If an Event of Default shall have occurred and be continuing, the Mortgagee maydeclare the entire principal balance of the Recreation Area Note then unpaid andthe interest accrued thereon to be due and payable immediately, and upon suchdeclaration such principal and interest shall forthwith become and be due andpayable, as fully and to the same effect as if the date of such declaration were thedate originally specified for the maturity of the unpaid balance of the RecreationArea Note.

11. Mortgagee's Right to Enter and Take Possession, Operate and ApplyIncome.

A. If an Event of Default shall have occurred and be continuing,the Mortgagor, upon demand of the Mortgagee, shall forthwith surrender to theMortgagee the Mortgagor's right, title and interest in and to the Recreation Area.Mortgagor's right to actual possession of the Recreation Area, and to the extentpermitted by law, the Mortgagee itself, or such officers or agents as it mayappoint, may enter and take possession of all the Recreation Area, and mayexclude the Mortgagor and its agents and employees wholly therefrom and mayhave joint access with the Mortgagor to the books, papers and accounts of theMortgagor.

B. If the Mortgagor shall for any reason fail to surrender ordeliver any part of the Recreation Area after such demand by the Mortgagee, theMortgagee may obtain a judgment or decree conferring on the Mortgagee theright to immediate possession or requiring the Mortgagor to deliver immediatepossession of all or part of such Recreation Area to the Mortgagee, to the entryof which judgment or decree the Mortgagor hereby specifically consents.

C. The Mortgagor will pay to the Mortgagee, upon demand, allexpenses of obtaining such judgment or decree and reasonable compensation tothe Mortgagee, its attorneys and agents; and all such expenses and compensationshall, until paid, be secured by the lien of this Mortgage.

D. Upon every such entering upon or taking of possession theMortgagee may hold, store, use, operate, manage or control the Recreation Area,and conduct the business thereof, and, from time to time

(i) Make all necessary and proper maintenance repairs,renewals, replacements, additions, betterment and improvements thereto andthereon and purchase or otherwise acquire additional fixtures, personalty, and

Page D-71

other property;

(ii) Insure or keep the Recreation Area insured;

(iii) Manage and operate the Recreation Area and exerciseall the right and powers of the Mortgagor, in its name or otherwise, with respectto the same;

(iv) Enter into any and all agreements with respect to theexercise by others of any of the powers herein granted the Mortgagee,

all as the Mortgagee from time to time may determine to be to its best advantage;and the Mortgagee may collect and receive all the income, revenues, rents, issuesand profits of the same, including those past due as well as those accruingthereafter, and after deducting

(aa) All expenses of taking, holding, managing andoperating the Recreation Area (including compensation for the services of allpersons employed for such purposes);

(bb) The cost of all such maintenance, repairs, renewals,replacements, additions, betterments, improvements and purchases andacquisitions;

(cc) The cost of such insurance;

(dd) Such taxes, assessments and other charges prior to thelien of this Mortgage as the Mortgagee may determine to pay:

(ee) Other proper charges upon the Recreation Area or anypart thereof; and

(ff) The reasonable compensation, expenses anddisbursements of the attorneys and agent of the Mortgagee shall apply theremainder of the monies so received by the Mortgagee, first to the payment ofaccrued interest; and second to the payment of overdue installments or principal.

E. Whenever all that is due upon such principal installments andunder any of the terms of this Mortgage, shall have been paid and all defaultsmade good, the Mortgagee, shall surrender possession of the Recreation Area to

Page D-72

the Mortgagor, its successors or assigns. The same right of taking possession,however, shall exist if any subsequent Event of Default shall occur and becontinuing.

12. Mortgagee's Power of Enforcement.

If an Event of Default shall have occurred and be continuing the Mortgagee may,either with or without entry or taking possession as hereinabove provided orotherwise, proceed by suit or suits at law or in equity or by any other appropriateproceeding or remedy:

A. To enforce the performance of any term hereof or any otherright;

B. To sell, as an entirety or in separate lots or parcels, theproperty of Mortgagor conveyed hereunder and all of Mortgagor's rights, title andinterest in and to the Recreation Area, under the judgment or decree of a court orcourts of competent jurisdiction;

C. In the event such default shall result from the failure or refusalof a unit owner to pay that portion of the purchase price attributable to the unit, orthe monthly installment due in connection therewith, the Mortgagee shall have theright to either:

(i) Require the Association to exercise its rights under theDeclaration of Condominium and the Statutes of Florida to file and foreclose itslien against the said unit to enforce payment and collection of the assessment torthe said payment.

(ii) Alternatively, to proceed as an assignee of all of theMortgagor's rights as to the said unit owner, including the right to file, enforce,and foreclose a lien upon the Condominium Unit, in the name of the Mortgagor orin the name of the Mortgagee, as the Mortgagee shall elect, and in all suchproceedings such lien shall also cover Mortgagee's reasonable attorney's fees andcosts expended in such action.

(iii) Alternatively, to file, enforce and foreclose thepurchase money mortgage lien rights upon the Condominium Unit herein grantedto the Mortgagee and in all such proceedings such purchase money mortgage lienshall also cover Mortgagee's reasonable attorney's fees and costs expended in

Page I)-73

such action.

(iv) To accelerate the remaining unpaid principal balance ofthat portion of the purchase price attributable to the unit in default, and to proceedpursuant to the provisions of either sub-paragraphs (i), (ii) or (iii) above to securepayment of the said monies, together with attorney's fees and court costsincurred.

D. To pursue any other remedy available to it, all as theMortgagee shall deem most effectual for such purposes. The Mortgagee shalltake action either by such proceedings or by the exercise of its powers withrespect to entry or taking possession, as the Mortgagee may determine.

13. Principal and Interest Become Due on Sale.

Upon commencement of suit or foreclosure, the unpaid principal, if not previouslydeclared due, and the interest accrued thereon, shall at once become and beimmediately due and payable.

14. Purchase by Mortgagee.

Upon any such foreclosure sale pursuant to judicial proceedings, the Mortgageemay bid for and purchase the Recreation Area, and upon compliance with theterms of sale may hold, retain and possess and dispose of such property in its ownabsolute right without further accountability.

15. Application of Indebtedness Toward Purchase Price.

Upon any such foreclosure sale, pursuant to judicial proceedings, the Mortgageemay, if permitted by law, after allowing for the proportion of the total purchaseprice required to be paid in cash for the costs and expenses of the sale,compensation and other charges, in paying the purchase price, apply to thepurchase price any portion of or all sums due to the Mortgagee, under thisMortgage, in lieu of cash, to the amount which shall, upon distribution of the netproceeds of such sale, be payable thereon.

