<SEC-DOCUMENT>0001437749-12-013102.txt : 20121221
<SEC-HEADER>0001437749-12-013102.hdr.sgml : 20121221
<ACCEPTANCE-DATETIME>20121221161232
ACCESSION NUMBER:		0001437749-12-013102
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20121217
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121221
DATE AS OF CHANGE:		20121221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		121281665

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929
</SEC-HEADER>
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<FILENAME>lakes_8k121712.htm
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">130 Cheshire Lane, Suite 101, Minnetonka, Minnesota <font style="DISPLAY: inline; FONT-FAMILY: times new roman">____________________________________________ </font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">(Address of principal executive offices) </font></font></div>
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<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55305 </font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">________ </font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Zip Code)</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Item&#160;1.01. Entry into a Material Definitive Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On December 17, 2012, Evitts Resort, LLC, (&#8220;Evitts&#8221;), a wholly owned subsidiary of Lakes Entertainment, Inc., (&#8220;Lakes&#8221;) closed on a $17.5 million financing facility with Centennial Bank (the &#8220;Facility&#8221;).&#160;&#160;The Facility will be used to finance a portion of the conversion of existing convention space into a gaming facility, provide replacement meeting room space, and refurbish the hotel lobby and guest rooms at Rocky Gap Lodge &amp; Golf Resort (&#8220;Rocky Gap&#8221;).&#160;&#160;Evitts is required to invest $17.5 million in the Rocky Gap project, including the original purchase price, prior to making a draw on the Facility.&#160;&#160;Any funds drawn on the Facility will bear interest at the rate of 10.5% per annum.&#160;&#160;The loan is collateralized by the leasehold estate and the furniture, fixtures and equipment of Rocky Gap.&#160;&#160;As further collateral, Lakes guaranteed repayment of the loan and granted a second mortgage on its real property located in Minnetonka, Minnesota.&#160;&#160;Repayment of the loan will be interest only for the first year, with payments of principal and interest amortized and paid over the subsequent seven years.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Copies of Lakes&#8217; material agreements, and the press release announcing the Facility, are attached as exhibits to this Current Report on Form 8-K.<a name="part_1_2_2"><!--EFPlaceholder--></a><a name="item_1_31_1"><!--EFPlaceholder--></a></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Exhibits</font></font></div>
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</td>
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</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">10.1</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Secured Construction Loan Agreement entered into on December 17, 2012 by and between Evitts Resort, LLC and Centennial Bank.</font></div>
</td>
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</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">10.2</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Leasehold Mortgage, Security Agreement and Assignment of Rent entered into on December 17, 2012 by and between Evitts Resort, LLC and Centennial Bank.</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">10.3</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Mortgage, Security Agreement and Assignment of Rent entered into on December 17, 2012 by and between Lakes Entertainment, Inc. and Centennial Bank.</font></div>
</td>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">10.4</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Unconditional Guaranty into on December 17, 2012 by and between Lakes Entertainment, Inc. and Centennial Bank.</font></div>
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<div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">10.5</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Secured Construction Promissory Note entered into on December 17, 2012 by and between Evitts Resort, LLC and Centennial Bank.</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">99.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Lakes Entertainment, Inc. Press Release dated December 18, 2012.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>

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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: times new roman">LAKES ENTERTAINMENT, INC.</font> </font>

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<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date: December 21, 2012</font></div>
</td>
<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">/s/&#160;Timothy J. Cope</font></td>
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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Name:&#160;Timothy J. Cope</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title:&#160;President and Chief Financial Officer</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-ALIGN: center">3</div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 10.1</font></div>

<div>&#160;</div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">SECURED CONSTRUCTION</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">LOAN AGREEMENT</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">THIS SECURED CONSTRUCTION LOAN AGREEMENT (&#8220;Loan Agreement&#8221;) is entered into as of the 17<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2012, by and between CENTENNIAL BANK (&#8220;Lender&#8221;) and EVITTS RESORT, LLC (&#8220;Borrower&#8221;).</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Borrower is the owner a leasehold interest in certain real property located in Allegany County, Maryland, upon which Borrower owns and desires to renovate an existing hotel, convention center and golf course and construct a casino facility all located in Rocky Gap State Park (the &#8220;Project&#8221;); and</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Borrower has made application to borrow from Lender amounts not exceeding $17,500,000 to finance the direct and indirect costs of constructing the Project in accordance with the terms and conditions hereof;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOW, THEREFORE, in consideration of the premises herein set forth and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each of the parties, intending to be legally bound by the provisions hereof, agrees as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">ARTICLE I</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">DEFINITIONS</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">For purposes of this Loan Agreement, the following terms shall have the respective meanings assigned to them.</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Assignment of Rents</font>.&#160;&#160;The term &#8220;Assignment of Rents&#8221; shall mean that Absolute Assignment of Leases and Rents of even date herewith that has been executed by Borrower to and in favor of Lender that provides for an assignment by Borrower to Lender of Borrower&#8217;s interests in all leases, lease proceeds, and/or rents generated from the operation of the Maryland Property.</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Advance</font>.&#160;&#160;The term &#8220;Advance&#8221; shall mean a disbursement by Lender of any of the proceeds of the Loan.</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Application for Advance</font>.&#160;&#160;The term &#8220;Application for Advance&#8221; shall mean a written request for an Advance by Borrower on that form which Lender may approve and accompanied by those attachments that Lender may reasonably request.</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Appraisal</font>.&#160;&#160;The term &#8220;Appraisal&#8221; shall mean an appraisal of the Maryland Property and the New Improvements prepared by an independent appraiser who shall be a member of the American Institute of Real Estate Appraisers selected by or satisfactory to Lender, which shall be acceptable to Lender in Lender&#8217;s sole discretion.</font></div>

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</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Approved Budget</font>.&#160;&#160;The term &#8220;Approved Budget&#8221; shall mean that construction budget attached hereto as EXHIBIT A specifying the cost by item of (a) all labor, materials, and services necessary for the construction of the New Improvements in accordance with the Phase I Plans, the Phase 2 Plans (as currently contemplated), and all Governmental Requirements, and (b) all other expenses anticipated by Borrower incident to the Loan, the Maryland Property, and the construction of New Improvements, as such construction budget may be amended from time to time upon the approval of Borrower and Lender, which approval shall not be unreasonably withheld or delayed.&#160;&#160;Notwithstanding the foregoing, the Borrower shall not need the approval of the Lender to reallocate Project expenses among line items on the Approved Budget as long as such reallocations do not materially change the nature of the Project.&#160;&#160;Borrower shall promptly provide Lender with notice of any such reallocations.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Borrower&#8217;s Deposit</font>.&#160;&#160;The term &#8220;Borrower&#8217;s Deposit&#8221; shall mean those sums of money advanced by the Borrower if and when required by Section 4.10 hereof, which in addition to funds advanced under the Loan, will be sufficient in order to construct the New Improvements in accordance with the Phase I Plans, the Phase 2 Plans (as currently contemplated), and any Governmental Requirements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Code</font>.&#160;&#160;The term &#8220;Code&#8221; shall mean the Uniform Commercial Code as currently in force in the State, as it may be subsequently amended or superseded.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Completion Date</font>.&#160;&#160;The term &#8220;Completion Date&#8221; shall mean any date agreed to in writing by Lender and Borrower and subject to Force Majeure Events.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Construction Contract</font>.&#160;&#160;The term &#8220;Construction Contract&#8221; shall mean that Guaranteed Maximum Price Agreement between Borrower and Contractor as might be amended from time to time in accordance with the provisions of Section 4.02 hereof.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Construction Advance</font>.&#160;&#160;The term &#8220;Construction Advance&#8221; shall mean each Advance related to the construction of the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Contractor</font>.&#160;&#160;The term &#8220;Contractor&#8221; shall mean Kraus Anderson Construction Company, and shall include without limitation its successors and assigns.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Credit Agreement</font>.&#160;&#160;The term &#8220;Credit Agreement&#8221; shall collectively mean this Loan Agreement; the Note; the Mortgage; the Assignment of Rents; the Indemnification Agreement; the Pledge and Security Agreement; and the Unconditional Guaranty; all executed by Borrower or Guarantor, as the case may be, in favor of Lender of even date herewith, and all other documents referenced therein or otherwise pertaining to this transaction, all as may hereafter be amended or otherwise modified from time to time.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Debtor Relief Laws</font>.&#160;&#160;The term &#8220;Debtor Relief Laws&#8221; shall mean any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, reorganization, or similar laws affecting the rights or remedies of creditors generally, as in effect from time to time.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Disbursement Agreement</font>.&#160;&#160;The term &#8220;Disbursement Agreement&#8221; shall mean that form of Disbursement Agreement that is attached hereto as EXHIBIT B to be executed by and between Borrower and Lender and which sets forth certain conditions that must be met in order to seek an Advance of principal hereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Event of Default</font>.&#160;&#160;The term &#8220;Event of Default&#8221; shall mean:</font></div>

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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 170px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A failure by Borrower to make any payment of principal or interest on the Note within ten (10) days from and after the date when due;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A failure by Borrower to comply with or perform in all material respects any of the other material terms or conditions specified herein or in any other document constituting part of the Credit Agreement within sixty (60) days from and after the date written notice thereof has been provided by Lender to Borrower; provided, however, that with respect to failures that, in Lender&#8217;s commercially reasonable judgment, have a material adverse effect on any collateral pledged to secure the Loan or on the Borrower&#8217;s ability to repay the Loan in a timely fashion, Lender shall only be required to provide written notice of the same or substantially similar failure two (2) times during the term of the Loan and if such failure occurs a third time, Lender may declare an Event of Default without providing the Borrower with additional notice or an opportunity to cure;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A failure by Borrower (i) to perform, observe or comply in all material respects with any of the material terms, covenants, conditions, or provisions of the Construction Contract or any Governmental Requirement, and (ii) to cure such failure within any applicable grace period;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The incorrectness when made in any material respect of any representation or warranty made by Borrower to Lender herein if such incorrectness has a material and adverse effect on Lender;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 170px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (f)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The cessation of the construction of the New Improvements, other than for Force Majeure Events (as that term is defined in Section 4.03), for more than ninety (90) days without the written consent of Lender;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (g)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A failure of any of the materials incorporated into the New Improvements to substantially comply in all material respects with the Plans, any Governmental Requirements, or the requirements of the Ground Lease and any lessee, if applicable;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (h)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A survey or plat shall show that any material improvement to the Premises is not entirely within the boundary lines of the Premises or encroaches upon any public road or waterway (except as authorized by permit or competent Governmental Authority), setback line, easement (except as approved by the owner of such easement and any Governmental Authority having jurisdiction), right-of-way, street or any adjoining property, or that any material Governmental Requirement has been breached or that any adjoining structure encroaches upon the Premises and Borrower is unable to obtain an appropriate waiver or easement for such encroachment;</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A reasonable determination by Lender that the condition of the Premises has materially deteriorated; provided however, damage to the Premises by casualty covered by insurance, a taking of the Premises through condemnation or other similar proceedings and normal wear and tear shall be excepted;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (j)</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (k)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The New Improvements shall not have been completed and a certificate of occupancy has not been issued by the relevant governing entity (for any reason whatever);</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (l)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The Project Inspector, if any, shall at anytime certify to Lender in writing that the Improvements are not, at the date&#160;&#160;of&#160;&#160;such&#160;&#160;certificate,&#160;&#160;being&#160;&#160;constructed with reasonable diligence in a good and workmanlike manner in accordance with the Plans, and the deficiencies on which such certification is based shall not have been cured in all material respects within sixty (60) days from and after the date written notice thereof has been provided by Lender to Borrower;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (m)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (n)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower shall generally not pay its debts as they become due or shall admit in writing its inability to pay its debts, or shall make a general assignment for the benefit of creditors;</font></div>
