlon of real property on which located and owner of record when flulrsd. If mom space is required, attach addltim~ shee4(a)]. EXHIBIT "A" TO UCC-I, attact~d hereto and made a part hereof. 'leck only if Applicable: ~l[ Products of collateral are also covered. ~ Proceeds of collaleral are also covered. [~ Debtor is transmitting utility. .~eck. approp.ri.ate box: ~ All documental/stamp lazes due and payable or to become due and payable pursuant to s. 201.22 F.S., have been paid. ne oOX must oe marked)t~ Florida Documental/Stmnp Tax is not required. accordance with s. 679.402(2), F.S, this statement is filed wfthout the Debtor's signature 9. Number of additional sheets presented: 5 perfect a security interest In collateral: -eady subject to a sncurlty Intam~ In another Jurisdictkxt when It was brought Into this :ate or debtor's location changed to this state. nlch Is proceeds of the original coilaterd desedbod above bt which a security inte~st was · to which the filing has is~ Date filed and previous .:C-1 file numbor :lulrsd after s change of name, Id~, or coq3orate stnJctum'of fhe debtor. ;nature(s) of Debtor(s) :vy~~, I~nc.,~a Florida corForation 3y: "~~esi~ ;nature(s) of Secured Party or It Assigned, by Assignee(s) Y: ~d bf. O:xxhran~ V:i.c~ President ,turn ¢o~y to: Bruce G. Fedor, E.~u±re Ann±s, bLi. tchell, Cockey, Edwards & Rr~hn,P ;s 8889 Pelican Bay Boulevard, Suite 300 ~ Naples, Florida 34108 '1ate, Zip [ _lNG OFFICER COPY This Space for Use of Filing Officer 2134706 OR: 2268 PG: 1323 BC0ROID in OHICIU, RICODS of COLLIIIt COgITl', }% )I/03/91 at. 04:53PH DWI(aI~ I. BROCK, CLIR[ RIC FBB 28,50 ietn: UlllXa II~TCHILL BT AL 8989 PBLZCAJl BAY BLVD tt200 Ii, LiS FL :14108 STANDARD FORM - FORM UCC-1 Al:~roved by Seoretary of State, State of Florida '*SKCURRD PARTY" Secured Party: COM~RICA BANK 3a. 1st Mailing Address: Construction Lending Department 1800 Corporate Blvd., N.W. . Boca Raton, Florida 33431 2nd Mailing Address: Commercial Real Estate I 500 Woodward Avenue 7th Floor MC-3255 Detroit, Michigan 48226 Debtor: Secured Party EXHIBIT "A" TO UCC-! Ivy Pointe, Inc. Comerica Bank (a) All buildings, structures and improvements of every · nature whatsoever now or her.e.a.f, ter situated on the land and property described in _EXHIBIT B TO UCC-l, attached hereto and made a part hereof (the-"Property-~; and a- '. a.ppllances, equipment. ,,~.~ .__ 11 f. lxtures, machine wh - . f ..... ture ~nd roe ry' atsoever now or hereafter ...... = L_ ~ .P.~ p r=.y .of every nature ~w~=u my ueDtor an~ Located in or on, or attached to, or used or intended to be used in connection with the operation of, the Property, buildings, structures or other improvements, including, without limitation, all apparatus, machinery, appliances, equipment, radiators awnings, shades blin ~_~; ...... _ , ranges, refr~ erators. , ds, ~=~a~lng an~ nower e~u~ ..... .g . ' p~pes; pumps; tanks; motors; conduits; switchboards; lifting, '. = ~ ~.L~nu, engines; cleaning, fire prevention, fire extinguishing, ventilating and communications apparatus; boilers; vacuum cleaning systems; elevators; escalators; screens; storm doors and windows; stoves; wall beds; attached cabinets; partitions, ducts and compressors; rugs and carpets; draperies; furniture and furnishings; together with all building materials and equipment now or hereafter delivered to the Property and intended to be installed therein, including, without limitation, lumber, plaster, cement, shingles, roofing, plumbing, fixtures, pipe, lath, wall-heaters, screens, window frames, glass doors, flooring, paint, lighting fixtures and unattached refrigerating, cooking, heating and ventilating appliances and equipment, kitchen goods, hotel goods, restaurant goods, bar goods, tools, lawn equipment, floor coverings, and elevators; together with all deposits, proceeds, additions, improvements and accessions thereto and replacements substitutions thereto, or (b) Ail rights, title and interest of Debtor in and to the minerals, soil, flowers, shrubs, landscaping, crops, trees, timber and other emblements now or hereafter on the Property or under or above the same or any part or parcel thereof. (c) Ail easements, rights of way, streets, ways, alleys, passages, sewer rights, waters, water courses, water rights and powers, sanitary and storm sewer systems now or hereafter owned by Debtor which are now or hereafter located by, over and/or upon the Property or any part and parcel thereof, and which water system includes all water mains, service laterals, hydrants, valves and appurtenances, and which sewer system includes all sanitary sewer lines, including, without limitation, mains, laterals, manholes and appurtenances; and all paving for streets, roads, walkways or 2 entrance ways now or hereafter owned by Debtor and which are now or hereafter located on the Property or any part or parcel thereof, and all