16. Receiver.

If an Hvent of Default shall occur and be continuing, then upon the filing of a billin equity or other commencement of judicial proceedings to enforce the rights of

Page I>-74

the Mortgagee, the Mortgagee to the extent permitted by law and without repaidto the value or occupancy of the security, shall be entitled as a matter of right U*the appointment of a receiver to enter upon and take possession of the RecreationArea. The receiver shall collect all rents, revenues, issues, income, products, andprofits thereof, pending such proceedings and apply the same as the Court maydirect. The receiver shall have all rights and powers permitted under the laws ofFlorida and such other powers as the court making such appointment shall confer.The expenses, including receiver's fees, counsel fees, costs and agentscompensation, incurred pursuant to the powers herein contained, shall be secuicdby this Mortgage. The right to enter and take possession of, to manage andoperate the Recreation area, to collect the rents, issues and profits thereof,whether by a receiver or otherwise, shall be cumulative to any other right orremedy hereunder or afforded by law, and may be exercised concurrentlytherewith or independently thereof. Mortgagee shall be liable to account only forsuch rents, issues and profits actually received by Mortgagee, whether requiredpursuant to this Paragraph 17 or Paragraph 12 above. Notwithstanding theappointment of any receiver, trustee, or other custodian, the Mortgagee sk i l l heentitled as pledgee to the possession and control of any cash, or other instrumentsat the time held by, or payable or deliverable under the terms of this Mortgage tothe Mortgagee.

17. Suits to Protect the Recreation Area.

The Mortgagee shall have power:

A. To institute and maintain such suits and proceedings as ii m.ivdeem expedient to prevent any impairment of the Recreation Area by an> icKwhich may be unlawful or any violation of the Mortgage;

B. To preserve or protect its interest in the Recreation Area andin the income, revenue, rents and profits arising therefrom and

C. To restrain the enforcement of or compliance with anylegislation or other governmental enactment, rule or order that may beunconstitutional or otherwise invalid, if the enforcement of or compliance withsuch enactment, rule or order would impair the security hereunder or beprejudicial to the interest of the Mortgagee.

18. Proofs of Claim.

Page D-75

In the case of any receivership, insolvency, bankruptcy, reorganization,arrangement, adjustment, composition, or other judicial proceedings affecting theMortgagor, its creditors, or its property, the Mortgagee, to the extent permittedby law, shall be entitled to file such proofs of claim and other documents as maybe necessary or advisable in order to have the claims of the Mortgagee allowedin such proceedings for the entire amount due and payable by the Mortgagorunder this Mortgage at the date of the institution of such proceedings and for anyadditional amount which may become due and payable by the Mortgagorhereunder after such date.

19. Acceleration: Application of Monies by Mortgagee.

A. If default shall be made in the payment of any amount dueunder the Recreation Area Note or this Mortgage, then upon demand of theMortgagee, the Mortgagor will pay to the Mortgagee the entire amount due andpayable. If Mortgagor shall fail to pay the same forthwith upon such demand, theMortgagee shall be entitled to sue for and to recover judgment for the wholeamount so due and unpaid together with costs, which shall include the reasonablecompensation, expenses and disbursement of the Mortgagor's agents andattorneys either before, after or during the pendency of any proceedings for theenforcement of this Mortgage. The right of the Mortgagee to recover suchjudgment shall not be affected by any taking, possession or foreclosure salehereunder, or by the exercise of any other right, power or remedy for theenforcement of the terms of this Mortgage, or the foreclosure of the lien hereof.

B. In case of a foreclosure sale of any of the Recreation Area andof the application of the proceeds of sale to the payment of the debt herebysecured, the Mortgagee shall be entitled to enforce payment of and to receive allamounts then remaining due and unpaid, and the Mortgagee shall be entitled torecover judgment for any portion of the debt remaining unpaid, with interest.

C. The Mortgagor agrees, to the full extent that it may lawfullyso agree, that no recovery of any such judgment by the Mortgagee and noattachment or levy of any execution upon any such judgment upon any of theRecreation Area or upon any other property shall in any manner or to any extentaffect the lien of this Mortgage upon the Recreation Area or any part thereof orany lien, rights, powers or remedies of the Mortgagee hereunder, but such lien,rights, powers and remedies shall continue unimpaired as before.

D. Any monies thus collected by the Mortgagee or received by

Page D-76

the Mortgagee under this Paragraph 19 shall be applied as follows:

(i) First, to the payment of the reasonable compensation,expenses and disbursements of the agents and attorneys of the Mortgagee; and

(ii) Second, toward payment of the amounts due andunpaid.

20. Delay or Omission No Waiver.

No delay or omission of the Mortgagee to exercise any right, power or remedyacquired upon any default shall exhaust or impair any such right, power or remedyor shall be construed to be a waiver of any such default, or acquiescence therein;and every right, power and remedy given by this Mortgage to the Mortgagee maybe exercised from time to time and as often as may be deemed expedient by theMortgagee.

21. No Waiver of One Default to Affect Another.

No waiver of any default hereunder shall extend to or shall affect any subsequentor any other then existing default or shall impair any rights, powers or remediesconsequent thereon. If the Mortgagee (a) grants forbearance or an extension oftime for the payment of any sums secured hereby; (b) takes other or additionalsecurity for the payment thereof; (c) waives or does not exercise any right grantedherein; (d) releases any part of the Recreation Area from the lien hereof, orotherwise changes any of the terms of this Mortgage; (e) consents to the tilingof any map, plat or replat thereof; (i) consents to the granting of any easementthereon; or (g) makes, or consents to, any agreement subordinating the lienhereof, any such act or omission shall not release, discharge, modify, change oraffect the original liability under this Mortgage, or otherwise of the Mortgagor orany subsequent purchaser of the Recreation Area or any part thereof. Nor shallany such act or omission preclude the Mortgagee from exercising any right, poweror privilege herein granted or intended to be granted in the event of any otherdefault then made or of any subsequent default, nor, except, as otherwiseexpressly provided in an instrument or instruments executed by the Mortgagee,shall the lien hereby created, be altered thereby. In the event of the sale ortransfer by operation of law or otherwise of all or any part of the Recreation Area,the Mortgagee, without notice to any person or corporation, is hereby authorizedand empowered to deal with any such vendee or transferee with reference to theRecreation Area or the indebtedness secured hereby, or with reference to any of

Page D-77

the terms or conditions hereof, as fully and to the same extent as it might deal withthe original parties hereto and without in any way releasing or discharging any ofthe liabilities or undertakings hereunder.

22. Discontinuance of Proceedings — Position of Parties Restored.

In case the Mortgagee shall have proceeded to enforce any right or remedy underthis Mortgage by foreclosure, entry or otherwise, and such proceedings shall havebeen discontinued or abandoned for any reason, or shall have been determinedadversely to the Mortgagee, then and in every such case the Mortgagor and theMortgagee shall be restored to their former positions and rights hereunder, and allrights, powers and remedies of the Mortgagee shall continue as if no suchproceeding has been taken.

23. Remedies Cumulative.

No right, power or remedy conferred upon or reserved to the Mortgagee by thisMortgage is intended to be exclusive of any other right, power or remedy, buteach and every such right, power and remedy shall be cumulative and concurrentand shall be in addition to any other right, power and remedy given hereunder ornow or hereafter existing at law or in equity or by statute.

24. Successors, Assigns Included in Parties.

Whenever in this Mortgage one of the parties hereto is named or referred to, thesuccessors and assigns of such party shall be included and all covenants andagreements contained in this Mortgage by or on behalf of the Mortgagor or by oron behalf of the Mortgagee, shall bind and inure to the benefit of their respectivesuccessors and assigns, whether so expressed or not.

25. Notice.

A. Mortgagor. Any notice, demand or other instrumentauthorized by this Mortgage to be served on or given to the Mortgagor may beserved on or given to the Mortgagor, HILLSBORO COVE CONDOMINIUMASSOCIATION, INC., 1301-1427 East Hillsboro Boulevard, Deerfield Beach,Florida 33441 or at such other address or addresses as may have been furnishedin writing to the Mortgagee by the Mortgagor.