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<td width="1075">Borrower shall commence any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of Borrower or its debts under any Debtor Relief Laws;</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (p)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Any case, proceeding or other action is commenced against Borrower seeking to have an order for relief entered against Borrower, as debtor, or seeking a reorganization, arrangement, adjustment, liquidation, dissolution or composition of Borrower or its debts under Debtor Relief Laws, or seeking an appointment of a receiver, trustee, custodian, conservator, or liquidator or other similar official for Borrower or for all or any of the Premises, or any other property of Borrower, and such case, proceeding or other action (i) results in the entry of an order for relief against Borrower or (ii) remains undismissed for a period of sixty (60) days;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (q)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer of any part of its property to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid; or shall have suffered or permitted, while insolvent, any creditor to obtain a lien upon any of its property through legal proceedings or distraint which is not vacated within sixty (60) days from the date thereof;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (s)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The liquidation, termination, or dissolution of Borrower;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (t)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower attempts to convey the Premises or any interest therein outside the ordinary course of its business, including without limitation the granting of a mortgage or security interest subordinate to the mortgage or security interest granted in the Premises pursuant to the Mortgage, without the prior written consent of Lender; or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (u)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">An occurrence of any Event of Default under the Existing Loan Agreement.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Existing Improvements</font>.&#160;&#160;The term &#8220;Existing Improvements&#8221; shall mean all buildings and other improvements of whatever nature to the Maryland Property currently in existence.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Existing Loan Agreement</font>.&#160;&#160;The term &#8220;Existing Loan Agreement&#8221; shall mean that certain Secured Line of Credit Loan Agreement dated as of October 28, 2008 as modified or amended and as from time to time hereafter modified or amended by and between the Lender (f/k/a First State Bank) and the Guarantor.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Financing Statements</font>.&#160;&#160;The term &#8220;Financing Statements&#8221; shall mean and include all such Uniform Commercial Code financing statements and continuation statements as Lender shall require to give notice of and perfect or to continue perfection of Lender&#8217;s security interest in all personal property and fixtures constituting a part of the Premises or otherwise constituting security for the Loan.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Gaming License.</font>&#160;&#160;The term &#8220;Gaming License&#8221; shall mean that certain Video Lottery Operation License awarded to Borrower by the Maryland Video Lottery Facility Location Commission (the &#8220;Location Commission&#8221;) on April 26, 2012 (and Addendum dated July 31, 2012) and to be issued by the Maryland Lottery and Gaming Control Commission (the &#8220;Gaming Commission&#8221;) prior to the commencement of gaming operations at the Project.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Governmental Authority</font>.&#160;&#160;The term &#8220;Governmental Authority&#8221; shall mean the United States, the State of Maryland or any other county, municipal or other political subdivision in which the Premises are located, and any other political subdivision, agency, department, commission, board, court or instrumentality which now or hereafter has jurisdiction over Lender, Borrower, the Guarantor or the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Governmental Permits</font>.&#160;&#160;The term &#8220;Governmental Permits&#8221; shall mean all certificates, licenses, permits, approvals and no-action letters, including without limit the Gaming License from any Governmental Authority required to evidence full compliance by Borrower and conformance of the Premises with all legal requirements applicable to the Premises, construction of the New Improvements and the promotion and operation of the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.22&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Governmental Requirements</font>.&#160;&#160;The term &#8220;Governmental Requirements&#8221; shall mean all laws, ordinances, rules, regulations and Governmental Permits of any Governmental Authority applicable to Borrower or the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.23&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Ground Lease</font>.&#160;&#160;The term &#8220;Ground Lease&#8221; shall mean that certain Amended and Restated Ground Lease effective on or about July 20, 2012 by and among the State of Maryland, Department of Natural Resources, Borrower and the State of Maryland Board of Public Works, as may hereafter be amended or otherwise modified from time to time.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.24&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Guarantor</font>.&#160;&#160;The term &#8220;Guarantor&#8221; shall mean Lakes Entertainment, Inc., an affiliate of the Borrower.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.25&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Hazardous Waste</font>.&#160;&#160;The term &#8220;Hazardous Waste&#8221; for purposes of this Loan Agreement shall mean any hazardous, radioactive, toxic, solid or special waste, substance, or component thereof, or any other such substance as defined under any applicable federal, state or local law or regulation.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.26&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Improvements</font>.&#160;&#160;The term &#8220;Improvements&#8221; shall mean the Existing Improvements and the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.27&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Indemnification Agreement</font>.&#160;&#160;The term &#8220;Indemnification Agreement&#8221; shall mean that Indemnification Agreement (Regulatory Requirements) from Borrower to Lender of even date herewith.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.28&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Initial Advance</font>.&#160;&#160;The term &#8220;Initial Advance&#8221; shall mean the first advance of principal on the Loan which shall be used for the purpose of paying for costs related to the loan closing and other costs related to obtaining such financing and for the construction of the New Improvements as set forth on the Approved Budget.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.29&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Insurance Policies</font>.&#160;&#160;The term &#8220;Insurance Policies&#8221; shall mean those insurance policies and coverage required herein or otherwise by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.31&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Lender Expenses</font>.&#160;&#160;The term &#8220;Lender Expenses&#8221; shall mean costs or expenses of every nature which are incurred by Lender in connection with Lender&#8217;s administration and servicing, defending or enforcing of the Loan, including, without limitation, all reasonable fees and expenses incurred by both Lender and its legal counsel in advising, structuring, drafting, reviewing, administering, amending, terminating, enforcing (including fees and expenses incurred by Lender and its legal counsel in connection with a &#8220;workout,&#8221; a restructuring, or an insolvency proceedings concerning Borrower or any guarantor of the Loan), defending, or concerning the Loan Agreement, irrespective of whether suit is brought.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.32&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Loan</font>.&#160;&#160;The term &#8220;Loan&#8221; shall mean the Loan contemplated by this Loan Agreement, in the maximum principal amount of $17,500,000 or so much as may be advanced by Lender to Borrower, not to exceed, in the aggregate, the payment of the costs of labor, materials, and services supplied for the construction of the New Improvements and all other expenses incident to the construction of the Premises and the consummation of the transaction contemplated by this Loan&#160;&#160;Agreement, all as specified in the Approved Budget.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.33&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Maryland Property</font>.&#160;&#160;The term &#8220;Maryland Property&#8221; shall mean the real property described in EXHIBIT&#160;C attached hereto and incorporated herein by reference which is located in the State of Maryland and all improvements and appurtenances thereto.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.34&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Minnesota Property</font>. The term &#8220;Minnesota Property&#8221; shall mean the real property described in EXHIBIT&#160;C attached hereto and incorporated herein by reference which is located in the State of Minnesota and all improvements and appurtenances thereto.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.35&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Mortgage</font>.&#160;&#160;The term &#8220;Mortgage&#8221; shall collectively mean that Leasehold Mortgage, Security Agreement and Assignment of Rents of even date herewith executed by Borrower, encumbering the Maryland Property, and that Mortgage, Security Agreement and Assignment of Rents of even date herewith executed by the Guarantor and encumbering the Minnesota Property, collectively evidencing valid and enforceable liens on the Property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.36&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">New Improvements</font>.&#160;&#160;The term &#8220;New Improvements&#8221; shall mean the Phase 1 Improvements and the Phase 2 Improvements and all other buildings and other improvements of whatever nature to the Maryland Property, the construction of which is required to properly develop the Maryland Property as contemplated in the Plans, and any other improvements the parties determine to erect.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.37&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Note</font>.&#160;&#160;The term &#8220;Note&#8221; shall mean the Secured Construction Promissory Note from Borrower to Lender of even date herewith, in the maximum principal amount of $17,500,000, the terms and conditions of which are incorporated herein by this reference.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.39&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Permitted Liens</font>.&#160;&#160;The term &#8220;Permitted Liens&#8221; shall mean purchase money security interests securing indebtedness of Borrower constituting vendor financing incurred in the purchase (or borrowing for the purchase) or lease of kitchen equipment, cash machines and other equipment, as contemplated by the Approved Budget<font style="DISPLAY: inline; FONT-FAMILY: times new roman">, and any lien asserted or notice filing made by the State of Maryland with respect to gaming equipment owned or leased by the State of Maryland</font>.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.40&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Phase 1 Plans</font>.&#160;&#160;The term &#8220;Phase 1 Plans&#8221; shall mean the final drawings and specifications, approved in writing by Lender and Borrower for the construction of the Phase 1 Improvements, with such changes or other modifications as to which Borrower and Lender may hereafter agree.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.41&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Phase 2 Plans</font>.&#160;&#160;The term &#8220;Phase 2 Plans&#8221; shall mean the final drawings and specifications for the construction of the Phase 2 Improvements, as approved upon finalization thereof in writing by Lender and Borrower, with such changes or other modifications as to which Borrower and Lender may thereafter agree.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.42&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Plans</font>.&#160;&#160;The term &#8220;Plans&#8221; shall mean, collectively, the Phase 1 Plans and the Phase 2 Plans.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.43&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Pledge and Security Agreement</font>.&#160;&#160;The term &#8220;Pledge and Security Agreement&#8221; shall mean the Pledge and Security Agreement of even date herewith in which Borrower grants to Lender a security interest in certain personal property of Borrower pursuant to the Code.