estates, rights, tides, interests, privileges, liberties, tenements, hereditaments and appurtenances whatsoever, in any way belonging, relating or appertaining to any of the property hereinabove described, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired'by Debtor, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, possession, claim and demand whatsoever, at law, as well as in equity, of Debtor of, in and to the same, including, without limitation, all judgments, awards of damages and settlements hereafter ma~e resulting from condemnation proceedings or the taking of the Property, or any part thereof under the power of eminent domain, or for any damage (whether caused by such taking or otherwise) to the Property, or any part-. thereof, or to any rights appurtenant thereto. (d) Ail of Debtor's right, title and interest as lessor in and to all leases or rental arrangements of the Property, or any part thereof, heretofore made and entered into, and in and to all leases or rental arrangements hereafter made and entered into by or on behalf of Debtor, together with all rents and payments in lieu of rents, together with any and all guaranties of such leases or rental arrangements and including, without limitation, all present and future security deposits and advance rentals. (e) Ail of Debtor's right, title and interest as seller, in and to all reservations, contracts or agreements for the sale of the Property or any part thereof, heretofore made and entered into, and in and to all such reservations, contracts or agreements hereafter made and entered into, by or on behalf of Debtor, together with all deposits and payments in connection therewith, together with any and all guaranties of such reservations, contracts or agreements, together will any and all receivables now or hereafter due Debtor with respect to such reservations, contracts or agreements. (f) Ail of the right, title and interest of Debtor in and to all unearned premiums accrued, accruing or to accrue under any and all insurance policies now or hereafter provided pursuant to the terms of security agreements, and all proceeds or sums payable for the loss of or damage to (1) the Property or personal property, or (2) rents, revenues, income, profits or proceeds from service agreements or contracts, leases, franchises, concessions or licenses of or on any part of the Property. (g) Ail contracts and contract rights and accounts of Debtor now or hereafter arising from contracts now or hereafter entered into in connection with development, construction upon or operation of the Property (including, without limitation, all deposits held 3 by or on behalf of Debtor, and all management, franchise, and service agreements related to the business now or hereafter conducted by Debtor on the Property). (h) Ail licenses, permits, approvals, certificates and agreements with or from all boards, agencies and departments, governmental or otherwise, relating directly or indirectly to the ownership, use, operation and maintenance of the Property, or the development, use or construction of improvements on the Property, whether heretofore or hereafter issued or executed. All rights of Debtor in and to all architectural and other plans and specifications, designs, drawings and other information, materials and matters heretofore or hereafter prepared relating to the improvements or any construction on the Property, and all abstracts of title and all other title information relating to the Property. (i) All accounts, contract rights, goods, inventory, intangible personal property, licenses, liquor licenses, and all personal property, whether actually or constructively attached to, connected with, or associated with the Property, and all proceeds, products, replacements, additions, substitutions, renewals and accessions of the foregoing. (j) Ail of the right, title and interest of Debtor in and to any trademarks, trade names, names of businesses, or fictitious names of any kind used in conjunction with the operation of any business or endeavor located on the Property. (k) Ail of Debtor's interest in all utility security deposits or bonds on the Property or any part or parcel thereof. (1) Ail instruments, documents, chattel papers and general intangibles relating to or arising from the foregoing collateral and all cash and non-cash proceeds and products thereof. (m) All deposits, proceeds, additions, improvements and accessions theretoand replacements or substitutions thereto in and to any of the items hereinabove set forth. (n) Ail of Debtor's right, title and interest, if any, under the Declaration of Neighborhood Covenants, Conditions and Restrictions For Parcel K - Pelican Marsh Unit Eight Replat, recorded or to be recorded in the Public Records of Collier County, Florida, which Declaration encumbers or will encumber the Property. All of (a) through (n) above shall also constitute security for all other indebtedness, whether direct or indirect, absolute or contingent, now or hereafter existing, between the secured party and the debtor. C: \ MATT~.RS \ COME~ICA\KEYSTON~. ~ \~CC-EXHA. ~ 12-26-96 4 OR: 2268 PG: 1328 E~BI'T "B" TO UCC-1 LEGAL DESCRIPTION ~a_rcel. K., ?.