B. Mortgagee. Any notice, demand or other instrument to be

PaKe D-78

served on or given to the Mortgagee may be served on or given to the Mortgagee,at 645 Griswold, Detroit, Michigan, or such other address as may have beenfurnished in writing to the Mortgagor by the Mortgagee.

26. Headings.

The headings of the sections, paragraphs, and subdivisions of this Mortgage arefor convenience of reference only, are not to be considered a part hereof, and shallnot limit or otherwise affect any of the terms hereof.

27. Invalid Provisions to Affect No Others.

In case any one or more of the covenants, agreements, terms or provisionscontained in this Mortgage shall be invalid, illegal or unenforceable in anyrespect, the validity of the remaining covenants, agreements, terms or provisionscontained herein shall be in no way affected, prejudiced or disturbed thereby.

28. Modifications.

Neither this Mortgage nor any term hereof may be changed, waived, dischargedor terminated orally, but only by an instrument in writing signed by the partyagainst which enforcement of the change, waiver, discharge or termination issought, and placed of record in Broward County, Florida. Any agreementhereafter made by the Mortgagor and the Mortgagee relating to the Mortgageshall be superior to the rights of the holder of any intervening lien orencumbrance.

29. Uniform Commercial Code.

The parties agree that this mortgage is a purchase money security agreementunder the Uniform Commercial Code for the purpose of creating a lien on thepersonal property and fixtures described herein.

30. Transfer of Land hy Mortgagor.

In the event Mortgagor voluntarily or involuntarily transfers title to any part of theRecreation Area without the prior written consent of the Mortgagee, Mortgageemay at its option declare the entire unpaid balance of the purchase price and theinterest accrued thereon to be immediately due and payable and upon suchdeclaration, such principal and interest shall forthwith become and be due and

Page D-79

payable as fully and to the same effect as if the date of such declaration were thedate originally specified for the maturity of the unpaid balance of the purchaseprice.

31. Enforcement.

As part of the inducement to the Mortgagee to make the conveyance to theMortgagor creating this purchase money mortgage, the Mortgagor herebydesignates the Mortgagee, its attorney in fact, with full power of substitution, forthe purpose of enforcing the obligation of any member of the Mortgagor to paythat portion of any assessment against him attributable to him or payable towardsthe purchase price on the Recreation Area, or any of the other costs or obligationsdue and payable pursuant to the terms and provisions hereof. Said power shallinclude the right of the Mortgagee to file such action or actions as it deemsadvisable or necessary against such defaulting member in its own name or in thename of the Mortgagor, and to collect, in addition to any delinquent assessment,attorney's fees and court costs incurred, together with interest on any delinquentassessment at the rate often percent (10%) per annum. The Mortgagor furtherdesignates the Mortgagee as its attorney-in-fact, with full power of substitution,for the purpose of making and enforcing assessments against the Mortgagor'smembership owning condominium units in H1LLSBORO COVECONDOMINIUM, according to the Declaration of Condominium thereof,recorded under O.R. Book 3801 Page 320 of the Public Records of BrowardCounty, Florida, or any portion thereof, to enforce the obligation of the saidmembership to pay monies required to satisfy the obligations of the Mortgagor tothe Mortgagee pursuant to the terms and provisions hereof, as well as to enforceany of the other terms and provisions hereof

32. Florida Contract

This Mortgage is to be construed and enforced under the laws of the State ofFlorida.

33. Rights Granted to Developer.

Until the Developer has completed promotion and sale of all condominium unitsto be located at HILLSBORO COVH, Developer shall have the following rightswith regard to the Recreation Area notwithstanding any other provision of thisMortgage to the contrary:

Page D-80

A. The right to use, occupy and demonstrate, on a non-exclusivebasis, all of the Recreation Area for the purpose of promoting and aiding in thesale or rental of the condominium units in the condominium apartment buildings.Such rights shall not be exercised in an unreasonable manner not consistent withthe right of the members of the Mortgagor to use, occupy and enjoy such portionsof the Recreation Area.

Nothing herein contained shall serve in any way to reduce Mortgagor'sobligations for the payments due under this Mortgage, or for the payment oftaxes, repair and maintenance of the property.

34. Easements.

In the event of foreclosure there is specifically granted unto the Mortgagee, andto all of those claiming by, through and under it, an easement over, through andacross sidewalks, paths, walks, and other portions of the common elements asmay be from time to time needed for the supply of utilities and the maintenance,repair or replacement thereof; and for vehicular and pedestrian traffic over,through and across such portions of the common elements as may be from time totime paved and intended for such purposes providing direct access to themortgaged property. Also, in the event of foreclosure, an easement is furtherhereby created in favor of all owners of condominium units at said HILLSBOROCOVE CONDOMINIUM, their servants, agents and/or employees, across themortgaged property for utilities as may exist in fact and for the maintenance,repair or replacement thereof.

35. Termination or Dissolution of the Mortgagor.

In the event the Mortgagor shall be dissolved, or its existence terminated, then allof the Mortgagor's right, title and interest in the Recreation Area shall revert tothose condominium unit owners constituting the Mortgagor's membership,immediately prior to its termination or dissolution, as tenants in common, and thesaid members shall jointly and severally be obligated to perform each and everyof the Mortgagor's covenants and promises and undertakings herein provided for,and to pay the remaining unpaid balance of the Recreation Area Note, if any,together with all interest accrued thereon in accordance with the terms andprovisions hereof.

36. Duty of Mortgagor to Pay.

Page D-81

It shall be the duty and obligation of the Mortgagor to assess its membership, inaccordance with the provisions of the applicable laws of the State of Floridadealing with condominiums, the Declaration of Condominium, and the By-Lawsof the Mortgagor, for such monies as shall be necessary to pay the monies andother obligations provided for by this Mortgage, and to otherwise perform itscovenants and promises contained herein.

37. Rights of Institutional First Mortgagees.

A. Definition. An institutional first mortgagee is definedas a bank, saving and loan association, insurance company or trust holding a firstmortgage secured by condominium units.

B. Subordination by Mortgagee. The Mortgagee herebyagrees that the purchase money mortgage lien on a condominium unit created inits favor pursuant to and by the provisions of this Mortgage shall be subordinateto any previously recorded lien of any institutional first mortgage against suchcondominium unit, and further agrees to sign and execute any instrumentreflecting acknowledgment of such subordination, or to join in the execution anddelivery of a mortgage (provided it does not thereby assume or become obligatedto perform any covenants of the Mortgagor therein), as such Mortgagee mayrequire.

38. Copies.

A copy of the Recreation Area Note and this Mortgage shall be exhibited ordelivered to each person contracting to acquire a condominium unit in theHILLSBORO COVE CONDOMINIUM as aforedescribed, from the Mortgagee,for the purpose of making full disclosure of all of the terms and provisions hereof.Each such person expressly agrees and consents that minor changes, deletions,additions and amendments may be made to the said Recreation Area Note or tothis Mortgage prior to the reeordation thereof, and without further advice ornotice to such person, for the purpose of correcting typographical errors,complying with the requirements of an institutional mortgagee, or for otherreason, provided such deletion, addition and/or amendment shall not materiallyadversely affect the rights of such person or of the Mortgagor hereunder.