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.44&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Phase 1 Improvements</font>.&#160;&#160;&#160;The term &#8220;Phase 1 Improvements&#8221; shall mean all buildings and other improvements of whatever nature to the Maryland Property, the construction of which is required to properly develop the Maryland Property as contemplated in the Phase 1 Plans as they relate to the conversion of the existing convention center to a casino facility with at least 500 video lottery terminals (or slot machines) and such other gaming devices as allowed by applicable law in numbers and types of games determined by Borrower in its sole and absolute discretion, and any other improvements the parties determine to erect it being understood that the Lender shall only be obligated to disburse Advances for the construction of the Phase 1 Improvements up to an aggregate amount of $15,500,000, all as shown on the Approved Budget.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.45&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Phase 2 Improvements</font>.&#160;&#160;The term &#8220;Phase 2 Improvements&#8221; shall mean all buildings and other improvements of whatever nature to the Maryland Property, the construction of which is required to properly develop the Maryland Property as contemplated in the Phase 2 Plans as they relate to the construction of a new convention and meeting space, and any other improvements the parties determine to complete it being understood that the Lender shall only be obligated to disburse Advances for the construction of the Phase 2 Improvements up to an aggregate amount of $2,000,000, all as shown on the Approved Budget.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.46&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Premises</font>.&#160;&#160;The term &#8220;Premises&#8221; shall mean the Maryland Property, the Improvements associated therewith, and all fixtures, equipment and other associated personal property, tangible or intangible, owned by Borrower and associated therewith, including all property defined and set forth in the Mortgage to the extent such Mortgage encumbers the Maryland Property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.47&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Project Inspector</font>.&#160;&#160;The term &#8220;Project Inspector&#8221; shall mean that party approved by Lender who shall be responsible for providing construction inspection services to the Lender in accordance with the Disbursement Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.48&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Property</font>.&#160;&#160;The term &#8220;Property&#8221; shall mean the real property described in EXHIBIT&#160;C attached hereto and incorporated herein by reference and shall include the Maryland Property and the Minnesota Property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.49&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">State</font>.&#160;&#160;The term &#8220;State,&#8221; unless expressly indicated otherwise herein, shall mean the State of Arkansas.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.50&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Survey</font>.&#160;&#160;The term &#8220;Survey&#8221; shall mean a certified survey of the Premises performed by a surveyor duly licensed as such in the State of Maryland, reasonably acceptable to the Lender, and satisfying the requirements for an ALTA/ACSM Land Title Survey and such other requirements as may reasonably be requested by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.51&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Title Company</font>.&#160;&#160;The term &#8220;Title Company&#8221; shall mean Commonwealth Land Title &amp; Chicago Title with respect to the Minnesota Property and Miles and Stockbridge, PC with respect to the Maryland Property, together with any successor title company as to which Borrower and Lender may agree.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.53&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Title Insurance Policy</font>.&#160;&#160;The term &#8220;Title Insurance Policy&#8221; shall collectively mean an ALTA Loan Policy in the amount of the Loan insuring that the Mortgage constitutes valid first and prior liens covering the Property (except to the extent such Mortgage encumbers the Minnesota Property is subordinate to an existing mortgage in favor of Lender) and is subject to only those other exceptions and encumbrances which Lender may approve in writing, issued by the Title Company, such Title Insurance Policy to provide Lender with &#8220;extended coverage&#8221; and include such endorsements and additional coverage (including, without limitation, comprehensive coverage, access and zoning endorsements) as Lender shall reasonably request.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.54&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Unconditional Guaranty</font>.&#160;&#160;The Term &#8220;Unconditional Guaranty&#8221; shall mean that Unconditional Guaranty executed by the Guarantor of even date herewith in favor of Lender.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received (i) a copy of Borrower&#8217;s Articles of Organization, certified as of a recent date by the Maryland Secretary of State, and (ii) Borrower&#8217;s Operating Agreement and a copy of a resolution of Borrower&#8217;s member authorizing the Loan transaction and the execution and delivery of the Credit Agreement, each certified by Borrower&#8217;s Secretary;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received (i) a copy of Guarantor&#8217;s Articles of Incorporation, certified as of a recent date by the Minnesota Secretary of State, and (ii) Guarantor&#8217;s Bylaws and a copy of a resolution of Guarantor&#8217;s board of directors authorizing the execution and delivery of the Guaranty and the Minnesota Mortgage;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;(c)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Note fully executed by Borrower;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;(d)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Mortgage and Assignment of Rents, each fully executed by Borrower or Guarantor, as the case may be;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a paid Title Insurance Policy;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(f)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(g)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Pledge and Security Agreement fully executed by Borrower;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(h)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a building permit and/or such other approvals, licenses or permits from the applicable Governmental Authorities as are necessary or convenient for the construction of the New Improvements and that are effective as of the date construction commences on the New Improvements and that remain effective throughout the Premises construction and development process;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(j)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Appraisal which shall show the value of the Premises to equal or exceed $50,300,000 &#8220;as completed&#8221;;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(k)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Approved Budget;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;(l)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(m)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Phase 1 Plans;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(n)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(o)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a flood hazard letter, in form satisfactory to Lender, from Borrower&#8217;s insurance company or any other third party approved by Lender certifying that no part of the Premises lies within a flood hazard or flood prone area or, alternatively, a certificate of flood insurance in accordance herewith;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(p)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Unconditional Guaranty executed by the Guarantor;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(q)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(r)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a completed Application for Advance for the Initial Advance substantially in the form of EXHIBIT D attached hereto;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(s)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received such affidavits and endorsements as the Title Company may reasonably require to issue the Title Insurance Policy;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(t)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(u)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the Construction Contract from the Contractor in form and substance reasonably acceptable to Lender;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(v)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received written site plan approval of the applicable Governmental Authorities;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(w)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received an agreement executed by the State of Maryland Department of Natural Resources in form and substance reasonably acceptable to Lender which at a minimum provides the Lender with the assurances described in Section 10.5 of the Ground Lease;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(x)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received the fully executed Disbursement Agreement;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(y)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a fully executed Consent to Collateral Assignment of Architect&#8217;s Contract in form and substance reasonably acceptable to Lender;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(z)</font></div>
</td>
<td width="1139">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a fully executed Consent to Collateral Assignment of Construction Contract in form and substance reasonably acceptable to Lender;</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 1.25;">
<td style="WIDTH: 106px">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received a copy of a certificate evidencing a commercial general liability policy in form and substance reasonably acceptable to Lender and issued by an insurance company that is reasonably acceptable to Lender, that notes Lender as an additional insured party thereunder;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED];</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received evidence that fifty percent (50%) of the Project costs as shown on the Approved Budget have been paid by the Borrower to third parties;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received an origination fee from Borrower equal to $175,000;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">To the extent that any construction has commenced on the Project and/or to the extent that funds for the construction of the Project are sought in connection with the Initial Advance, the conditions set forth in Section 2.04 shall also have been satisfied; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received any and all other documents that Lender may reasonably require.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Additional Advances</font>.&#160;&#160;Provided that no Event of Default has occurred and is continuing, Borrower shall be entitled to receive additional Advances for the construction of the New Improvements in accordance with the following procedures and subject to the satisfaction of the following conditions:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The Borrower shall deliver to Lender a fully executed Application for Advance that has been prepared in accordance with the Disbursement Agreement.&#160;&#160;The Application for Advance shall have appended thereto all mechanics and materialmen&#8217;s lien waivers and copies of all invoices for which payment is being sought, all in accordance with the Disbursement Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED;]</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have five (5) business days after receipt of an Application for Advance within which to conduct inspections and/or have the Project Inspector to satisfy itself that the work covered by the Application for Advance has been or is being accomplished in a satisfactory manner.&#160;&#160;Lender shall deliver written objections to any Application for Advance within said five (5) business day period or Lender shall be deemed to have approved such Application.&#160;&#160;If all conditions precedent to the requested Construction Advance have been complied with to the reasonable satisfaction of Lender and the Title Company, Lender shall advance the amount set forth in such Application for Advance, at its discretion, either directly to Borrower or through the Title Company within said five (5) day period.&#160;&#160;Each Construction Advance made pursuant to an Application for Advance for payment of any other items set forth in the Approved Budget shall be advanced to Borrower or through the Title Company, at Lender&#8217;s discretion;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The payment by Lender and/or the Title Company of any Application for Advance shall not constitute an approval or acceptance of the work or materials by the Lender, and Borrower hereby agrees that Lender shall be relieved from any liability or responsibility relating to:&#160;&#160;(1) the quality of the work, the quantity of the work, the rate of progress in completion of the work, or the sufficiency of materials or labor being supplied in connection therewith; and (2) any errors, omissions, inconsistencies or other defects of any nature in the Plans;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Any and each Construction Advance of the proceeds of the Loan shall be made only in accordance with the terms and conditions of the Approved Budget and the Construction Contract, and subject to the terms and conditions of this Loan Agreement.&#160;&#160;All expenses of making any Advance through the Title Company shall be borne by Borrower;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">There shall then exist no Event of Default that is continuing;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The representations and warranties made in this Loan Agreement shall be true and correct in all material respects on and as of the date of each Advance, with the same effect as if made on that date, except to the extent that such representations and warranties relate solely to an earlier date;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower will procure and deliver to Lender releases or waivers of mechanic&#8217;s and materialmen&#8217;s liens and receipted bills with respect to the preceding month&#8217;s disbursement showing payment to all parties who have furnished materials or services or performed labor of any kind in connection with the construction of any of the New Improvements;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The Title Insurance Policy shall be endorsed and down-dated so as to extend title insurance coverage in an amount equal to each subsequent Advance with no additional title exceptions noted thereon unless Lender does not deem such exceptions objectionable or Lender is provided other assurances with respect to such exceptions reasonably acceptable to Lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">There shall be delivered to Lender evidence satisfactory to Lender that the unadvanced Loan proceeds will be sufficient to pay for the completion of all New Improvements by the Completion Date in full accordance with the Plans.