~LTC~. M&RSH b'NXT EXGHT ~P~T, acco~din~ eo ae pAa~ ~uereo~, recorded An Pla~ Book 27~ Page~ 42 ~hrough 44, of ~he Public Records of Collier Court,F, Florida, ' 5 : A~ "S~ED/~ED PARTY" Page ~7OOOOO 1 8S 1 4----0 -01../24/37--01049--008 :k only If Applicable: ~ Products of collateral are also covered. :~ Proceeds of collateral am also coveeed. I I:~ Dd)tor !/trmwmitliog u~iy. I t~ ap~'oprlate box: I~ All documentary stamp taxes due and payable or to become due and payable pursuant to s. 201~ F~ ~ ~ ~ - box must be marked) I [:~ Rodda Documentary Stamp Tax Is not required. con~mce with s. 679.402(2), F.S., this statement Is flied without the Debtor's signature ~9. Number of additional shee~ pmae~t~d:. 5 rfect a security I ~nt?~t in collatmal: ~ dy s~d~ject to a securW/Interest in armther Jurisdiction when it wa~ brougM Into Ibis · o~ debit's location cha~Ged to ~l~ state. ired afte~ a change of name, Identity, or corporate structure of the debtor.. a~re(s) of Debtor(s) ~?~te, Inc., a Florida oorporatic~ P--~-ula J. D~v~-~-~=~-- - ~ ' s, President ature(s) of Secured Party or if Assigned, by Asalgnee(s) m Co~y to: I Bruoa G. Fedor, Esc~, ~ re Annis, Mitchell, Cockey, Edwards & Pz~_hn, 8289 Pelican Bay Boulevard, Suite 300 Naples, Florida 44108 ~OWLEDGMENT COPY ~-0 !/07,?~ 7--0 ! 077--003 ~****41:l. 00 STANDARD FORM - FORM UCC-1 "SKC*dR.RD PARTY" o Secured Party** COM~RICA BANK 3ac 3ac 1st Mailing Address= Construction Lending Department 1800 Corporate Blvd., N.W. · Boca Raton, Florida 33431 2nd MailingAddress: Commercial Real Estate I 500 Woodward Avenue 7th Floor MC-3255 Detroit, Michigan 48226 1 EXHIBIT "A" TO UCC-1 Debtor: Secured Party= Ivy Pointe, Inc. Comerica Bank (a) Ail buildings, structures and improvements of every nature whatsoever now or hereafter situated on the land and property described in EXHIBIT "B" TO UCC-l, attached hereto and made a part hereof (the "Property"); and all fixtures, machinery, appliances, equipment, furniture and property of every nature whatsoever now or hereafter owned by Debtor and located in or on, or attached to, or used or intended to be used in connection with the operation of, the Property, buildings, structures or other.. improvements, including, without limitation, all apparatus, machinery, appliances, equipment, radiators, ranges, refrigerators, awnings, shades, blinds, incinerating and power equipment; engines; pipes; pumps; tanks; motors; conduits; switchboards; lifting, cleaning, fire prevention, fire extinguishing, ventilating and communications apparatus; boilers; vacuum cleaning systems; elevators; escalators; screens; sto£m doors and windows; stoves; wall beds; attached cabinets; partitions, ducts and compressors; rugs and carpets; draperies; furniture and furnishings; together with all building materials and equipment now or hereafter delivered to the Property and intended to be installed therein, including, without limitation, lumber, plaster, cement, shingles, roofing,' plumbing, fixtures, pipe, lath, wall-heaters, screens, window frames, glass doors, flooring, paint, lighting fixtures and unattached refrigerating, cooking, heating and ventilating appliances and equipment, kitchen goods, hotel goods, restaurant goods, bar goods, tools, lawn equipment, floor coverings, and elevators; together with all deposits, proceeds, additions, improvements and accessions thereto and replacements or substitutions thereto. (b) Ail rights, title and interest of Debtor in and to the minerals, soil, flowers, shrubs, landscaping, crops, trees, timber and other emblements now or hereafter on the Property or under or above the same or any part or parcel thereof. (c) All easements, rights of way, streets, ways, alleys, passages, sewer rights, waters, water courses, water rights ahd powers, sanitary and storm sewer systems now or hereafter owned.:by .'~ Debtor which are now or hereafter located by, over and/or upon the " Property or any part and parcel thereOf, and which water system .' includes all water mains, service laterals, hydrants, valves and-~~ appurtenances, and which sewer system includes all sanitary sewer lines, including, without limitation, mains, laterals, manholes ~and appurtenances; and all paving for streets, roads, walk-wayscJor 2 entrance ways now or hereafter owned by Debtor and which are now or hereafter located on the Property or any part or parcel thereof, and all estates, rights, tides, interests, privileges, liberties, tenements, hereditaments and appurtenances whatsoever, in any way belonging, relating or appertaining to any of the property hereinabove described, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired by Debtor, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, possession, claim and demand whatsoever, at law, as well as in equity, of Debtor of, in and to the same, including, without limitation, all judgments, awards of damages and settlements hereafter ma~e resulting from condemnation proceedings or the taking of the Property, or any part thereof under the power of em{nent domain, or for any damage (whether caused by such taking or otherwise) to the Property, or any part. thereof, or to any rights appurtenant thereto. (d) Ail of Debtor's right, title and interest as lessor in and to all leases or rental arrangements of the Property, or any part thereof, heretofore made and entered into, and in and to all leases or rental arrangements hereafter made and entered into by or on behalf of Debtor, together with all rents and payments in lieu of rents, together with any and all guaranties of such leases or rental arrangements and including, without limitation, all present and future security deposits and advance rentals. (e) Ail of Debtor's right, title and interest as seller, in and to all reservations, contracts or agreements for the sale of the Property or any part thereof, heretofore made and entered into, and in and to all such reservations, contracts or agreements hereafter made and entered into, by or on behalf of Debtor, together with all deposits and payments in connection therewith, together with any and all guaranties of such reservations, contracts or agreements, together will any and all receivables now or hereafter due Debtor with respect to such reservations, contracts or agreements. (f) Ail of the right, title and interest of Debtor in and to all unearned premiums accrued, accruing or to accrue under any and all insurance policies now or hereafter provided pursuant to the terms of security agreements, and all proceeds or sums payable for the loss of or damage to (1) the Property or personal property, (2) rents, revenues, income, profits or proceeds from service agreements or contracts, leases, franchises, concessions or licenses of or on any part of the Property. (g) All contracts and contract rights and accounts of DebtOr now or hereafter arising from contracts now or hereafter entered into in connection with development, cOnstruction upon or operati6n of the Property (including, without limitation, all deposits h~ld by or on behalf of Debtor, and all management, franchise, and service agreements related to the business now or hereafter conducted by Debtor on the Property). (h) All licenses, permits, approvals, certificates and agreements with or from all boards, agencies and departments, governmental or otherwise, relating directly or indirectly to the ownership, use, operation and maintenance of the Property, or the development, use or construction of improvements on the Property, whether heretofore or hereafter issued or executed. All rights of Debtor in and to all architectural and other plans and specifications, designs, drawings and other information, materials and matters heretofore or hereafter prepared relating to the improvements or any construction on the Property, and all abstracts of title and all other title information relating to the Property. (i) Ail accounts, contract rights, goods, inventory," intangible personal property, licenses, liquor licenses, and all personal property, whether actually or constructively attached to, connected with, or associated with the Property, and all proceeds, products, replacements, additions, substitutions, renewals and accessions of the foregoing. (j) Ail of the right, title and interest of Debtor in and to any trademarks, trade names, names of businesses, or fictitious names of any kind used in conjunction with the operation of any business or endeavor located on the Property. (k) Ail of Debtor's interest in all utility security deposits or bonds on the Property or any part or parcel thereof. (1) Ail instruments, documents, chattel papers and general intangibles relating to or arising from the foregoing collateral and all cash and non-cash proceeds and products thereof. (m) Ail deposits, proceeds, additions, improvements and accessions thereto and replacements or substitutions thereto in and to any of the items hereinabove set forth. (n) Ail of Debtor's right, title and interest, if any, under the Declaration of Neighborhood Covenants, Conditions and Restrictions For Parcel K - Pelican Marsh Unit Eight Replat, recorded or to be recorded in the Public Records of Collier County, Florida, which Declaration encumbers or will encumber the Property. All of (a) through (n) above shall also constitute ~curity for all other indebtedness, whether direct or indirectl abs~'lute or contingent, now or hereafter existing, between the secured party and the debtor. C: \~r~\COMERICA\~YS~NZ. 2\UCC-ZX~. 