39. Obligation of Unit Owner.

Notwithstanding any provision of this Mortgage to the contrary, so long as a unit

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owner in the HILLSBORO COVE CONDOMINIUM, according to theDeclaration of Condominium thereof, recorded in O.R. Book 3801 Page 320 ofthe Public Records of Broward County, Florida, shall pay that portion of thepromissory note (purchase price) due and owing to the Mortgagee attributable tohis condominium unit as set forth herein, or as set forth in the Recreation AreaNote and shall pay his proportionate share of the taxes, insurance, utilities andother Recreation Area expenses provided for herein to the Association, or, in theevent of a default by the Association, directly to the Mortgagee, the Mortgageewill not and may not enforce any of the rights which "it might otherwise haveagainst the condominium unit owner or the said Condominium Unit under theterms and provisions hereof, notwithstanding that the Mortgagor is in default ofthis Mortgage and/or that any other condominium unit owner has failed to performor keep its obligations as a member of the Mortgagor to pay his proportionateshare of such Recreation Area expenses or his proportionate share of theRecreation Area Note, provided however, that nothing herein contained shalllimit, restrict, prevent the exercise of or otherwise adversely affect the rights ofthe Mortgagee under paragraphs 12 a, 12 b and 12 d hereof.

40. Receipt for Full Payment.

Upon full payment by a unit owner of that portion of the principal obligation ofthe Recreation Area Note attributable to his condominium unit, and payment ofsuch funds to Mortgagee, the Association shall deliver to said unit owner a receipttherefor in recordable form, joined in by Mortgagee, reflecting that no furtherassessment shall be made against the said unit in connection with the principalobligation of the Recreation Area Note.

IN WITNESS WHEREOF, the said party of the first part has caused these

presents to be signed in its name, by its President and its corporation seal to be

affixed, attested by its Secretary, the day and year above written.

HILLSBORO COVE CONDOMINIUMASSOCIATION, INC.

By:President

Attest:Secretary

Page l>-83

STATE OF FLORIDACOUNTY OF BROWARD

I, an officer authorized to take acknowledgments, according to the laws ofthe State of Florida, duly qualified and acting, HEREBY CERTIFY that

and

respectively as President and Secretary ofHILLSBORO COVE CONDOMINIUM ASSOCIATION, INC., to mepersonally known, this day acknowledged before me that they executed theforegoing Mortgage as such officers of said Corporation; and that they affixedthereto the official seal of said Corporation; and I further certity that I know thesaid persons making said acknowledgment to be the individuals described in andwho executed the said Mortgage.

IN WITNESS WHEREOF, I hereunto set my hand and seal at DeerfieldBeach, said County and State, this day of , 1976.

Notary Public

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EXHIBIT A

THAT CERTAIN LEASE made and entered into on the 27th day ofNovember, 1968 by and between JOAN M. WARBURG, joined by her husband,JAMHS P. WARBURG, J IMMY L. ST1NSON, joined by his wife, MARLHNEB. ST1NSON, ELLIOTT C. STINSON, joined by his wife, RUTH I. STINSON,GEORGE L. BENNETT, joined by his wife, CORLISS S. BENNETT,WILLIAM B. CAMPBELL, joined by his wife, MARY R. CAMPBELL, andROBERT T. CARLILE, joined by his wife, DORIS A. CARLILE, hereinaftercollectively called "LESSORS" and HILLSBORO COVE CONDOMINIUMASSOCIATION, INC., a Florida corporation not for profit, hereinafter called"LESSEE" as the operating entity of HILLSBORO COVE CONDOMINIUM, acondominium according to the Declaration thereof, dated November 26, 1968,and recorded in the Official Records of Broward County, Florida, being ExhibitF to the Declaration of Condominium of HILLSBORO COVE, a Condominiumrecorded on November 27, 1968, in Official Records Book 3801, Page 320, ofthe Public Records of Broward County, Florida.

The above described Lease is upon the following described property, towit:

A parcel of land in the Northwest one-quarter (NW 1/4) of Section 5,Township 48 South, Range 43 East, Broward County, Florida, moreparticularly described as follows:

Commence at the point of intersection of the North boundary of the 100foot right of way of State Road 810, according to the map thereof recordedin Right-of-Way Map Book 4, Page 15, of the Public Records of BrowardCounty, Florida, with a line that is 315.00 feet Easterly from and parallelto the West boundary of the Northwest one-quarter (NW 1/4) of saidSection 5; thence run South 67 °09' 02" East 93.00 feet, along the Northboundary of said State Road 810, to a point, said point being the POINTOF BEGINNING of the parcel of land hereinafter described; thence runNorth 22° 50' 58" Hast 165.00 feet, along a line normal to the North right-of-way line of said State Road 810, to the point of curvature of a circularcurve to the right having a radius of 92.00 feet; thence run Northeasterly70.65 feet along the arc of said curve to the right having a radius of 92.00feet and a central angle of 44° OO1 04", to the point of compound curvaturewith a circular curve to the right having a radius of 15.00 feet; thence runNortheasterly, Easterly and Southeasterly 26.99 feet, along the arc of said

Page D-85

curve to the right having a radius of 15.00 feet and a central angle of 103 °04' 52", to the point of reverse curvature with an arc of a circular curve tothe left having a radius of 354.00 feet; thence run Southeasterly 275.94feet, along the arc of said curve to the left having a radius of 354.00 feet

0and a central angle of 44 39' 39", to the point of reverse curvature with thearc of a circular curve to the right having a radius of 15.00 feet; thence runSoutheasterly and Southerly 20.31 feet, along the arc of said curve to theright having a radius of 15.00 feet and a central angle of 77° 34' 43" to thepoint of tangency with a line that is normal to the North right-of-way lineof said State Road 810; thence run South 22 °50' 58" West 58.66 feet,along a line that is normal to the North right-of-way line of said State Road810, to a point on the North right-of-way line of said State Road 810;thence run North 67 °09' 02" West 282.00 feet, along the North right-of-way line of said State Road 810 to the POINT OF BEGINNING.

I'age D-86

EXHIBIT II

A parcel of land in the Northwest one-quarter (NW 1/4) of Section 5, Township48 South, Range 43 East, Broward County, Florida, more particularly describedas follows:

Commence at the point of intersection of the North boundary of the 100 footright-of-way of State Road 810, according to the map thereof recorded in Right-of-Way Map Book 4, Page 15, of the Public Records of Broward County,Florida, with a line that is 315.00 feet Easterly from and parallel to the Westboundary of the Northwest one-quarter (NW 1/4) of said Section 5; thence runSouth 67°09' 02" East 93.00 feet, along the North boundary of State Road 810,to a point, said point being the POINT OF BEGINNING of the parcel of landhereinafter described; thence run North 22°50' 58" East 165.00 feet, along a linenormal to the North right-of-way line of said State Road 810, to the point ofcurvature of a circular curve to the right having a radius of 92.00 feet; thence runNortheasterly 70.65 feet along the arc of said curve to the right having a radiusof 92.00 feet and a central angle of 44" 00' 04", to the point of compoundcurvature with a circular curve to the right having a radius of 15.00 feet; thencerun Northeasterly, Easterly and Southeasterly 26.99 feet, along the arc of said

o

curve to the right having a radius of 15.00 feet and a central angle of 103 04'52", to the point of reverse curvature with an arc of a circular curve to the lefthaving a radius of 354.00 feet; thence run Southeasterly 275.94 feet, along thearc of said curve to the left having a radius of 354.00 feel and a central angle of44 39' 39", to the point of reverse curvature with the arc of a circular curve tothe right having a radius of 15.00 feet; thence run Southeasterly and Southerly20.31 feet, along the arc of said curve to the right having a radius of 15.00 feetand a central angle of 77°34' 43" to the point of tangency with a line that isnormal to the North right-of-way line of said State Road 810; thence run South22° 50' 58" West 58.66 feet, along a line that is normal to the North right-of-wayline of said State road 810, to a point of the North right of way line of said StateRoad 810; thence run North 67 °09' 02" West 282.00 feet, along the North right-of-way line of said State Road 810 to the POINT OF BEGINNING.