&#160;&#160;Such evidence may, at Lender&#8217;s reasonable request, include a certificate signed by the Project Inspector.&#160;&#160;To the extent that Loan proceeds are inadequate and subject to Section 4.10, Lender must be satisfied that Borrower has otherwise arranged, by the funding of a Borrower&#8217;s Deposit or otherwise, for the providing of funds necessary to complete the New Improvements by the Completion Date in accordance with the Plans.&#160;&#160;The Loan must at all times be &#8220;in balance,&#8221; meaning that the total amount of the Loan not yet advanced, plus retainage and agreed reserves, shall equal or exceed the estimated cost of completion of construction of the New Improvements;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The work covered by each Application for Advance and all work preliminary thereto, shall have been performed to the reasonable satisfaction of Lender and the Project Inspector, except that an Application for Advance may request an Advance to cover the cost of pre-paid deposits or construction contract costs which a material supplier, contractor or sub-contractor requires to be paid prior to commencing work;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">With respect to Construction Advances for costs associated with the Phase 2 Improvements, Lender shall have received (i) the Phase 2 Plans, (ii) an assignment of the Phase 2 Plans substantially in accordance with terms of Section 4.19, with such changes thereto as may be necessary to reflect the application thereof to the Phase 2 Plans, and (iii) fully executed change orders to the Construction Contract increasing the guaranteed maximum price to construct the Phase 2 Improvements to the amount shown on the Approved Budget for the Phase 2 Improvements; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender shall have received any and all other documents that Lender may reasonably require.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Direct Advance by Lender</font>.&#160;&#160;Upon the occurrence and during the continuance of an Event of Default and at Lender&#8217;s option, Lender may make any and each Advance directly to subcontractors or to the Contractor; provided, Lender shall notify Borrower of any such direct Advance not more than forty-eight (48) hours after same being made.&#160;&#160;For these purposes, Borrower does hereby irrevocably constitute and appoint Lender to be its true and lawful agent and attorney-in-fact with full power of substitution to make any and all advances directly to major subcontractors or to the Contractor, as Lender may, in its sole discretion, deem necessary and proper to secure the continuance and completion of the New Improvements according to the terms of this Loan Agreement, and to pay all sums necessary for incidental expenses in connection therewith, all of which disbursements and sums shall for all purposes be considered Advances made by Lender to Borrower under this Loan Agreement and be secured by the Mortgage.&#160;&#160;Said mandate or agency shall be an irrevocable power of attorney, authorizing and empowering Lender to make such direct Advances, and all such Advances shall satisfy pro tanto the obligations of Lender hereunder, and shall be secured by the Mortgage as fully as if made to Borrower, regardless of the disposition thereof by the Contractor or major subcontractors.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Final Advance</font>.&#160;&#160;That portion of the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender to the Borrower upon receipt by the Lender of the following:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">A written certification by the Project Inspector and the Contractor that the New Improvements have been fully and completely constructed in material accordance with the Plans and the Approved Budget and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilities, and that the New Improvements are ready for occupancy;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Evidence satisfactory to Lender and the Title Company that all laborer&#8217;s and materialmen&#8217;s claims for labor or materials rendered or delivered in connection with the construction of the New Improvements have been paid in full, including an affidavit of Contractor to the effect that all amounts due under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy and operation has been issued and/or compliance therewith has been accomplished;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">[RESERVED]; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">any and all other documents that Lender may reasonably require.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">No Waiver</font>.&#160;&#160;No Advance shall relieve the Borrower from satisfying all conditions precedent to Lender&#8217;s obligation to fund subsequent Advances.&#160;&#160;Should Lender advance funds hereunder absent Borrower&#8217;s satisfaction of all conditions precedent to said Advance, such shall not constitute a waiver by Lender of any of its rights hereunder including, without limitation, the rights to declare an Event of Default.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Conditions Precedent for the Benefit of Lender</font>.&#160;&#160;All conditions precedent to the obligation of Lender to make any Advance are imposed hereby solely for the benefit of Lender, and no other party may require satisfaction of any such condition precedent or be entitled to assume that Lender will refuse to make any Advance in the absence of strict compliance with such conditions precedent.&#160;&#160;All requirements of this Loan Agreement may be waived by Lender, in whole or in part, at any time.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Subordination</font>.&#160;&#160;Lender shall not be obligated to make, nor shall Borrower be entitled to request, any Advance until such time as Lender shall have received, to the extent requested by Lender, subordination agreements from Project Inspector, Contractor, and all other persons furnishing labor, materials, or services for the design or construction of the New Improvements, subordinating to the lien of the Mortgage any lien, claim, or charge they may have against Borrower or the Property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Borrower hereby represents, warrants and covenants as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Financial Statements</font>.&#160;&#160;Any financial statements of Borrower that have been or may be delivered to Lender pursuant to this Loan Agreement are and will be true, correct, and complete in all material respects as of the dates specified therein and fully and accurately present the financial condition of Borrower as of the dates specified.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Organization</font>.&#160;&#160;Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Maryland, and has authority to transact business and is in good standing in the State of Maryland and all other states where it is necessary for the operation of its business.&#160;&#160;Guarantor is a for profit corporation duly organized, validly existing and in good standing under the laws of the State of Minnesota, and has authority to transact business and is in good standing in the State of Minnesota and all other states where it is necessary for the operation of its business. Borrower and Guarantor have the organizational power and authority to carry on their respective businesses and to enter into and perform their obligations under the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Authority to Execute Documents</font>.&#160;&#160;The execution, delivery and performance by Borrower of this Loan Agreement and the Borrower and the Guarantor of the other Credit Agreement documents to which each is a party have been duly authorized by such party, and such execution, delivery and performance has not and will not contravene or violate such parties&#8217; constitutional or governing documents.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Suits, Actions, Etc.</font>&#160;&#160;There are no actions, suits, or proceedings pending or threatened in any court or before or by any Governmental Authority against or affecting the Property or involving the validity, enforceability, or priority of any of the Credit Agreement documents, at law or in equity.&#160;&#160;The consummation of the transactions contemplated hereby, and the performance of any of the terms and conditions hereof and of the other Credit Agreement, will not result in a breach of, or constitute a default in, any mortgage, lease, promissory note, loan agreement, credit agreement, partnership agreement, or other agreement to which Borrower or the Guarantor is a party or by which they may be bound or affected, it being understood and agreed that Lender, as a party to the Existing Loan Agreement, hereby consents to the execution, delivery and performance by the Borrower and the Guarantor of the Credit Agreement and hereby agrees that, notwithstanding anything to the contrary in the Existing Loan Agreement or any instrument, agreement or other document securing the obligations or indebtedness of the Guarantor under the Existing Loan Agreement or otherwise executed in connection with the Existing Loan Agreement, arising out of the transaction contemplated thereby or otherwise relating thereto (collectively, &#8220;Existing Loan Documents&#8221;), the execution, delivery and performance by the Borrower and the Guarantor of the Credit Agreement shall not be deemed to be a breach of or otherwise a default under the terms of any of the Existing Loan Documents, any such breach or default hereby being waived by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Valid and Binding Obligation</font>.&#160;&#160;All of the Credit Agreement, and all other documents referred to herein to which Borrower or Guarantor is a party, upon execution and delivery will constitute valid and binding obligations of such party, enforceable in accordance with their terms, subject to Debtor Relief Laws.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Title to the Property</font>.&#160;&#160;Borrower holds full legal and equitable leasehold title to the Maryland Property and the Guarantor holds full legal and equitable fee title to the Minnesota Property subject only to title exceptions set forth in the Title Insurance Policy accepted by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;[RESERVED]<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Inducement to Lender</font>.&#160;&#160;The representations and warranties contained in the Credit Agreement are made by Borrower or Guarantor, as applicable, as an inducement to Lender to make the Loan and Borrower understands that Lender is relying on such representations and warranties and that such representations and warranties shall survive any bankruptcy proceedings involving Borrower or the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Application for Other Advances</font>.&#160;&#160;Borrower shall disburse all Advances for payment of costs and expenses in the Approved Budget, and for no other purpose.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Environmental Matters</font>.&#160;&#160;With respect to the operations of Borrower on the Premises, Borrower hereby represents and warrants to Lender that:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">None of such operations is subject to any judicial or administrative proceedings alleging the violation of any applicable environmental, health or safety statute or regulation;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">To the knowledge of Borrower, none of such operations are the subject of investigation by any governing authority regarding the improper transportation, storage, disposal, generation or release into the environment of any Hazardous Waste, the results of which may adversely affect Borrower&#8217;s business, operations, financial condition, property, or adversely affect the value of the collateral security;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">No notice or report under any applicable law or regulation indicating a past or present spill or release into the environment of any Hazardous Waste has been filed or is required to be filed by Borrower;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Neither Borrower, nor to the best of Borrower&#8217;s knowledge, any other person or entity whatsoever, has at any time transported, stored, disposed of, generated or released any Hazardous Waste into, upon, over of under the Premises; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower shall conduct its business operated on the Premises so as to timely comply in all material respects with all environmental, health and safety laws and regulations of any governing authority having jurisdiction of said properties, including, without limitation, the Federal Resource Conservation and Recovery Act, the Federal Comprehensive Environmental Response Compensation and Liability Act, the Federal Clean Water Act, the Federal Clean Air Act and the Federal Occupational Safety and Health Act; provided, however, that nothing herein contained shall prevent Borrower from contesting in good faith, by appropriate legal proceedings, any such law, regulation, interpretation thereof, or application thereof provided that Borrower shall comply with the order of any court or other governmental body of competent jurisdiction relating to such laws or regulations unless Borrower shall currently be prosecuting an appeal or proceedings for review and shall have secured a stay of enforcement or execution or other arrangement postponing enforcement or execution pending such appeal or proceedings for review.&#160;&#160;Borrower shall take all actions necessary to comply with existing law, clean up any Hazardous Waste and prevent any releases of contamination by the same within or upon the Premises.&#160;&#160;If Borrower shall receive notice that any violation of any Federal, state or local environmental, health or safety law or regulation may have been committed or is about to be committed by any business operated on the Premises, then Borrower shall promptly provide Lender with a copy of such notice, and in no event later than within fifteen (15) days from Borrower&#8217;s receipt thereof.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Borrower hereby covenants and agrees as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Compliance with Governmental Requirements</font>.&#160;&#160;Borrower shall timely comply in all material respects with all Governmental Requirements and deliver to Lender evidence thereof, if available, specifically including but not limited to all, federal and State of Maryland gaming laws, the Americans with Disabilities Act and Fair Housing Act requirements.