2 : ' ' 12-26-96 4 LEGAL DESCRIPTION Parcel K, PuT-ICAN MAR~H UNIT EXGHT REPLAT, according to the plat thereof, recorded in Plat Book 27, Pages 42 through 4&, of the Public Records of Collier County, Florida. ' 5 COLLIER COUNTY GOVERNMENT COMMUNITY DEVELOPMENT AND ENVIRONMENTAL SERVICES DIVISION ENGINEERING REVIEW SECTION 2800 NORTH HORSESHOE DRIVE NAPLES, FLORIDA 34104 November 14, 1997 Mr. David Farmer, E.I. Coastal Engineering Consultants, Inc. 3106 S. Horseshoe Drive Naples, Fl. 34104 Re: Ivy Pointe Dear David: This is to inform you that the above referenced project has been granted preliminary approval by Engineering Review in compliance with Collier County Land Development Code, Section 3.2.6.5.2. Ail water and sewer facilities approved and accepted and required to be maintained by Collier County shall be conveyed to the County pursuant to the provisions set forth in Collier County Ordinance No. 97-17, as amended. You are reminded that it is your responsibility to petition the Development Services Director for final approval of the improvements upon the expiration of the minimum one (1) year maintenance period. After satisfactory completion of all final inspections, the Board of County Commissioners shall adopt a resolution giving final approval of the required improvements, acknowledging the dedication(s) of the final subdivision plat and establishing County responsibility for maintenance of the required improvements if it is the Board's desire to accept and maintain the facilities. If you should have any questions or if we may be of assistance, please advise. - - Very truly yours, John R. Houldsworth Senior Eng±neer cc: Shirley Nix Building Review & Permitting Code Enforcement Housing & Urban Improvement (941) 403-2400 (941) 403-2440 (941) 403-2330 Natural Resources Planning Services Pollution Control (941) 732-2505 (941) 403-2300 (941) 732-2502 COLLIER COUNTY GOVERNMENT COMMUNITY DEVELOPMENT AND ENVIRONMENTAL SERVICES DIVISION ENGINEERING REVIEW SECTION December 3, 1997 2800 NORTH HORSESHOE DRIVE NAPLES, FLORIDA 34104 David Farmer Coastal Engineering Consultants, Inc. 3106 South Horseshoe Drive Naples, Florida 34104 Re: Ivy Pointe in Pelican Marsh Dear Mr. Farmer: This is to inform you that the above referenced project has been granted preliminary approval by Engineering Review in compliance with Collier County Land Development Code, Section 3. Ail water and/or sewer facilities approved, accepted and required to be maintained by Collier County shall be conveyed to the County pursuant to the provisions set forth in Collier County Ordinance No. 97-17, as amended. You are reminded that it is your responsibility, to petition the Development Services Director for final approval of the improvements upon the expiration of the minimum one (1) year maintenance period. After satisfactory completion of all final inspections., the Board of County Commissioners shall grant final approval of the required improvements establishing County responsibility for maintenance of the required improvements if it is the Board's desire to accept and maintain the facilities. If you should have any questions or if we may be of assistance, please advise. Very truly yours, Shirley Nixf Engineering Technician II cc: Paula Davis, President, Ivy Pointe, Inc. Tim Clemons, Waste~vater Director Ed Finn, Public Works Cindy Erb, Public Works jO~L.~ ~r~..~.~ ....... ~. ~: .... :_~ ~..: .... Building Review & Permitting (94) 403-24 0 Code Enforcement (941) 403-2440 Housing & Urban Improvement (941) 403-2330 Natural Resources Planning Services Pollution Control (941~ 732-2505 (941) 403-2300 (941) 732-2502 coastal Engfneering Consultants, In~. Proj eot: CEC File No.: H~DROST]%TIC TESTING FOR PRESSURE MAINS CEC Obse er: 16 N Contractor Representative: Description of Line Tested CALCULATION OF ALLOWABLE LEAKAGE PER ONE (1) HOUR: (Length of pipe) x (diameter of pipe) x ~ (test pressure) + 133,200 ) x; (;~O) +133,200= ) x ~ ( ) + 133,200 = Total = Gallons Gallons Gallons ( )x( RESULTS OF TEST: Length of Test: ~~ Allowable Leakage: ;e,~'~ Gallons Start Time: IO~CIDAt~ Pressure at Start of test: )~fi) P.S.I. End Time: i~D~ Pressure at End of test: )~ P.S.I. NOTE: Anytime the gauge pressure falls 5 P.S.I. from the initial starting pressure during the test, the test shall "FAIL". Amount of water required to bring pressure up to beginning pressure: Test Results: ~ Passed Gallons Failed John P~zh.e.