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EXHIBIT 111

RECREATION AREA PURCHASE AGREEMENT

THIS RECREATION ARKA PURCHASH AGREEMENT (PurchaseAgreement) entered into by and between PAUL C. WOLFE, as Trustee,hereinafter called Grantor, and HILLSBORO COVH CONDOMINIUMASSOCIATION, INC., a corporation not for profit under the laws of the State ofFlorida, hereinafter called the Grantee.

WITNESSETH:

1. AGREEMENT TO PURCHASE AND SELL. Grantor agreesto sell to the Grantee, and the Grantee agrees to purchase from the Grantor, thereal property and improvements thereon and that certain Lease more particularlydescribed in Exhibit "A" attached hereto and made a part hereof, hereinafterreferred to as "the property" or the "Recreation Area", said lands lying and beingin Broward County, Florida, all pursuant to the terms and provisions hereof.

2. DETERMINATION OF PURCHASE PRICE. The agreedpurchase price for the property is $1,526,400.00, of which $150,000.00 isattributable to the real estate and improvements. The Grantor recognizes andacknowledges that the Grantee is a Condominium Association created to managethe affairs of the HILLSBORO COVE CONDOMINIUM. The Grantor alsorecognizes and acknowledges that the Recreation Area is being purchased by theAssociation for the use and benefit of, and as agent for, its members owningcondominium units in HILLBORO COVE CONDOMINIUM.

3. DETERMINATION OF PORTION OF PURCHASE PRICEATTRIBUTABLE TO EACH UNIT. The portion of the purchase priceattributable to a condominium unit constructed as part of HILLSBORO COVECONDOMINIUM shall be $4,800.00.

4. PAYMENT OF PURCHASE PRICE. Grantee shall pay thepurchase price in cash at closing.

5. CONTINGENCIES. This contract is contingent upon thefollowing:

A. The Grantee obtaining a purchase money promissory note and

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mortgage (Recreation Area Mortgage) in the amount of $1,526,400.00 on thefollowing terms:

(1) Mortgage to be upon the recreation area, the propertydescribed in paragraph 1 above.

(2) interest on the unpaid portion of the principal shallaccrue at a rate of 6 1/2 % per annum.

(3) payable in consecutive monthly installments, appliedfirst to accrued interest and the remainder to reduction of the principal balance.

(4) payments to commence thirty (30) days after closing.

(5) that portion of the mortgage attributable to acondominium unit in HILLSBORO COVE CONDOMINIUM shall be paid in360 equal monthly installments of principal and interest, each such installment tobe in the sum of $30.35 per month.

(6) may be prepaid by the Grantee herein in whole or inpart at any time without penalty.

(7) Right to Prepay. Unit owners shall have the right toprepay without penalty the unpaid balance of that portion of the mortgage amountattributable to his condominium unit and upon making such prepayment the saidunit owner, his successors and assigns, shall not be assessed or responsible torany further portion of the mortgage amount or interest accrued thereon, and theGrantee shall promptly pay such prepaid amount to the mortgagee, and uponpayment thereof to mortgagee the monthly payment on account of this obligationdue and payable by the Grantee shall be reduced accordingly.

(8) Use of Property. So long as Grantee shall not be indefault in the payments hereinabove recited to be made, the Grantee shall havethe exclusive right for use, for its membership owning condominium units in andfor the occupants thereof and their guests, of the property and improvementsdescribed in Exhibit "A" attached hereto, together with all additions thereto.

(9) Receipt for Full Payment. Upon full payment bya unit owner of the unpaid balance of that portion of the mortgage amountattributable to his condominium unit, and upon payment of such funds to

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mortgagee, the Association shall deliver to said unit owner a receipt therefor, inrecordable form, joined by the mortgagee, reflecting that no further assessmentshall be made against the said unit in connection with this mortgage of theRecreation Area.

(10) Purchase Money Mortgages. The purchase moneynote and mortgage, shall provide for a thirty (30) day grace period in the event ofdefault; shall provide for right of prepayment in whole or in part without penalty;and shall be otherwise in form and content required by Recreation Areamortgagee's attorney; provided, however, Recreation Area Mortgagee shall notrequire clauses not customarily found in mortgages and mortgage notes generallyutilized by national banks and savings and loan institutions in Broward County,Florida.

(11) OBLIGATION OF UNIT OWNER.NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THECONTRARY, SO LONG AS A HILLSBORO COVE CONDOMINIUM UNITOWNER SHALL PAY THE UNPAID BALANCE OF THAT PORTION OFTHE MORTGAGE AMOUNT DUE AND OWING TO THE MORTGAGEEATTRIBUTABLE TO HIS CONDOMINIUM UNIT, AND SHALL PAY HISPROPORTIONATE SHARE OF THE TAXES, UTILITIES, INSURANCE,AND OTHER RECREATION AREA EXPENSES TO THE ASSOCIATION,OR, IN THE EVENT OF DEFAULT BY THE GRANTEE, PAY SAIDAMOUNTS DIRECTLY TO THE MORTGAGEE, THE MORTGAGEE WILLNOT AND MAY NOT ENFORCE ANY OF THE RIGHTS AGAINST SAIDCONDOMINIUM UNIT OWNER OR HIS UNIT WHICH IT MIGHTOTHERWISE HAVE AGAINST SAID CONDOMINIUM UNIT OWNERUNDER THE TERMS AND PROVISIONS OF THE MORTGAGE,NOTWITHSTANDING THAT THE GRANTEE IS IN DEFAULT OF THISAGREEMENT OR THE MORTGAGE AND/OR THAT ANY OTHERCONDOMINIUM UNIT OWNER HAS FAILED TO PERFORM OR KEEPITS OBLIGATIONS AS A MEMBER OF THE GRANTEE TO PAY HISPROPORTIONATE SHARE OF SUCH RECREATION AREA EXPENSES,OR HIS PROPORTIONATE SHARE OF THE MORTGAGE AMOUNT DUEAND OWING TO THE GRANTOR UNDER THE TERMS ANDPROVISIONS HEREOF AND THE RECREATION AREA MORTGAGE.