&#160;&#160;Borrower assumes full responsibility for the compliance of the Plans and the Premises with all Governmental Requirements and with sound building and engineering practices, and, notwithstanding any approvals by Lender, Lender shall have no obligation or responsibility whatsoever for the Plans or any other matter incident to the Premises or the construction of the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Construction Contract, etc</font>.&#160;&#160;Borrower may not agree to amend or otherwise modify the&#160;&#160;Construction Contract absent the express written consent of Lender, which consent will not be unreasonably withheld, delayed or conditioned, provided that no such consent is required in connection with any single change order of an amount less than $10,000, nor aggregating change orders of amounts less than $25,000.&#160;&#160;Borrower shall, promptly following Lender&#8217;s request therefor, provide Lender with copies of any other contract for the performance of any work on the Property or for the supplying of any labor, materials, or services for the construction of the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Construction of the New Improvements</font>.&#160;&#160;The construction of the New Improvements shall be prosecuted with diligence and continuity, in a good and workmanlike manner, and in accordance with sound building and engineering practices, all applicable Governmental Requirements, the Plans, and the requirements of the Ground Lease and any lessee, if applicable. Borrower shall not permit cessation of work for a period in excess of ninety (90) days without the prior written consent of Lender and shall complete construction of the New Improvements on or before the Completion Date, free and clear of all liens.&#160;&#160;Notwithstanding anything which may be interpreted herein to the contrary, if any (a) strikes, lockouts or labor disputes; (b) inability (other than financial inability) to obtain labor or materials or reasonable substitutes therefor; or (c) acts of God, unusual weather conditions, governmental restrictions, regulations or controls, enemy or hostile action, governmental action, civil commotion, fire or other casualty, condemnation or other conditions similar to those enumerated in this item (c) beyond the reasonable control of Borrower occur (such items in (a)-(c) hereof being collectively called &#8220;Force Majeure Events&#8221;) and no Event of Default has occurred and is continuing under any of the Credit Agreements, the occurrence of such Force Majeure Events shall not constitute an Event of Default hereunder, provided Borrower gives Lender written notice of any such Force Majeure Event within ten (10) days after the occurrence thereof; provided, however, Borrower shall, regardless of the occurrence of any Force Majeure Event, complete the New Improvements on or before the Completion Date or within ninety (90) days thereof.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Correction of Defects</font>.&#160;&#160;Borrower shall correct or cause to be corrected (a) any material defect in the New Improvements, (b) any material departure in the construction of the New Improvements from the Plans, Governmental Requirements, or the requirements of any lessee, if applicable, or (c) any encroachment by any part of the New Improvements, or any structure located on the Maryland Property, on any easement, property line, or restricted area, or any encroachment by any such structure on any building line.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Storage of Materials</font>.&#160;&#160;Borrower shall cause all materials supplied for, or intended to be utilized in, the construction of the New Improvements, but not affixed to or incorporated into the New Improvements or the Maryland Property, to be stored on the Maryland Property or at such other location as may be approved by Lender in writing, with adequate safeguards, as required by Lender, to prevent loss, theft, damage, or commingling with other materials or projects.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Inspection of the Property</font>.&#160;&#160;Borrower shall permit Lender, and its agents and representatives, to enter upon the Premises and any location where materials intended to be utilized in the construction of the Improvements are stored, for the purpose of inspection of the Premises, the Improvements and such materials at all reasonable times.&#160;&#160;The costs of all such inspections while an Event of Default exists shall be borne by Borrower; otherwise, they shall be borne by Lender.&#160;&#160;Notwithstanding the foregoing, Lender shall not be permitted to enter a &#8220;Restricted Area&#8221; as that term is defined in COMAR Section 14.01.10.02B.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Notices by Governmental Authority, Fire and Casualty Losses, Etc.</font>&#160;&#160;Borrower shall timely comply with and promptly furnish to Lender true and complete copies of any official notice or claim by any Governmental Authority pertaining to the Premises. Borrower shall promptly notify Lender of any fire or other casualty or any notice of taking or eminent domain action or proceeding affecting the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Borrower&#8217;s Deposit</font>.&#160;&#160;If Lender reasonably determines at any time that the unadvanced portion of the Loan will be insufficient for payment in full of (a) costs of labor, materials, and services required for the construction of the New Improvements, (b) other costs and expenses specified in the Approved Budget, and (c) other costs and expenses required to be paid in connection with the construction of the New Improvements in accordance with the Plans, any Governmental Requirements, or the requirements of the Ground Lease or any lessee, if applicable, then, if such deficit is less than ten percent (10%) of the total cost of the Project as shown on the then-current Approved Budget, Lender may require Borrower to fund a Borrower&#8217;s Deposit into the special account provided for in Section 4.08 above but if such deficit equals or exceeds ten percent (10%) of the total cost of the Project as shown on the then-current Approved Budget, then the Borrower and Lender shall meet and confer in good faith on how to modify the Approved Budget, which modification may include the reduction of costs or elements of the Project, so that the Project may be completed without a funding deficit.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Direct Disbursement and Application by Lender</font>.&#160;&#160;Upon the occurrence of an Event of Default and during the continuance thereof, Lender shall have the right, but not the obligation, to disburse and directly apply the proceeds of any Advance to the satisfaction of any of Borrower&#8217;s obligations under the Construction Contract.&#160;&#160;Any Advance by Lender for such purpose shall be part of the Loan and shall be secured by the Mortgage.&#160;&#160;Borrower hereby authorizes Lender to hold, use, disburse, and apply the Loan and the Borrower&#8217;s Deposit for payment of costs of construction of the New Improvements, expenses incident to the Loan and the Premises, and the payment or performance of any obligation of Borrower under the Construction Contract.&#160;&#160;Borrower hereby assigns and pledges the proceeds of the Loan and the Borrower&#8217;s Deposit to Lender for such purposes.&#160;&#160;Lender may advance and incur such expenses as Lender reasonably deems necessary for the completion of construction of the New Improvements in accordance with the Plans and the Approved Budget and to preserve the Premises and any other security for the Loan, and such expenses, even though in excess of the amount of the Loan, shall be secured by the Mortgage and payable to Lender upon demand. Lender may disburse any portion of any Advance at any time, and from time to time, to persons other than Borrower for the purposes specified in this Section 4.11, and the amount of Advances to which Borrower shall thereafter be entitled shall be correspondingly reduced.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Additional Documents</font>.&#160;&#160;Borrower shall execute and deliver to Lender, from time to time as requested by Lender, such other documents as shall reasonably be necessary to provide the rights and remedies to Lender granted or provided for by the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Inspection of Books and Records</font>.&#160;&#160;Borrower shall permit Lender, at all reasonable times, to examine and copy the books and records of Borrower pertaining to the Loan and the Premises, and all contracts, statements, invoices, bills, and claims for labor, materials, and services supplied for the construction of the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">No Liability of Lender</font>.&#160;&#160;Lender shall have no liability, obligation, or responsibility whatsoever with respect to the construction of the New Improvements except to advance the Loan and apply the Borrower&#8217;s Deposit pursuant to this Loan Agreement.&#160;&#160;Lender shall not be obligated to inspect the Premises or the construction of the New Improvements, nor be liable for the performance or default of Borrower, the Project Inspector, Contractor, or any other party, or for any failure to construct, complete, protect, or insure the New Improvements, or for the payment of costs of labor, materials, or services supplied for the construction of the New Improvements, or for the performance of any obligation of Borrower whatsoever.&#160;&#160;Nothing, including without limitation any Advance or acceptance of any document or instrument, shall be construed as a representation or warranty, express or implied, to any party by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">No Conditional Sale Contracts, Etc.</font>&#160;&#160;Except with respect to property subject to&#160;&#160;Permitted Liens (which are hereby permitted) and gaming equipment owned or leased by the State of Maryland, no materials, equipment, or fixtures shall be supplied, purchased, or installed for the construction or operation of the New Improvements pursuant to security agreements, conditional sale contracts, lease agreements, or other arrangements or understandings whereby a security interest or title is retained by any party or the right is reserved or accrues to any party to remove or repossess any materials, equipment, or fixtures intended to be utilized in the construction or operation of the New Improvements.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">4.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Defense of Actions</font>.&#160;&#160;Lender may (but shall not be obligated to) commence, appear in, or defend any action or proceeding purporting to affect the Loan, the Premises, or the respective rights and obligations of Lender and Borrower pursuant to this Loan Agreement.&#160;&#160;Lender may (but shall not be obligated to) pay all necessary and reasonable expenses, including reasonable attorneys&#8217; fees and expenses incurred in connection with such proceedings or actions, which Borrower agrees to repay to Lender upon demand.</div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Assignment of Construction Contract</font>.&#160;&#160;As additional security for the payment of the Loan, Borrower hereby transfers and assigns to Lender all of Borrower&#8217;s rights and interest, but not its obligations, in, under, and to the Construction Contract, upon the following terms and conditions:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower represents and warrants that the copy of any Construction Contract it has furnished to Lender is a true and complete copy thereof and that Borrower&#8217;s interest therein is not subject to any claim, setoff, or encumbrance;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Neither this assignment nor any action by Lender shall constitute an assumption by Lender of any obligation under the Construction Contract, and Borrower shall continue to be liable for all obligations of Borrower thereunder, Borrower hereby agreeing to perform all of its obligations under the Construction Contract so long as Contractor is not in default thereunder; provided, however, that regardless of whether Contractor is in default under the Construction Contract, Borrower is still obligated to complete the New Improvements according to the Plans and this Loan Agreement. Borrower agrees to indemnify and hold Lender harmless against and from any loss, cost, liability, or expense (including, but not limited to, reasonable attorneys&#8217; fees) resulting from any failure of Borrower to so perform;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">If Borrower fails to promptly take any action pertaining to the Premises after reasonably requested by Lender, Lender shall have the right at any time (but shall have no obligation) to take in its name or in the name of Borrower such action as Lender may at any time determine to be necessary or advisable to cure any default under the Construction Contract or to protect the rights of Borrower or Lender thereunder.&#160;&#160;Lender shall incur no liability if any action so taken by it or in its behalf shall prove to be inadequate or invalid, if such action does not constitute gross negligence or willful misconduct on Lender&#8217;s part, and Borrower agrees to hold Lender free and harmless against and from any loss, cost, liability or expense (including, but not limited to, reasonable attorneys&#8217; fees) incurred in connection with any such action;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Borrower hereby irrevocably constitutes and appoints Lender as Borrower&#8217;s attorney-in-fact, in Borrower&#8217;s name or in Lender&#8217;s name, to enforce all rights of Borrower under the Construction Contract, upon Borrower&#8217;s failure to promptly enforce the same;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Prior to an Event of Default, Borrower shall have the right to exercise its rights as owner under the Construction Contract, provided that, except in all cases as permitted by Section 4.02 hereof, Borrower shall not cancel or amend the Construction Contract or do or suffer to be done any act which would impair the security constituted by this assignment without the prior written consent of Lender which consent will not be unreasonably withheld, delayed or conditioned; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(f)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">This assignment shall inure to the benefit of Lender, its successors and assigns, including any purchaser upon foreclosure of the Mortgage, any receiver in possession of the Premises, and any corporation formed by or on behalf of Lender which assumes Lender&#8217;s rights and obligations under this Loan Agreement.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Assignment of Plans</font>.&#160;&#160;As additional security for the payment of the Loan, Borrower hereby transfers and assigns to Lender all of Borrower&#8217;s right, title, and interest in and to the Phase 1 Plans and hereby represents and warrants to and agrees with Lender as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The schedule of the Phase 1 Plans delivered to Lender is a complete and accurate description of the Phase 1 Plans;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">The Phase 1 Plans are complete and adequate for the construction of the Phase 1 Improvements and there have been no modifications thereof except as described in such schedule.