~r-~'-~"~'-. Coast~ Engineering Consultants, Inc. Date j pa\prestes~ Department of Environmental Protection South District Lawton Chiles 2295 Victoria Avenue, Suite 364 Virginia B. Wethereli Governor Fort Myers, Florida 33901-3881 Secretary October 15, 1997 Paula Davis, President Ivy Pointe, Inc. 9051 Tamiami Trail North, Suite 202 Naples, Florida 34108 RE: Collier County - PW Ivy Pointe (Collier County Regional WTP) DS11-305328 Dear Ms. Davis: This acknowledges receipt of certification that the subject water distribution system extension has been completed in accordance with the plans and related materials permitted by this agency under Permit Number DS11-305328 dated May 5, 1997. Based on this certification and satisfactory bacteriological results, we are approving these facilities for service. Your continued cooperation in our water supply program is appreciated. S~erely, Gary A. Maier~~' Professional Ehgineer GAM/OJO/skw cc: John P. Asher, P.E. Michael R. Newman "Protect, Conserve and Manage Florida's Environment and Natural Resources" Printed on recycled paper. FLORIn^ Lawton Chiles Governor Department of Environmental Protection South District '" ; 2295 Victoria Avenue, Suite 364 Fort Myers, Florida 33901-3881 (941) 332.,~975 RECEIVED ...... ,.NOV 0 6 1997 WASTEWATF_.R DEPARTMENT Virginia B. Wetherell Secretary November 4, 1997 Timothy L. Clemons, Wastewater Director Collier County Public Works 3301 E. Tamiami Tr. Naples, FL 34112 Dear Mr. Clemons: Re: Collier County - DW/CS Ivy Pointe Permit No. CS 11-305336 Connected to: Collier County/North Regional WWTP Clearance for Use We have received a certificate of completion of construction on October 22, 1997, as submitted by Coastal Engineering Consultants, Inc. for the project authorized by the above permit number. Accordingly, the sewer collection/transmission system may be placed into service. HWY/JK/dd cc: John P. Asher, P.E. Harley,~. Yo~ Ph.I$., P.E. Water Facilities Section Manager Printed on recycled ~aper, FINAL RELEASE OF LIEN KNOW ALL MEN BY THESE PRESENTS: That the undersigned, for and in consideration of the payment of the sum of TEN DOLLARS (10.00) paid by KEYSTONE CUSTOM HOMES., receipt of which is hereby acknowledged, hereby releases and quit claims to the said 1VY POINTE AT PELICAN MARSH its successors and assigns, and the owner, all liens, lien fights, claims or demands of any kind whatsoever, which the undersigned now has or might have against the building on premises legally described as IVY POINTE AT PELICAN MARSH PARCEL K, UNIT 8 TOWNSHIP 48S, RANGE 25E, SECTION 34 & 35 COLLIER COUNTY, FLORIDA on account of labor performed and/or material furnished for the construction of any improvementsthereon. That all labor and materials used by the undersigned in the erection of said improvements have been fully paid. IN WITNESS WHE~OF, I have hereunto set my hand seal,s 23rd day of September, 1997 / WIT~. SS~ES: ~--~ // FLORIDA STAT/~ UNDER. GROUND, INC. STATE OF FLORIDA COUNTY OF COLLIER The foregoing instrument was acknowledged before me this 23nd day of September, 1997 by Thomas P. McKimm, on behalf of the company who is personally known to me and did not take a~oat~i---~ .// // .//' /... ~~./ ~?/~. :;z"~ ,~//~ My Commission Expires: NOT^~Cv ' ) ~ Notary PulPit - State of Florida 1 My Commission E~ires Sep 19, 200 Commission # CC670403 State of Florida Departmnt of Health Office of Laboratory Services Jacksonville, Niemi, Pensacola Tampa, West Palm Beach DRINKING WATER BACTERIOLOGICAL ANALYSIS FOR LAB USE ONLY Press hard, (5) copies SYSTEM NAME: SYSTEM I.D. NO: SYSTEM PHONE #: COUNTY: DISTRICT: ADDRESS: COLLECTOR PHONE #: COLLECTOR: SAMPLE SITE (Locality or Subdivision): OATE AND TIME COLLECTED: TYPE OF SUPPLY(Circle one)=:,~Community water syste~ Noncomemdnity water system Nontransient - noncon~unity water system · Pri-~rate wet'[' Shining pool Bottled water Limited Use system TYPE OF SAMPLE(Circle one): Compliance Repeat Replacement ,~ Main clearanc&? Well survey Other (Check Box) [ ] Check here if payment made [ ] Distribution to county public health unit ] Raw TO BE COMPLETED BY LAB TO ~D BY COLLECTOR OF SAMPLE ANALYSIS METHOD: ~ MF-- MTF ~MMO-M~G PA COLL. SAMPLE POINT C[ NON CONFIRM CONFIRM NO. (Specific Address) RES'D pH COLIFORM *TOTAL TOTAL FECAL E. COLI SAMPLE NUMBER ............ ~ ~1~ ,nn~(Pm:tinn will fOllOW in 24-48 hours. * Results i this cotun~q are pres~nptive. Total coliform and fecal coliform or E._:. __ c p - Coliforms are present C - Confluent growth TA - Turbid, Absence of gas or acid A - Coliforms are absent TNTC - Too numerous to count INVOICE ADDRESS (if different than address below): INTERPRETATIONS-R~MARKS BY. PROGPJkM REVIEWER NAME AND MAILING RDDRESS OF PERSON/FIRM TO RECEIVE REPORT REVIEWING OFFICIAL: TITLE: ( ) ( ) SATISFACTORY ( ) INCOMPLETE COLLECTION INFORMATION ( ) REPEAT SAMPLES ( ) REPLACEMENT SAMPLES ..