(12) In the event the Grantor hereunder or the mortgageeshall be a unit owner, said Grantor and/or Mortgagee agree as to each unit soowned to be subject to, and comply with the responsibilities and obligations

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imposed by this Purchase Agreement and the Recreation Area Mortgage uponunit owners in HILLSBORO COVE CONDOMINIUM, including but not limitedto making payments of that portion of the mortgage amount attributable to the unitor units to which they hold title.

B. The CITY NATIONAL BANK OF DETROIT executing infavor of Grantee and its membership an agreement to protect, defend and holdcompletely harmless the Grantee and/or its membership jointly and severallyagainst any claims or litigation, and all expenses, costs and attorney fees whichmay result therefrom and/or which may be asserted against Grantee and/or itsmembership as a result of claims of any party to that certain agreement datedJanuary 30, 1976, between CITY NATIONAL BANK OF DETROIT, andDoppelt, Joseph Bitante and others, relating to the purchase, agreement topurchase, and/or mortgaging of the lease and recreation area described inparagraph 1 of this purchase agreement pursuant to the terms and conditions ofthis agreement. If the Grantee or its membership shall suffer damages or becaused expense as a result of any breach by CITY NATIONAL BANK OFDETROIT of the agreement to hold harmless, defend and protect the Grantee andits membership, the amount of such damage or expense shall be deductible byGrantee from the amounts otherwise due CITY NATIONAL BANK OFDETROIT pursuant to the promissory note and mortgage contemplated by tillsagreement. The agreement to hold harmless, defend and protect the Grantee andits membership shall be additional consideration for Grantee's purchase andmortgage of the property described in paragraph 1 of this purchase agreement.

6. TITLE. The conveyance of undivided interest in the title to theRecreation Area to the Grantee shall be by Special Warranty Deed, executed byPAUL C. WOLFE, individually and as Trustee, and shall be subject to:

A. All terms and conditions of the HILLSBORO COVEDeclarations of Condominium and Exhibits attached thereto;

B. All easements created for the purpose of providing freeutilities, passage, or other use designed to permit the full utilization andenjoyment of the Recreation Area by the membership of the Grantee;

C. Taxes and other governmental assessments and impositions;

D. Zoning and other applicable governmental ordinances;

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E. Recreation Area Lease.Personal property, if any, shall be conveyed by a Bill of Sale as Grantor shallprovide.

7. CONDITION OF PROPERTY. The property beingconveyed, real and personal, is sold "as is".

8. Closing shall be held on or before November 30, 1976.

9. FLORIDA CONTRACT. This Contract is to be construedand enforced under the laws of the State of Florida.

10. DUTY OF GRANTEE TO PAY. It shall be the duty andobligation of the Grantee to assess its membership, in accordance with theprovisions of the applicable laws of the State of Florida dealing withcondominiums, the Declaration of Condominium and the By-Laws of theGrantee, for such monies as shall be necessary to pay the monies and otherobligations provided for in this agreement and to otherwise perform its covenantsand promises contained herein.

11. MODIFICATIONS. Except as reserved to the Grantor, neitherthis Agreement nor any terms hereof may be changed, waived, discharged, orterminated, orally, but only by an instrument in writing signed by the party againstwhich enforcement of the change, waiver, discharge, or termination is sought.

12. NOTICE.

A. Grantee. Any notice, demand or other instrumentauthorized by this Purchase Agreement to be served on or given to the Granteemay be served on or given to the Grantee HILLSBORO COVECONDOMINIUM ASSOCIATION, INC., at 1301-1427 East HillsboroBoulevard, Deerileld Beach, Florida, or at such other address or addresses as mayhave been furnished in writing to the Grantor by the Grantee.

B. Grantor. Any notice, demand or other instrument to beserved on or given to the Grantor may be served on or given to Paul C. Wolfe,P.O. Drawer E, West Palm Beach, Florida, or at such other address as may havebeen furnished in writing to the Grantee by the Grantor.

13. HEADINGS. The headings of the sections, paragraphs and

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sub-divisions of this Purchase Agreement are for convenience of reference only,and are not to be considered a part hereof, and shall not limit or otherwise affectany of the terms hereof.

14. INVALID PROVISIONS TO AFFECT NO OTHERS. In caseany one or more of the covenants, agreements, terms or provisions contained inthis Purchase Agreement shall be invalid, illegal or unenforceable in any respect,the validity of the remaining covenants, agreements, terms or provisionscontained herein shall be in no way affected, prejudiced or disturbed thereby.

15. SUCCESSORS, ASSIGNS INCLUDED IN PARTIES.Whenever in this Purchase Agreement one of the parties hereto is named orreferred to, the successors and assigns of such party shall be included and allcovenants and agreements contained in this Purchase Agreement by or on behalfof the Grantee or by or on behalf of the Grantor, shall bind and inure to the benefitof their respective successors and assigns, whether so expressed or not. ThisPurchase Agreement shall not be assigned by the Grantee without the writtenapproval of the Grantor, but shall be freely assignable or transferable, in whole orin part, by the Grantor.

16. ENTIRE AGREEMENT. This instrument constitutes theentire agreement between the parties, and neither party has been induced by theother by representations, promises or understandings not expressed herein, andthere are no collateral agreements, stipulations, promises or understandingswhatsoever in any way touching the subject matter of this Agreement which arcnot referred to herein.

17. WAIVER OF RIGHTS. The failure of the Grantor toenforce any covenants, obligations or agreement of the Grantee herein containedshall not constitute a waiver of the right to do so thereafter, nor shall it constitutea waiver of the right to enforce any other covenant, obligation or agreementherein contained.

18. TITLE INSURANCE POLICY. At time of conveyance,Grantor shall furnish to Grantee a Title Insurance Policy showing its title to beconveyed thereunder to be good and marketable or insurablc, subject only to theexceptions provided for herein, and will pay for same,

19. RECREATION AREA DEED AND RECREATION AREA NOTEAND MORTGAGE. The parties agree that the form of Warranty Deed to be

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utilized in connection with the conveyance to be made hereunder, shall bestatutory warranty deed except as modified in accordance with the requirementsof this Recreation Area Purchase Agreement.

20. PRO-RATIONS. Except where such items shall be an expense ofthe Grantee, taxes, insurance and other prorations shall be pro-rated as of the dateof such conveyance and shall be computed on a daily basis.

21. COSTS. Grantor shall pay costs of documentary stamps on deedand of recording mortgage. Grantee shall pay costs of recording Deed, anddocumentary stamps on the Note, intangible tax on the Mortgage.

22. SURVEY. The Buyer, within time allowed for delivery ofevidence of title and examination thereof, may have the property surveyed at hisexpense. If the survey, certified by a registered Florida surveyor, shows anyencroachment on said property or that improvements intended to be located onthe subject property in fact encroach on lands of others, or violate any of theContract covenants, the same shall be treated as a title defect. Any surveyprepared in connection with or as a consequence of this transaction may includea description of the property under the Florida Coordinate System as defined inChapter 177, Florida Statutes.