&#160;&#160;The Phase 1 Plans shall not be modified without the prior written consent of Lender, which consent by Lender shall not be unreasonably withheld, delayed or conditioned;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender may use the Phase 1 Plans for any purpose relating to the Phase 1&#160;&#160;Improvements, including but not limited to inspections of construction and the completion of the Phase 1 Improvements;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lender has no liability or obligation whatsoever in connection with the Phase 1 Plans and no responsibility for the adequacy thereof or for the construction of the Phase 1 Improvements contemplated by the Phase 1 Plans.&#160;&#160;Lender has no duty to inspect the Phase 1 Improvements, and, if Lender should inspect the Phase 1 Improvements, Lender shall have no liability or obligation to Borrower arising out of such inspection.&#160;&#160;No such inspection nor any failure by Lender to make objections after any such inspection shall constitute a representation by Lender that the Phase 1 Improvements are in accordance with the Phase 1 Plans or constitute a waiver of Lender&#8217;s right thereafter to insist that the Phase 1 Improvements be constructed in accordance with the Phase 1 Plans; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">This assignment shall inure to the benefit of Lender, its successors and assigns, including any purchaser upon foreclosure of the Mortgage, any receiver in possession of the Premises, and any corporation formed by or on behalf of Lender which assumes Lender&#8217;s rights and obligations under this Loan Agreement.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Prohibition on Assignment of Equity Interests</font>.&#160;&#160;The outstanding equity interests in Borrower may not be assigned or encumbered without the prior written consent of Lender, which consent by Lender shall not be unreasonably withheld, delayed or conditioned.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Payment of Claims</font>.&#160;&#160;Borrower shall promptly pay or cause to be paid when due all costs and expenses incurred in connection with the Premises and the construction of the New Improvements, and Borrower shall keep the Premises free and clear of any liens, charges, or claims other than the lien of the Maryland Mortgage, the Permitted Liens and other liens approved in writing by Lender.&#160;&#160;Notwithstanding anything to the contrary contained in this Loan Agreement, Borrower (a) may contest the validity or amount of any claim of any contractor, consultant, or other person providing labor, materials, or services with respect to the Premises, (b) may contest any tax or special assessments levied by any Governmental Authority, and (c) may contest the enforcement of or compliance with any Governmental Requirements, and such contest on the part of Borrower shall not be a default hereunder and shall not release Lender from its obligations to make Advances hereunder; provided, however, that during the pendency of any such contest Borrower shall furnish to Lender and Title Company a single indemnity bond with corporate surety satisfactory to Lender and Title Company or other security acceptable to them in an amount equal to the amount being contested plus a reasonable additional sum to cover possible costs, interest, and penalties, and provided further that Borrower shall pay any amount adjudged by a court of competent jurisdiction to be due, with all costs, interest, and penalties thereon, before such judgment becomes a lien on the Premises.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.22&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Restrictions Affecting the Premises</font>.&#160;&#160;Borrower shall not impose any restrictive covenants or encumbrances upon the Premises, or execute or file any subdivision plat affecting the Premises absent the review and approval of Lender.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Extended coverage insurance against loss or damage by fire, lightning, windstorm, hail, explosion, riot, vandalism, malicious mischief, riot attending a strike, civil commotion, aircraft, vehicles, smoke and other risks from time to time included under &#8220;extended coverage&#8221; policies, in an amount not less than the unpaid principal amount of the Note or the then-current replacement cost of the Premises, whichever is greater, but in no event less than the amount required to avoid co-insurance, and including, to the extent&#160;&#160;possible,&#160;&#160;(i)&#160;&#160;an&#160;&#160;Agreed&#160;&#160;Amount&#160;&#160;Endorsement,&#160;&#160;(ii)&#160;&#160;a Replacement Cost Endorsement,&#160;&#160;(iii) a Standard Mortgagee Clause (Lender and any party designated by Lender to be named as mortgagee and loss payee), and (iv) an Inflation Guard Endorsement.&#160;&#160;Provided there has not then occurred and continuing any Event of Default hereunder or under the Mortgage, Lender shall make the proceeds of such policy or policies available to Borrower for repair and restoration of the Premises in accordance with the terms of the Mortgage;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Appropriate workmen&#8217;s compensation or other insurance against liability arising from claims or workmen in respect of and during the period of any work on or about the Premises; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">General public liability and property damage insurance applicable to the Premises in amounts approved from time to time by Lender, which insurance shall provide coverage to Lender and any other parties designated by Lender as additional insureds;</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">All Insurance Policies shall name Lender and parties designated by Lender as loss payee, as their respective interest my appear, and shall contain an agreement whereby the insurer will endeavor to notify Lender in writing at least thirty (30) days prior to cancellation of such policy.&#160;&#160;Notwithstanding anything in this Section 4.24 to the contrary, Borrower shall not be required to maintain flood and mudslide insurance provided Borrower provides Lender with evidence satisfactory to Lender that the Premises are not situated within an area identified by the Secretary of Housing and Urban Development or by any other governmental department, agency, bureau, board or instrumentality as an area having special flood or mudslide hazards, and that no flood insurance is required on the building site by any regulations under which Lender is governed.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.25&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Survey</font>.&#160;&#160;Borrower will furnish to Lender, if Lender reasonably believes that any New Improvements encroach on the adjoining property, at any stage of construction, upon reasonable request from Lender, a Survey reflecting that the New Improvements and all other New Improvements on the Maryland Property are entirely within the boundary lines of the Maryland Property and do not encroach upon any public road or waterway (except only pursuant to a valid permit of competent Governmental Authority), set-back line, easement (except as approved by the owner of such easement and any Governmental Authority having jurisdiction), right-of-way or adjoining property or breach or violate any covenant, condition, or restriction affecting the Maryland Property or any Governmental Requirements or other legal requirements, and that no adjoining structure encroaches upon the Maryland Property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.26&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Title Update</font>.&#160;&#160;Borrower will furnish to Lender, as and when reasonably requested by Lender, a certificate issued by the Title Company reflecting such changes in title to the Premises as have occurred since the date of issuance of the Title Insurance Policy or binder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.27&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Subordination of Contractor&#8217;s Liens</font>.&#160;&#160;Upon request of Lender, at any time and from time to time, Borrower shall use commercially reasonable efforts to cause any or all contractors or subcontractors to execute, acknowledge and deliver to Lender a recordable instrument subordinating any present or future liens (other than any such liens constituting Permitted Liens) against all or any part of the Premises to all liens and security interest securing payment of the Loan.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.30&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Changes to Borrower</font>. Without the prior written consent of Lender which may be given or withheld in the absolute discretion of the Lender, Borrower shall not: (i) amend its organizational or governing documents in a way that would have a material adverse effect on Borrower&#8217;s ability to perform its obligations under the Credit Agreement; (ii) permit Guarantor to cease to own, directly or indirectly, at least 50% of the outstanding equity interests of Borrower having voting rights; (iii) change its name or principal place of business; (iv) fail to operate the Business substantially in accordance with its past practices or as proposed to be operated as of the date of this Loan Agreement; (v) sell all or substantially all of its assets; (vi) merge or consolidate with or into any other entity; (vii) dissolve; make any distribution or disposition of assets of the Borrower that will adversely affect the financial condition of Borrower; or (viii) fail to remain in good standing and authorized to do business in all jurisdictions where such standing or authorization is required with respect to Borrower.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.31&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Tax Covenant.</font>&#160;&#160;Borrower shall pay all taxes on, or affecting, it, its business or the Premises when due and, if so requested by the Lender, provide Lender with written proof of such payment. Borrower shall pay (or cause to be paid) all insurance premiums when due and, if so requested by the Lender, provide Lender written proof of such payment.&#160;&#160;Upon the occurrence and during the continuance of an Event of Default, Borrower shall establish an Escrow Fund (defined below) with Lender, its assigns or designees sufficient to discharge Borrower&#8217;s obligations for the payment of all taxes and insurance premiums (the &#8220;Escrow Fund&#8221;).&#160;&#160;Borrower agrees to notify Lender immediately of any changes to the amounts, schedules and instructions for payment of any taxes and insurance premiums of which it has obtained knowledge and authorizes Lender or its agent to obtain the bills for taxes directly from the appropriate tax authority.&#160;&#160;&#160;The Escrow Fund shall constitute a trust fund and shall not be commingled with other monies held by Lender.&#160;&#160;Unless otherwise required by applicable law, the Escrow Fund shall be held in an interest-bearing account and interest shall be payable to Borrower on an annual basis as of December 31<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> each year.&#160;&#160;Lender shall pay from the Escrow Funds the taxes and insurance premiums on or before the due date thereof.&#160;&#160;Borrower hereby grants and pledges to Lender a first and prior security interest in and to the Escrow Fund to the secure the payment and performance of the Loan.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.32&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Borrower&#8217;s Business</font>.&#160;&#160;At all times, Borrower shall (a) Operate its hotel and convention center business on the Premises in a manner consistent with other quality facilities; (b) operate its casino in a manner consistent with other first class casino facilities located in same region or similar regions; and (c) operate its golf course facility in a manner consistent with previous operations of such facility.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Rights of Lender</font>.&#160;&#160;Subject to any approvals, consents, permits and licenses required by the Gaming Commission, upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, in addition to any other right or remedy of Lender set forth in the Note, the Maryland Mortgage or in any other document constituting part of the Credit Agreement, but not the obligation, in its own name or in the name of Borrower, to enter into possession of the Premises; to perform all work necessary to complete the construction of the New Improvements substantially in accordance with the Plans, Governmental Requirements, and the requirements of the Ground Lease and any lessee, if applicable; and to employ watchmen and other safeguards to protect the Premises.&#160;&#160;Borrower hereby appoints Lender as the attorney-in-fact of Borrower, with full power of substitution, and in the name of Borrower, if Lender elects to do so, upon the occurrence and during the continuance of an Event of Default, to (a) use such sums as are necessary, including any proceeds of the Loan and the Borrower&#8217;s Deposit, make such changes or corrections in the Plans, and employ such engineers and contractors as may be required for the purpose of completing the construction of the New Improvements substantially in accordance with the Plans and Governmental Requirements, (b) execute all applications and certificates in the name of Borrower which may be required for completion of construction of the New Improvements, (c) endorse the name of Borrower on any checks or drafts representing proceeds of the Insurance Policies, or other checks or instruments payable to Borrower with respect to the Premises, (d) do every act with respect to the construction of the New Improvements which Borrower may do, (e) take any other action allowed by applicable law, including the Governmental Permits to operate, or cause to be operated, the Premises in a good and business-like manner, and (f) prosecute or defend any action or proceeding incident to the Premises.&#160;&#160;The power of attorney granted hereby is a power coupled with an interest and irrevocable.&#160;&#160;Lender shall have no obligation to undertake any of the foregoing actions, and, if Lender should do so, it shall have no liability to Borrower for the sufficiency or adequacy of any such actions taken by Lender, except if such actions are determined by a court of competent jurisdiction to constitute willful misconduct or gross negligence on the part of Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Acceleration</font>.&#160;&#160;Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, by notice in writing to Borrower and Guarantor, declare the Loan immediately due and payable.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Cessation of Advances</font>.&#160;&#160;Upon the occurrence and during the continuance of an Event of Default, the obligation of Lender to make any Advance hereunder shall, at Lender&#8217;s option, immediately terminate.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Funds of Lender</font>.