~ ,- State of Ftoricla ~ Department of HeaLth Office of Laboratory Services JacksonviLle, Miami, Pensacola Tampa, West Palm Beach DRINKING WA TER BACTERIOLOGICAL ANAL ¥SIS FOR LAB USE ONLY Press hard, (5) copies SYSTEM NAME: SYSTEM I.D. NO: SYSTEM PHONE #: ADDRESS: COUNTY: DISTRICT: COLLECTOR: COLLECTOR PHONE #: SAMPLE SITE (Locality or Subdivision): DATE AND TIME COLLECTED: TYPE OF SUPPLY(Circle one): :iCommunity water system- Noncorm~nity water system PFTV*~ Well Swimming pool Bottled water TYPE OF SAMPLE(Circle one): Compliance Repeat Replacement (Check Box) Nontransient - noncommunity water system Limited Use system Well survey Other [ ] Distribution [ ] Check here if payment made [ ] Raw to county public health unit TO BE COMPLETED BY COLLECTOR OF SAMPLE TO,,mBE COMPLETED BY LAB ~ ANALYSIS METHOD~ MF/ MTF HMO-MUG ~PA'- COLL. SAMPLE POINT CL NON CONFIRM CONFIRM NO. (Specific Address) RES'D pH COLIFORM *TOTAL TOTAL FECAL E. COLI SAMPLE NUMBER * Results in this column are presun~otive. Total coliform and fecal coliform or E. coli confirmation will follow in 24-48 hours. P - Co[iforms are present C - Confluent growth TA - Turbid, Absence of gas or acid A - Coliforms are absent TNT( - Too numerOus to count iNVOICE ADDRESS (if different than address below): INTERPRETATIONS-REMARKS BY. PROGRAM REVIEWER NAME AND MAILING ADDRESS OF PERSON/FIRM TO RECEIVE REPORT REVIEWING OFFICIAL: TITLE: ( ) ( ) SATISFACTORY ( ) INCOMPLETE COLLECTION INFORMATION ( ) REPEAT SAMPLES ( ) REPLACEMENT SAMPLES as President of Ivy Pointe, Inc., a Florida corporatio, n, the The undersigned, Paula Da¥is, "A" hereto and incorporated hereto, owner of the real property described in Exhibit attached hereby certifies that B2; pointe, Inc. has receiYed no contributions in aid of construction of the water and sewer utility facilities contained in the Exhibit "A" property. I¥¥ poiNTE, INC., a Florida corporation Paula Da~S Its: President [CORPORATE SEALI EXHIBIT "A" Tract A as shown on thc Plat of Ivy Pointe, recorded in Plat Book 28, Page 33, Public Records of Collier Count, Florida. FLORIDA STATE UNDERGROUND, INC. C ~)N I RAC, I OR'S CERTIFIED LIST OF INSTALLED MATERIALS & COSTS SYSTEM NAME: INVY POINTE IN PELICAN MARSH THIS IS A: WATER SYgTEM XX DATE: AUGUST 22, 1997 SEWER SYSTEM ITEM DESCRIPTION SIZE QUANTITY UNIT COST TOTAL COST 8" X 8" HOT TAP 1 EA 2,424.52 2,424.52 8" C900 DR18 PVC 1200 LF 10.19 12,228.00 8" GATE VALVE 1 EA 572.79 572.79 FIRE HYDRANT ASSEMBLY 3 EA 1,674.96 5,024.88 PERM BACT. SAMPLE PTS 1 EA 850.88 850.88 SINGLE WATER SERVICE 6 EA 240.30 1,441.80 DOUBLE WATER SERVICE 19 EA 332.23 6,312.37 TOTAL 28,855.24 I DO HEREBY CERTIFY THE ABOVE DESCRIBED LIST OFMATERIALS, QUANTITIES OF MATERIALS, KINDS OF MATERIALS, INCLUDING INSTALLATIONAND ALL COSTS AS INSTALLED, TO BE COMPLETE, TRUE AND ACCURATE AS PER FINAL PAY ESTIMATE AND/OR ALL INVOICES OR STATEMENTS OF (BY OR FROM) THIS CERTIFYING CONTRACTOR AND AS PER THE PROJECT AND/OR DESIGN ENGINEERS CERTIFIED RECORD DRAWINGS OF THIS SYSTEM AS DESCRIBED BY NAME SHOWN, AS OF THIS DATE. PERSONALLY KNOWN, SWORN TO _CERTIFYING: ~ ~AY~.O~F/~,/g~]~,': ' ,1997 ~ _~/.~'~'~.~...~I~,PRESIDENT //~/~ ~'/ /d/ _. -.~,.~ ......... FLORIDA"~"ffATE UNDERGROUND, INC. C: \O FFIC E~,WPWIN~WPI)O C51\C ERT LIST FLORIDA STATE UNDERGROUND, INC. CONTRACTOR'S CERTIFIED LIST OF INSTALLED MATERIALS & CO~ SYSTEM NAME: INVY POINTE IN PELICAN MARSH DATE: AUGUST 22, 1997 THIS ISA: ~ AIERSYSFEM SEWER S5 ~ 1 [zM XX ITEM DESCRIPTION SIZE QUANTITY UNIT COST TOTAL COST 8" SDR35 PVC 0/6 8" 670 LF 13.08 8,763.60 8" SDR35 PVC 6/8 8" 418 LF 15.08 6,303.44 SANITARY MANHOLE 0/6 3 EA 980.70 2,942.10 SANITARY MANHOLE 6/8 2 EA 1,155.60 2,311.20 SANITARY MANHOLE 12/14 1 EA 2,473.40 2,473.40 6" LATERAL SINGLE 6" 4 EA 249.30 997.20 6" LATERAL DOUBLE 6" 20 EA 307.19 6,143.80 CONNECT TO EXISTING 1 LS 463.04 436.04 TOTAL 30,370.78 I DO HEREBY CERTIFY THE ABOVE DESCRIBED LIST OFMATERIALS, QUANTITIES OFMATERIALS, KINDS OF MATERIALS, INCLUDING INSTALLA TION AND ALL COSTS' AS INSTALLED, TO BE COMPLETE, TRUE AND ACCURATE AS PER FINAL PAY ESTIMATE AND/OR ALL INVOICES OR STATEMENTS OF ('B Y,,,(~ FROM) THIS CERTIFYING CONTRACTOR AND AS PER THE PROJECT AND/OR DESIGN ENGINEERS C,~?IFIED RECORD DRAWINGS OF THIS SYSTEM AS DESCRIBED BY NAME SHOWN, AS OF THIS DATE. ,/:/ PERSONALLY KNOWN, SWORN TO & SUBSCRIBED BEFORE ME THIS (' 01' sEAL C:\OFFICE\WPWE~WPDOCS\CERTt,IST CERTIFYING: ~~ '~~~q~, INC. (SEAL) COASTAL ENGINEERING CONSULTANTS INC Coastal Engineering Civil Engineering Survey Environmental Real Estate Appraisal September 24, 1997 Collier County Development Services 2800 North Horseshoe Drive Naples, Florida 34104 Ivy Pointe C.E.C. File No. 96.469 To Whom it May Concern: I hereby certify that to the best of my knowledge and belief that all of the water and sewer main facilities within Ivy Pointe are located within the platted Right-of-Way. If you have any questions or require additional information, please contact our office. Sincerely, COASTAL ENGINEERING CONSULTANTS, INC. J~P. Asher, P.E~''- 96469\pre-util.acp 3106 S. HORSESHOE DRIVE · NAPLES, FLORIDA 34104 · (941) 643-2324 · FAX (941) 643-1143 August 22, 1997 Board of Collier County Commissioners 3301 Tamiami Trail East Naples, FL. 33964 WATER DISTRIBUTION SYSTEM IVY POINTE AT PELICAN MARSH COLLIER COUNTY NAPLES, FLORIDA Gentlemen: This letter is to certify the completion