23. TERMITE INSPECTION. Within ten (10) days from date ofthis Contract, Buyer may have the improvements inspected at Buyer's expense bya licensed and bonded exterminator to determine whether there is any activetermite infestation in the improvements. The consequence of said infestation indamage shall be that Seller shall pay all costs of treatment required to remedysuch infestation or damage, including cost of repairing or replacing all portions ofsaid improvement which are infested or damaged. However, in the event costs tobe incurred are more than three percent (3%) of assessed valuation ofimprovements to the real property, based upon the most recent assessment by thecounty Property Appraiser, then Buyer shall have the option of cancelling thisContract within ten (10) days after receipt of the termite inspection report bygiving written notice to Seller, or Buyer may elect to proceed with the transaction,in which event Buyer shall receive a credit at closing of an amount equal to threepercent (3%) of said assessed valuation. "Termite" shall be deemed to include allwood destroying organisms.

24. INGRESS AND EGRESS. Grantor covenants and warrantsthat there is ingress and egress to said property.

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25. LIENS. Grantor shall, both as to the realty and personalty beingsold hereunder, furnish to Grantee at the time of closing an affidavit attesting tothe absence, unless otherwise provided for herein, of any financing statements,claims of lien or potential lienors known to Grantor and further attesting that therehave been no improvements to the property for 90 days immediately precedingdate of closing. If the property has been improved within said time, Grantor shalldeliver releases or waivers of all mechanic's liens executed by generalcontractors, subcontractors, suppliers, and materialmen, in addition to Grantor'slien affidavit, setting forth the names of all such general contractors,subcontractors, suppliers and materialmen and further reciting that in fact all billsfor work to the subject property which could serve as a basis for a mechanic's lienhave been paid or will be paid at closing.

26. PLACE OF CLOSING. Unless otherwise agreed upon,closing shall be held at such place as is mutually agreed upon by the parties.

27. TIME. Time is of the essence of this Contract. Any referenceherein to time periods of less than six days shall in the computation thereofexclude Saturdays, Sundays and legal holidays, and any time period provided forherein which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00p.m. of the next full business day.

IN WITNESS WHEREOF, the Grantor, PAUL C. WOLFE, as Trustee,and the Grantee, HILLSBORO COVE CONDOMINIUM ASSOCIATION,INC., have caused these presents to be signed by their respective officers andtheir corporate seal to be affixed hereto, this 8th day of November, 1976.

PAUL C. WOLFE, as Trustee

HILLSBORO COVE CONDOMINIUMASSOCIATION, INC. a corporationnot for profit under the laws ofthe State of Florida

Attest: _ ^_^ By:Secretary President

(Corporate seal)

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CONSENT OF MORTGAGEE AND DIRECTION TO PAUL C. WOLFE

CITY NATIONAL BANK OF DETROIT hereby consents to the mortgage

terms as generally set forth above, agrees to issue to HILLSBORO COVE

CONDOMINIUM ASSOCIATION, INC., a mortgage on said terms and as are

more specifically set forth in that certain Mortgage Deed attached hereto, and

hereby directs PAUL C. WOLFE as Trustee to execute the necessary documents

to complete transfer of the Recreation Area and lease as set forth above.

CITY NATIONAL BANK OF DETROIT

By: _^__Vice President

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EXHIBIT A

THAT CERTAIN LEASE made and entered into on the 27th day ofNovember, 1968 by and between JOAN M. WARBURG, joined by her husband,JAMES P. WARBURG, J I M M Y L. STINSON, joined by his wife, MARLENEB. STINSON, ELLIOTT C. STINSON, joined by his wife, RUTH I. STINSON,GEORGE L. BENNETT, joined by his wife, CORLISS S. BENNETT,WILLIAM B. CAMPBELL, joined by his wife, MARY R. CAMPBELL, andROBERT T. CARLILE, joined by his wife, DORIS A. CARLILE, hereinaftercollectively called "LESSORS" and HILLSBORO COVE CONDOMINIUMASSOCIATION, INC., a Florida corporation not for profit, hereinailer called"LESSEE" as the operating entity of HILLSBORO COVE CONDOMINIUM, acondominium according to the Declaration thereof, dated November 26, 1968,and recorded in the Official Records of Broward County, Florida, being Exhibil Fto the Declaration of Condominium of HILLSBORO COVH, a Condominiumrecorded on November 27, 1968, in Official Records Book 3801, Page 320, of thePublic Records of Broward County, Florida.

The above described Lease is upon the following described property, towit:

A parcel of land in the Northwest one-quarter (NW 1/4) of Section 5,Township 48 South, Range 43 East, Broward County, Florida, moreparticularly described as follows:

Commence at the point of intersection of the North boundary of the 100foot right-of-way of State Road 810, according to the map thereof recordedin Right-of-Way Map Book 4, Page 15, of the Public Records of BrowardCounty, Florida, with a line that is 315.00 feet Easterly from and parallel tothe West boundary of the Northwest one-quarter (NW 1/4) of said Section5; thence run South 67 °09' 02" East 93.00 feet, along the North boundaryof said Slate Road 810, to a point, said point being the POINT OFBEGINNING of the parcel of land hereinailer described; thence run North22*50' 58" East 165.00 feet, along a line normal to the North right-of-wayline of said State Road 810, to the point of curvature of a circular curve tothe right having a radius of 92.00 feet; thence run Northeasterly 70.65 feetalong the arc of said curve to the right having a radius of 92.00 feet and acentral angle of 44° 00' 04", to the point of compound curvature with acircular curve to the right having a radius of 15.00 feet; thence runNortheasterly, Easterly and Southeasterly 26.99 feet, along the arc of said

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curve to the right having a radius of 15.00 feet and a central angle of 103 °04' 52", to the point of reverse curvature with an arc of a circular curve tothe lefl having a radius of 354.00 feet; thence run Southeasterly 275.94feet, along the arc of said curve to the left having a radius of 354.00 feetand a central angle of 44*39' 39", to the point of reverse curvature with thearc of a circular curve to the right having a radius of 15.00 feet; thence runSoutheasterly and Southerly 20.31 feet, along the arc of said curve to theright having a radius of 15.00 feet and a central angle of 77° 34' 43" to thepoint of tangcncy with a line that is normal to the North right-of-way lineof said State Road 810; thence run South 22 °50' 58" West 58.66 feet,along a line that is normal to the North right-of-way line of said State Road810, to a point on the North right-of-way line of said State Road 810;thence run North 67°09' 02" West 282.00 feet, along the North right-of-way line of said State Road 810 to the POINT OF BEGINNING.

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EXHIBIT IV

THIS SPECIAL WARRANTY DEED Made the 8th day of NovemberA.D. 1976 by PAUL C. WOLFE, individually and as Trustee, hereinafter calledthe grantor, to HILLSBORO COVE CONDOMINIUM, INC., a Florida non-profit corporation, whose post office address is

hereinafter called the Grantee:

Whenever used herein the terms "grantor" and "grantee" include all partiesto this instrument and the heirs, legal representatives and assigns of individualsand the successors and assigns of corporations,

WITNESSETII: That the grantor, for and in consideration of the Sum of$10.00 and other valuable considerations, receipt whereof is herebyacknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveysand confirms unto the grantee, all that certain land situated in Broward County,Florida, viz:

(See Exhibit "A" attached)

Subject to all the terms and conditions of the Declaration of Condominium ofHillsboro Cove, a condominium recorded November 27, 1968 in Official RecordsBook 3801, Page 320 of the Public Records of Broward County, Florida and allamendments thereof and exhibits thereto; Easements, reservations and restrictionsof record; that certain Lease as recorded in Official Record Book 3801, Page 391,Public Records of Broward County, and taxes for 1976.