&#160;&#160;Any funds of Lender used for any purpose referred to in this Article V shall constitute Advances secured by the Credit Agreement and shall bear interest at the rate specified in the Note to be applicable after default thereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">No Waiver or Exhaustion</font>.&#160;&#160;No waiver by Lender of any of its rights or remedies hereunder, in any other document constituting part of the Credit Agreement, or otherwise, shall be considered a waiver of any other or subsequent right or remedy of Lender; no delay or omission in the exercise or enforcement by Lender of any rights or remedies shall ever be construed as a waiver of any right or remedy of Lender; and no exercise or enforcement of any such rights or remedies shall ever be held to exhaust any right or remedy of Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Other Remedies</font>.&#160;&#160;In addition to the foregoing, the Lender shall possess all other rights and remedies available to it at either law or equity upon the occurrence and during the continuance of an Event of Default including, without limitation, the right to foreclose the Mortgage and exert any and all other rights and remedies available to it thereunder or under any other debt evidencing or debt securing document executed by and between Lender and Borrower.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices or other written communications hereunder shall be deemed to have been properly given (a) upon delivery, if delivered in person or by facsimile or electronic mail transmission with receipt acknowledged by the recipient thereof, (b) one (1) Business Day (defined below) after having been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">EVITTS RESORT, LLC</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">130 Cheshire Lane, Suite 101</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Minnetonka, MN 55305</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Facsimile: (952) 449-9353</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Email: tcope@lanksentertainment.com</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">With a copy to:</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">LAKES ENTERTAINMENT, INC.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Attn: Damon Schramm, Esq., General Counsel</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">130 Cheshire Lane, Suite 101</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Minnetonka, MN 55305</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Facsimile: (952) 449-9353</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Email: dschramm@lakesentertainment.com</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">And to:</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">GRAY PLANT MOOTY</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Attn: David M. Morehouse, Esq.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">500 IDS Center</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">80 South Eighth Street</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Minneapolis, MN 55402</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Facsimile: (612) 632-4000</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">If to Lender:</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">CENTENNIAL BANK</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Attn: Randy Crowell</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Conway Arkansas 72033</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Facsimile:(501) 328-4650</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Email: rcowell@my100bank.com</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">With a copy to:</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">GILL RAGON OWEN, P.A.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Attn: Daniel Goodwin</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">425 West Capitol Avenue, Suite 3801</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Little Rock, Arkansas 72201</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Facsimile: (501) 372-3359</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Email: goodwin@gill-law.com</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">or addressed as such party may from time to time designate by written notice to the other parties.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Either party by notice to the other may designate additional or different addresses for subsequent notices or communications.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">For purposes of this Subsection, &#8220;Business Day&#8221; shall mean a day on which commercial banks are authorized to conduct business or Lender is open for business in the State of Arkansas.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Entire Agreement and Modifications</font>.&#160;&#160;The Credit Agreement constitutes the entire understanding and agreement between the undersigned with respect to the transactions arising in connection with the Loan and supersedes all prior written or oral understandings and agreements between the undersigned in connection therewith.&#160;&#160;No provision of this Loan Agreement or any other document constituting part of the Credit Agreement may be modified, waived, or terminated except by instrument in writing executed by the party against whom a modification, waiver, or termination is sought to be enforced.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Election of Remedies</font>.&#160;&#160;Lender shall have all of the rights and remedies granted in the Credit Agreement and available at law or in equity, and these same rights and remedies shall be cumulative and may be pursued separately, successively, or concurrently against Borrower or any property covered under the Credit Agreement, at the sole discretion of Lender.&#160;&#160;The exercise or failure to exercise any of the same shall not constitute a waiver or release thereof or of any other right or remedy, and the same shall be nonexclusive.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Form and Substance</font>.&#160;&#160;All documents, certificates, insurance policies, and other items required under this Loan Agreement to be executed and/or delivered to Lender shall be in form and substance satisfactory to Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Limitation on Interest</font>.&#160;&#160;All agreements between Borrower and Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any indebtedness governed hereby or otherwise, shall the interest contracted for, charged or received by Lender exceed the maximum amount permissible under applicable law.&#160;&#160;If, from any circumstance whatsoever, interest would otherwise be payable to Lender in excess of the maximum lawful amount, the interest payable to Lender shall be reduced to the maximum amount permitted under applicable law; and, if from any circumstance the Lender shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal of the Loan and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of the Loan such excess shall be refunded to Borrower.&#160;&#160;All interest paid or agreed to be paid to Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full period until payment in full of the principal of the Loan (including the period of any renewal or extension thereof) so that interest thereon for such full period shall not exceed the maximum amount permitted by applicable law.&#160;&#160;This paragraph shall control all agreements between the Borrower and Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">No Third Party Beneficiary</font>.&#160;&#160;This Loan Agreement is for the sole benefit of Lender and Borrower and is not for the benefit of any third party.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Borrower in Control</font>.&#160;&#160;In no event shall Lender&#8217;s rights and interests under the Credit Agreement be construed to give Lender the right to, or be deemed to indicate that Lender is in control of the business, management or properties of Borrower or has power over the daily management functions and operating decisions made by Borrower.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Number and Gender</font>.&#160;&#160;Whenever used herein, the singular number shall include the plural and the plural the singular, and the use of any gender shall be applicable to all genders.&#160;&#160;The duties, covenants, obligations, and warranties of Borrower in this Loan Agreement shall be joint and several obligations of Borrower and of each Borrower if more than one.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Captions</font>.&#160;&#160;The captions, headings, and arrangements used in this Loan Agreement are for convenience only and do not in any way affect, limit, amplify, or modify the terms and provisions hereof.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Applicable Law</font>.&#160;&#160;This Loan Agreement and the other Credit Agreement shall be governed by and construed in accordance with the laws of the State of Arkansas (without regard to choice of law or conflict of laws rules) and the laws of the United States applicable to transactions in the State of Arkansas,&#160;&#160;except to the extent that (i) real and personal property laws of the state in which the property is located, including laws relating to perfection and the effect of perfection and non-perfection of liens on real and personal property, or the transfer of, and effect of transfer of, security title to real property located in such state and (ii) gaming laws of the state in which the property is located, including laws relating to financial interests in, and operation of, gaming facilities, shall necessarily apply to the exercise of any remedies relating to the enforcement of the security covered by this mortgage and provided further, the parties expressly choose the laws of the state in which the property is located to govern the effectiveness of the grant and conveyance of the lien against and security title to the property.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Binding Affect</font>.&#160;&#160;This Loan Agreement shall extend to and be binding upon and inure to the benefit of the successors and assigns of the parties; provided, however, that Borrower shall not assign or transfer its rights or obligations hereunder without the prior written consent of Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Participation</font>.&#160;&#160;Except if and to the extent any such sale is prohibited by applicable law, and in any other case provided that any such sale is to another bank or other financial institution, Lender shall have the exclusive option and privilege of selling the Loan in its entirety or participating interests in the Loan on such terms and conditions as Lender may determine and may disclose any and all information relating to the Loan to such participants or any other permitted purchaser of the Loan.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">JURY WAIVER</font>.&#160;&#160;BORROWER AND LENDER EACH HEREBY WAIVES ITS RIGHT TO A JURY TRIAL IN THE EVENT OF ANY DISPUTE OR LITIGATION ARISING HEREUNDER OR UNDER ANY RELATED DOCUMENTS EXECUTED IN CONNECTION HEREWITH.&#160;&#160;BORROWER COVENANTS AND AGREES THAT THE JURISDICTION AND VENUE FOR ALL LITIGATION ARISING IN CONNECTION WITH THE ENFORCEMENT, COLLECTION OR ADMINISTRATION OF THIS LOAN AGREEMENT SHALL REST EXCLUSIVELY IN AN ARKANSAS STATE COURT SITTING IN FAULKNER COUNTY, ARKANSAS OR A UNITED STATES COURT SITTING IN THE EASTER DISTRICT OF ARKANSAS AND/OR SUCH OTHER COURT WHEREIN THE SUBJECT REAL PROPERTY IS LOCATED ALL AS THE LENDER MAY SELECT IN ITS SOLE AND ABSOLUTE DISCRETION AND BORROWER WAIVES ALL RIGHTS TO ASSERT OTHERWISE.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">THIS DISBURSEMENT AGREEMENT is entered into as of the ___ day of __________, 2012, by and between EVITTS RESORT, LLC ("Owner"), LAWAL SCOTT ERICKSON ARCHITECTS, INC. ("Architect"), and CENTENNIAL BANK ("Lender").</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOW, THEREFORE, in consideration of the premises herein set forth and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, each of the parties, intending to be legally bound by the provisions hereof, agrees as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">In The Twenty-First Election District, Allegany County, Maryland, In Five Parcels.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Parcel One:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning for the same at a Point, said Point being the southwesterly-most comer of the herein described lease area and running from thence;</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) North 21 degrees 05 minutes 20.8 seconds West 1 43 1 .36 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) North 10 degrees 11 minutes 18.5 seconds East 1364.12 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 23 degrees 29 minutes 52.3 seconds East 875.04&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) North 39 degrees 50 minutes 45.2 seconds East 495.83 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) North 63 degrees 03 minutes 55.4 seconds East 568.17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) North 80 degrees 00 minutes 52.1 seconds East 262.99 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) South 52 degrees 26 minutes 18.1 seconds East 764.16 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8) South 00 degrees 00 minutes 00 seconds East 230.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9) South 28 degrees 35 minutes 25.7 seconds East 242.17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(10) by and with the arc of a curve deflecting to the left, which has a radius of 209.99&#160;&#160;feet, for a length of 186.65 feet, the chord of which bears South 54 degrees 03 minutes 18.5 seconds&#160;&#160;East 180.57 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(11) South 79 degrees 31&#160;&#160;minutes&#160;&#160;11.3 seconds East 462.81&#160;&#160;feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(12) North 10 degrees 55 minutes 41.5 seconds East 518. 78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(13) North 47 degrees 27 minutes 39.7 second s East 158. 17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(14) North 73 degrees 42 minutes 11.9 seconds&#160;&#160;East 146.50 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(15) North 32 degrees 17 minutes 30.3 seconds East 726.66 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(16) North 11 degrees&#160;&#160;23 minutes 37.2 seconds East 532.31&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(17) North 50 degrees 57 minutes 37.1 seconds East 1651.73 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(18)&#160;&#160;South&#160;&#160;24&#160;&#160;degrees&#160;&#160;&#160;26&#160;&#160;minutes&#160;&#160;00.0&#160;&#160;seconds&#160;&#160;East&#160;&#160;569.50&#160;&#160;&#160;feet&#160;&#160;to&#160;&#160;the&#160;&#160;northwesterly&#160;&#160;side&#160;&#160;of&#160;&#160;the proposed&#160;&#160;Pleasant Valley&#160;&#160;Road right-of-way;&#160;&#160;thence, by and&#160;&#160;with&#160;&#160;the&#160;&#160;northwesterly&#160;&#160;side of the said&#160;&#160;proposed Pleasant&#160;&#160;Valley Road right-of-way&#160;&#160;the following twenty-six courses&#160;&#160;and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(19) by and with the arc of a curve deflecting&#160;&#160;to the left, which&#160;&#160;has a radius of 1930.93&#160;&#160;feet, for a length of 175.31 feet, the chord of which bears South 23 degrees&#160;&#160;23 minutes 25. 