of the WATER DISTRIBUTION SYSTEM located within IVY POINTE AT PELICAN MARSH. Florida State Underground, Inc. furnishes at least a one (1) year guarantee of material and workmanship on the system, upon acceptance by the Collier County Board of Commissioners. Sincerely, TPM/cvk C:\office\~pwin\wpdocs~ccwarr 73 COMMERCIAL BOULEVARD · NAPLES, FLORIDA 34104 · 643-6449 · FAX: 643-6891 August 22, 1997 Board of Collier County Commissioners 3301 Tamiami Trail East Naples, FL. 33964 SEWER DISTRIBUTION SYSTEM IVY POINTE AT PELICAN MARSH COLLIER COUNTY NAPLES, FLORIDA Gentlemen: This letter is to certify the completion of the SEWER DISTRIBUTION SYSTEM located within IVY POINTE AT PELICAN MARSH. Florida State Underground, Inc. furnishes at least a one (1) year guarantee of material and workmanship on the system, upon acceptance by the Collier County Board of Commissioners. Sincerely, ~P~sident TPM/cvk C:\office\wl~vin\wpdocs\ccwarr 73 COMMERCIAL BOULEVARD · NAPLES, FLORIDA 34104 · 643-6449 · FAX: 643-6891 Official Receipt - Collier County Board of County Commissioners CDPR1103 - Official Receipt ~ 4~426 ....... ~_1~)-i797 4'33'38 PM 12/2/97 UT 27948 FLORIDA STATE UNDERGROUND 73 COMMERCIAL BLVD Payor ' FL STATE UNDERGROUND Fee Information [¢e~ c~'~crip~i0n .......... Gl~-~,coun-t .......... ...... Amount i Waived I '42CY N-- i C](JNT~]N~01CE~- .... ] 4~8-0-0000]-i;I-~10000(J00- -$45--~-~)6 I i Total $45~.~_6.i Payments payment (:;ode i ACcount/Check ~umber - ; Amount i CHEC-K .......... .... 1739~ ........ ; ~4,~6.96 Total Cash ! "$'~:0-0-i Total Non-Cash ~ $456~96- Total Paid Memo: FULL BORE FLUSH AT IVY POINTE AT PELICAN MARSH INVOICE #27563 PAID $456.96 Cashier/location: FROLOFF E / 1 User: MOROCCO G Collier County Board of County Commissioners CD-Plus for Windows 95/NT Printed: 12/1/97 4:34:08 PM 1l-1~-97 12:~9 COASTAL ENGINEERING CON~ INC ID=i 94! 84G 2~24 P.~I FIRE PREVENTION BUREAU 144t PINE RIDGE ROAD * NAPLES, FLORIDA 34109 (941) 597-9227 FAX (941) S97-7082 Oct. 30, 1997 David H. Farmer Coastal Engineering Consultants, Inc. 3106 So. ~orseshoe Dr. Naples, FL 34~04 RE: F'i=e Hydrant 'Acceptance Ivy Pointe - 3 Hydrants Dear David, The North Naples Fire Control and Resoue District has inspected and received our fees for ownership and maintenance of the above hydrants. We wilt accept ownership and maintenance at this time. The following are the.results of a flow test: Static 66 Residual 44 GPM 857 Pitot 26 If you have any questions, please do not hesitate to give me a call. Sincerely, NORTH NAPLES .FIR~. DEPARTMENT Fire Marshal Fire Prevention Bureau KKR:sc Post-lt~ Fax Note 7671 Project: CEC File No.: Coastal Engineering Consultants, Inc. $~NIT~Ry S~R ~N~ILTP~TION TESTING Date of Test : ~' ~ 6- ~ CEC Observer: ~b~C ~ Utility Co. Observer: ;J~ Description of Line Tested: C]%LCUL~TION OF ]%L_LOW~BLE INFILTRATION PER 24 HOURS: (Lengt. h of pipe) / 5280' x (diameter of pipe) x 50 gal/day (~n feet) (in inches) (~/d~O ) / 5280' x ( ) x 50 gal/day units (occupied) x gal/day bldg. ( units) w/ RESULTS OF TEST: Total Gallons Gallons Gallons Gallons Ganons Length of Test: ~ hour(s), Allowable Infiltration: ~Z~ Gallons Calculation of Actual Infiltration: Test meets Engineer: John P A~~she. r, P. E~~. Coast/ Engineering jpa\inf t ~esl: project specifications: Consultants, Inc. Z YES NO Date WASTEWATER DEPARTMENT PROJECT VIDEO REVIEW DATE OF REV]'EW: PROJECT NAME:_~XX Pointe in Pelican Marsh ENGINEER OF CONSTRUCTION CONTRACTOR.: Fl. St. Underground VIDEO CONTRACTOR: Sewer Viewer COMMENTS: None RECOMMENDATIONS: [ xx [ [ [ ] ACCEP IABI,E: ] REVIEW NUMBERED COMMENTS iN ONE YEAR: ] NUMBERED COMMENTS UNACCEPTABLE: {REPAIR/REPLACE}: ] OTHER RECOMMENDATIONS: DOC.42 COLLIER COUNTY GOVERNMENT COMMUNITY DEVELOPMENT SERVICES DIVISION 2800 NORTH HORSESHOE DRIVE NAPLES, FL 53942 (941) 645-8400 .~, CERTIFIED BLUE CHIP COMMUNITY PLANNING SERVICES DEPARTMENT ENGINEERING REVIEW SECTION September 30, 1997 David Farmer Coastal Engineering Consultants 3106 South Horseshoe Drive Naples, Florida 34104 RE: Ivy Point at Pelican Marsh, Water & Sewer Dear Mr. Farmer: A preliminary inspection of the referenced project was conducted by Randy Casey of the Engineering Review Section of the Planning Services Department on September 30, 1997. Conditions were found to be acceptable, and appear to meet County standards. If you should have any questions, please do not hesitate to call Randy Casey at (941) 403-2418 or Clyde Fugate at (941) 403-2417. Sincerely, Engineering Inspections Supervisor CF/RC/pd/f:Casey/Water Sewer Preliminary Approval (Ivy Point) 9-30-97 CCi Cindy Erb, Engineering Technician, Public Works Timothy L. Clemons, Wastewater Director, Utilities Mike Newman, Water Director, Utilities Evelyn Ferguson, D.O.R. Billing Supervisor Randy Casey,Engineering Inspector,Engineering Review Section Shirley Nix, Engineering Tech. II,Engineering Review Section