Frederick H. Jackson III and Pamela S. Jackson - Page 4

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               This loan is secured by a real estate mortgage dated                   
               10/28/94 on property located in Palm Beach County,                     
               Florida and commonly known as 6500 N. Federal Hwy.,                    
               Boca Raton [(the mortgaged property)].  A Guarantee                    
               dated 8/19/94 from Frederick H. Jackson and F. H.                      
               ASSUMPTION POLICY: We will not permit an assumption                    
               unless required to by law.                                             
          The loan agreement is signed “Palm Beach Furniture Company, Inc.,           
          Richard McKale, President” (with Mr. McKale’s signature).                   
          The Construction Agreement                                                  
               A document entitled “Construction Loan Agreement” (the                 
          construction agreement) was executed by the bank and the                    
          corporation simultaneously with the loan agreement.  It provides            
          that the proceeds of the loan will be used to erect a furniture             
          showroom in Palm Beach County, Florida.  Among other things, the            
          construction agreement provides that the loan will be secured by            
          a mortgage and security agreement on the premises to be                     
          constructed and the personal property thereon.                              
          The Mortgage                                                                
               A document entitled “Commercial Real Estate Mortgage” (the             
          mortgage), relating to the mortgaged property and mortgaging that           
          property to the bank, was filed with, and recorded by, the Clerk,           
          Palm Beach County, Florida, on October 31, 1994.  Among other               
          things, the mortgage provides:  “This mortgage, together with all           
          other instruments evidencing or securing the Indebtedness, or any           

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Last modified: May 25, 2011