THIS PROPERTY IS NOT AND NEVER HAS BEEN THE HOMESTEAD OFTHE GRANTOR.

Together, with all the tenements, hereitaments and appurtenances theretobelonging or in anywise appertaining.

TO HAVE AND TO HOLD, the same in fee simple forever.

AND the grantor hereby covenants with said grantee that the grantor islawfully seized of said land in fee simple; that the grantor has good right andlawful authority to sell and convey said land, and hereby warrants the title to saidland and will defend the same against the lawful claims of all persons claiming

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by, through or under the said grantor.

IN WITNESS WHEREOF, the said grantor has hereunto set hand and sealthe day and year first above written.

Signed, sealed and deliveredin our presence:

PAUL C. WOLFE, individuallyand as Trustee

STATE OF FLORIDACOUNTY OF

I HEREBY CERTIFY that on this day, before me, an officer dulyauthorized in the State aforsaid and in the County aforesaid, to takeacknowledgments, personally appeared PAUL C. WOLFE, individually and asTrustee to me known to be the person described in and who executed theforegoing instrument and he acknowledged before me that he executed the same.

WITNESS my hand and official seal in the County and State last aforesaidthis day of A.D. 1976.

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EXHIBIT A

A parcel of land in the Northwest one-quarter (NW 1/4) of Section 5, Township48 South, Range 43 Hast, Breward County, Florida, more particularly describedas follows:

Commence at the point of intersection of the North boundary of the 100 footright-of-way of State Road 810, according to the map thereof recorded in Rightof-Way Map Book 4, Page 15 of the Public Records of Broward County, Florida,with a line that is 315.00 feet Easterly from and parallel to the West boundary of

o

the Northwest one-quarter (NW 1/4) of said Section 5, thence run South 67 09'02" East 93.00 feet, along the North boundary of State Road 810, to a point, saidpoint being the Point of Beginning of the parcel of land hereinafter described;thence run North 22 °5()' 58" Hast 165.00 feet, along a line normal to the Northright-of-way line of said State Road 810, to the point of curvature of a circularcurve to the right having a radius of 92.00 feet; thence run Northeasterly 70.65feet along the arc of said curve to the right having a radius of 92.00 feet and acentral angle of 44° 00' 04", to the point of compound curvature with a circularcurve to the right having a radius of 15.00 feet; thence run Northeasterly, Easterlyand Southeasterly 26.99 feet, along the arc of said curve to the right having aradius of 15.00 feet and a central angle of 103° 04' 52", to the point of reversecurvature with an arc of a circular curve to the left having a radius of 354.00 feet;thence run Southeasterly 275.94 feet, along the arc of said curve to the left having

o

a radius of 354.00 feet and a central angle of 44 39' 39", to the point of reversecurvature with the arc of a circular curve to the right having a radius of 15.00 feet;thence run Southeasterly and Southerly 20.31 feet, along the arc of said curve tothe right having a radius of 15.00 feet and a central angle of 77 °34' 43", to thepoint of tangency with a line that is normal to the North right-of-way line of saidState Road 810; thence run South 22 degrees 50' 58" West 58.66 feet, along aline that is normal to the North right-of-way line of said State road 810, to a pointof the North right-of-way line of said State Road 810; thence run North 67degrees 09' 02" West 282.00 feet, along North right-of-way line of said StateRoad 810 to the POINT OF BEGINNING.

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EXHIBIT V

SATISFACTION AND RELEASE FOR RECREATION AREAASSESSMENT

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, for and

in consideration of the sum of FOUR THOUSAND EIGHT HUNDRED

($4,800.00) DOLLARS and other good and valuable considerations paid to the

undersigned by

, the owner of the premises described below,

acknowledges receipt of said sum in full payment for the special assessment for

the purchase of Recreation Area Facilities as set forth in the Amendment to

Declaration of Condominium of HILLSBORO COVE, a Condominium, being

that portion of the purchase price attributable to the premises described below,

and the undersigned does hereby release all liens, lien rights, claims, or demands

of any kind or nature whatsoever arising out of said special assessment, which the

undersigned might now or hereafter have into or against the premises described

as:

Apartment No. , HILLSBORO COVE CONDOMINIUM,according to the Declaration of Condominium thereof, recorded inO.R. Book 3801, at Page 320, Public Records of Broward County,Florida, together with all amendments thereto and the portion of thecommon elements appurtenant thereto.

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IN WITNESS WHEREOF, the hand and seal of the undersigned has been

affixed hereto this ̂ _^ day of 19 , in the County

of Broward, State of Florida.

Witnessed: HILLSBORO COVE CONDOMINIUMASSOCIATION, INC.

_^_________^_ By: ^______President

Attest:

STATE OF FLORID ACOUNTY OF BROWARD

Secretary

I, an officer duly authorized to take acknowledgments according to thelaws of the State of Florida, duly qualified and acting, HEREBY CERTIFY that

and _____ ___ .^__^_^_respectively as President and Secretary of HILLSBORO COVECONDOMINIUM ASSOCIATION, INC., to me personally known, this dayacknowledged before me that they executed the foregoing instrument as suchofficers of said corporation, and that they affixed thereto the official seal of thesaid Corporation, and I further certify that I know the said persons making thesaid acknowledgment to be the individuals described in and who executed thesaid instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and official sealat , the County and State aforesaid this

day of , 19_ .

Notary PublicMy Commission Expires:

KNOW ALL MEN BY THESE PRESENTS that the undersigned is the

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owner and holder of a certain Mortgage Deed executed by HILLSBORO COVE

CONDOMINIUM ASSOCIATION, INC., to the CITY NATIONAL BANK OF

DETROIT, Detroit, Michigan, a National Banking Association organized under

the Statutes of the United States, securing a certain Recreation Area Note in the

principal sum of $1,526,400.00 with interest thereon as mentioned, and

WHEREAS, the owner of the afore-described premises has requested the

said Mortgagee to release the premises hereinabove described from the lien and

operation of said Mortgage,

NOW, THEREFORE, the said mortgagee in consideration of the payment

of the portion of the principal obligation secured by the aforedescribed premises,

the receipt thereof is hereby acknowledged, does hereby release, remise, quit

claim, exonerate and discharge from the lien and operation of said Mortgage the

aforedescribed premises unto the said owner of the aforedescribed premises, his

heirs, and assigns forever.

IN WITNESS WHEREOF, the said CITY NATIONAL BANK OF

DETROIT, has set its hand and seal this day of , 19 in the

County of , State of __ .

Witnessed: CITY NATIONAL BANK OF DETROIT

By:_President

Page IM04

Attest:_Cashier

STATE OFCOUNTY OF

I, an officer duly authorized to take acknowledgments according to thelaws of the State of ____ , duly qualified and acting,HEREBY CERTIFY that " and___ _^__^_ respectively as President and Cashier of CITYNATIONAL BANK OF DETROIT, to me personally known, this dayacknowledged before me that they executed the foregoing instrument as suchofficers of said corporation, and that they affixed thereto the official seal of thesaid Corporation, and I further certify that I know the said persons making thesaid acknowledgment to he the individuals described in and who executed thesaid instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and official sealat _^_^_ , the County and State aforesaid, this^___ day of , 19

Notary PublicMy Commission Expires:

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