1 seconds West 175.25 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(20) South 20 degrees 47 minutes 21.7 seconds&#160;&#160;West 122.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(21) by and with the arc of a curve deflecting&#160;&#160;to the right, which&#160;&#160;has a radius of 466.51&#160;&#160;feet, for a length 113.33 feet, the chord of which bears South 27 degrees&#160;&#160;44 minutes 55.5 seconds&#160;&#160;West 113.05 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(22) North 74 degrees&#160;&#160;25 minutes 25.6 seconds&#160;&#160;West 27.97 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(23) by and with the arc of a curve deflecting&#160;&#160;to the right, which&#160;&#160;has a radius of 440.18&#160;&#160;feet, for a length of 10.71 feet, the chord of which bears South 36 degrees 35 minutes 55.3 seconds West 10.71&#160;&#160;feet; thence,</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(24) South 26 degrees 53 minutes 47.2 seconds&#160;&#160;West 65.89 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(25) South 43 degrees&#160;&#160;15 minutes 45.6 seconds&#160;&#160;West 472.87 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(26) by and with the arc of a curve deflecting to the left, which&#160;&#160;has a radius of 5965.00&#160;&#160;feet, for a length of 137.62 feet, the chord of which bears South 42 degrees&#160;&#160;36 minutes 20.1&#160;&#160;seconds&#160;&#160;West 137.62 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(27) South 41 degrees&#160;&#160;56 minutes 54.6 seconds&#160;&#160;West 657.22&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(28) South 41 degrees 07 minutes 14.5 seconds West 109.31 feet: thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(29) North 80 degrees 36 minutes 46.8 seconds&#160;&#160;West 36.67 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(30) South 38 degrees 33 minutes 30.3 seconds&#160;&#160;West 32.87 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(31) South 23 degrees&#160;&#160;32 minutes 39.5 seconds&#160;&#160;West 79.75 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(32) South 21 degrees&#160;&#160;38 minutes 54.5 seconds&#160;&#160;West 136.19 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(33) South 20 degrees&#160;&#160;11 minutes 01.3 seconds&#160;&#160;West 149.36 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(34) South 20 degrees 28 minutes 57.5 seconds&#160;&#160;West 298.08&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(35) South 24 degrees 06 minutes 48.4 seconds&#160;&#160;West 338.83&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(36) South&#160;&#160;16 degrees 57 minutes 51.3 seconds&#160;&#160;West 162.76 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(37) South 26 degrees 58 minutes 07.7 seconds&#160;&#160;West 178.90 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(38) South 41 degrees&#160;&#160;36 minutes 43.2 seconds&#160;&#160;West 76.65 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(39) South 53 degrees 27 minutes 32.4 seconds&#160;&#160;East 9.48 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(40) South 50 degrees 40 minutes&#160;&#160;26.3 seconds&#160;&#160;West 110.67&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(41) South 66 degrees 56 minutes 44.2 seconds&#160;&#160;West 307.87 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(42) South 81 degrees 54 minutes 59.3 seconds&#160;&#160;West 43.56 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(43) North 21 degrees 50 minutes 03.5 seconds&#160;&#160;West 65.42 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(44) South&#160;&#160;71 degrees&#160;&#160;00 minutes&#160;&#160;35.0 seconds&#160;&#160;West 20.02&#160;&#160;feet to Maryland&#160;&#160;Highway&#160;&#160;No. U.S. 40/48; thence, by and with the northwesterly side of the said Maryland Highway No. U.S. 40/48 the following nineteen courses and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(45) continuing South 83 degrees 40 minutes 29.1&#160;&#160;seconds&#160;&#160;West 24.92 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(46) North 09 degrees 01 minutes&#160;&#160;17.0 seconds&#160;&#160;West 222.04&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(47)&#160;&#160;South 67 degrees 52 minutes 18.1&#160;&#160;seconds&#160;&#160;West 145.00 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(48) South 12 degrees 30 minutes 24.5 seconds East 185.5 7 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(49) South 07 degrees 17 minutes 28.2 seconds East 45.00 feet to Parcel Three described below; thence, by and with Parcel Three described below</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(50) South 10 degrees&#160;&#160;11 minutes 55.4 seconds&#160;&#160;West 268.53&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(51) South 52 degrees 24 minutes 04.8 seconds West 109.35 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(52) South 56 degrees 29 minutes 35.4 seconds&#160;&#160;West 238.43&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(53) South 50 degrees&#160;&#160;21 minutes 09.7 seconds&#160;&#160;West 457.59&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(54) South 88 degrees 23 minutes 00.8 seconds&#160;&#160;West 223.81&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(55) South 39 degrees&#160;&#160;31 minutes 39.5 seconds&#160;&#160;West 417.53 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(56) South 03 degrees 14 minutes 22.9 seconds West 98.97 feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(57)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the left which&#160;&#160;has a radius of 2438.10&#160;&#160;feet, for a length of 30.52 feet, the chord of which bears South 44 degrees 52 minutes&#160;&#160;15.6 seconds&#160;&#160;West 30.52 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(58) South 44 degrees 31 minutes 10.4 seconds&#160;&#160;West 1169.39 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(59) South 44 degrees 31 minutes 12.4 seconds West 141 .63 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(60) South 44 degrees 31 minutes 11.9 seconds&#160;&#160;West 48.34 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(61)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the left, which&#160;&#160;has a radius of 450.00&#160;&#160;feet, for a length of 270.42&#160;&#160;feet the chord of which bears South 61 degrees&#160;&#160;19 minutes 19.1 seconds&#160;&#160;West 266.37&#160;&#160;by feet; thence,</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Loan Number:&#160; 2757521066<br>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(62) South 44 degrees&#160;&#160;30 minutes 54.8 seconds West 80.00&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(63) continuing South 44 degrees 30 minutes 54.8 seconds West 54.90 feet to the Place of Beginning. Containing 230.320 Acres of Land, more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Two:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning&#160;&#160;for the same&#160;&#160;at a Point,&#160;&#160;said&#160;&#160;Point&#160;&#160;being the northerly-most&#160;&#160;comer&#160;&#160;of the herein&#160;&#160;described land ; said Point also being on the southeasterly&#160;&#160;side of the proposed&#160;&#160;right-of-way&#160;&#160;line of a public&#160;&#160;road, known as Pleasant Valley Road; said Point also bears South 18 degrees 19 minutes 01.5 seconds&#160;&#160;East 143.17 feet from the end of the twenty-seventh course of the above described&#160;&#160;Parcel No. One; and from said Place of Beginning running:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) South 51 degrees 00 minutes 39.9 seconds&#160;&#160;East 466.88 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) South 00 degrees 14 minutes 30.0 seconds West 812.78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 85 degrees 18 minutes 17.6 seconds East 924.90 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) South 51 degrees&#160;&#160;15 minutes 00.0 seconds East 262.88 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) South&#160;&#160;52 degrees&#160;&#160;45&#160;&#160;minutes&#160;&#160;41.2&#160;&#160;seconds&#160;&#160;West 80.25&#160;&#160;feet to the northwesterly&#160;&#160;side of Maryland Highway&#160;&#160;No. U.S. 40/48; thence, by and with the said northwesterly side of the said Maryland Highway No. U.S. 40/48 the following six courses and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) continuing South 52 degrees 45 minutes 41.2 seconds&#160;&#160;West 313.84 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) South 71 degrees 50 minutes 46.0 seconds West 260.31&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8) South 71 degrees 54 minutes 54.7 seconds&#160;&#160;West 587.76 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9) by and with the arc of a curve deflecting&#160;&#160;to the left, which has a radius of 700.00 feet for a length of 273.41&#160;&#160;feet, the chord of which bears South 79 degrees 51 minutes 26.1 seconds&#160;&#160;West 271.68 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(10) South 67 degrees 58 minutes 54.1 seconds West 106.78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(11) South 73 degrees 32 minutes 35.2 seconds&#160;&#160;West 196.96 feet to the land , now or formerly&#160;&#160;of Arthur C.&#160;&#160;Howard&#160;&#160;and&#160;&#160;Doris&#160;&#160;J. Howard&#160;&#160;(Liber&#160;&#160;216,&#160;&#160;Folio&#160;&#160;47);&#160;&#160;thence,&#160;&#160;by and&#160;&#160;with&#160;&#160;the said&#160;&#160;Arthur&#160;&#160;C. Howard&#160;&#160;and Doris J. Howard land</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(12) North 06 degrees 02 minutes 58.5 seconds&#160;&#160;West 293.30 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(13) North 42 degrees 25 minutes 33.6 seconds West 188.60 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(14) North 50 degrees 31 minutes 08.7 seconds&#160;&#160;East 48.18 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(15) North 39 degrees 28 minutes 51.3 seconds&#160;&#160;West 9.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(16) North 50 degrees 31 minutes 08.7 seconds&#160;&#160;East 82.83 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(17) South 40 degrees&#160;&#160;07 minutes 40.3 seconds&#160;&#160;East 201.98&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(18) North 49 degrees 53 minutes&#160;&#160;57.2 seconds&#160;&#160;East 230.60&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(19) North 40 degrees 53 minutes 27.6 seconds&#160;&#160;West 144.79 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(20) North 56 degrees&#160;&#160;17 minutes 41.9 seconds&#160;&#160;West 43.29 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(21) North 72 degrees 48 minutes 17.5 seconds&#160;&#160;West 42.63 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(22) South 50 degrees 31 minutes 08.7 seconds West 276. 20 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(23) North 39 degrees 28 minutes 51 .3 seconds&#160;&#160;West 9.00 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(24) South 50 degrees 31 minutes 08.7 seconds West 101.54 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(25) by and with the arc of a curve deflecting&#160;&#160;to the right, which has a radius of 305.00&#160;&#160;feet, for a length of283.09 feet, the chord of which bears South 77 degrees 06 minutes 33.9 seconds&#160;&#160;West 273.04 feet; thence,</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">Loan Number:&#160; 2757521066<br>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(26)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the right which has a radius of 41.00&#160;&#160;feet, for a length of33.43 feet, the chord of which bears North 52 degrees 56 seconds&#160;&#160;42.7 seconds&#160;&#160;West 32.51&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(27)&#160;&#160;North 09 degrees&#160;&#160;16 minutes&#160;&#160;21.2 seconds&#160;&#160;West 93.72&#160;&#160;feet to the proposed&#160;&#160;Pleasant&#160;&#160;Valley&#160;&#160;Road right-of-way; thence,&#160;&#160;by and with the southeasterly side of the said proposed&#160;&#160;Pleasant&#160;&#160;Valley Road right-of-way the following&#160;&#160;ten courses&#160;&#160;and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(28)&#160;&#160;by and with the arc of a curve deflecting to the left, which&#160;&#160;has a radius of 600.21&#160;&#160;feet, for a length of 232.08 feet the chord of which bears North 33 degrees 51 minutes&#160;&#160;27.0 seconds&#160;&#160;East 230.64 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(29) North 22 degrees 00 minutes 24.0 seconds&#160;&#160;East 56.28 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(30) South 60 degrees&#160;&#160;35 minutes 09.4 seconds&#160;&#160;East 6.45 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(31) North 28 degrees 03 minutes 42.4 seconds&#160;&#160;East 41.06 feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(32) North 22 degrees&#160;&#160;10 minutes 35.6 seconds&#160;&#160;East 151.34 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(33) North 06 degrees&#160;&#160;15 minutes 58.8 seconds&#160;&#160;East 41.20&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(34) North 22 degrees 00 minutes 24.0 seconds&#160;&#160;East 691.65&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(35) South 68 degrees 43 minutes 22.3 seconds&#160;&#160;East 50.00 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(36) North 27 degrees&#160;&#160;07 minutes 58.7 seconds&#160;&#160;East 184.42 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(37) North 39 degrees 01 minutes 49 seconds&#160;&#160;East 150.56 feet to the Place of Beginning. Containing 37.887 Acres of Land more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Three</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning&#160;&#160;&#160;for&#160;&#160;the&#160;&#160;same&#160;&#160;at&#160;&#160;a&#160;&#160;Hub&#160;&#160;and&#160;&#160;Tack&#160;&#160;found,&#160;&#160;said&#160;&#160;Hub&#160;&#160;and&#160;&#160;Tack&#160;&#160;being&#160;&#160;a&#160;&#160;the&#160;&#160;northwesterly intersection&#160;&#160;of the Right-of-Way&#160;&#160;for Through&#160;&#160;Highway&#160;&#160;1-68 (National&#160;&#160;Freeway)&#160;&#160;leading&#160;&#160;from&#160;&#160;Cumberland&#160;&#160;to Flintstone&#160;&#160;and&#160;&#160;the Rocky&#160;&#160;Gap&#160;&#160;State&#160;&#160;Park&#160;&#160;Entrance&#160;&#160;Road,&#160;&#160;said&#160;&#160;Right-of-Way&#160;&#160;&#160;being&#160;&#160;recorded&#160;&#160;among&#160;&#160;the Land Records of Allegany&#160;&#160;County&#160;&#160;under Liber 0607,&#160;&#160;Page 974; said Hub and Tack also being at the end of the forty&#173; eighth&#160;&#160;course&#160;&#160;of Parcel&#160;&#160;One described&#160;&#160;above;&#160;&#160;thence,&#160;&#160;by and with the said&#160;&#160;Parcel&#160;&#160;One and from said&#160;&#160;Place of Beginning&#160;&#160;running by and with the aforementioned Right-of- Way:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) North&#160;&#160;10 degrees&#160;&#160;11 minutes&#160;&#160;55.4&#160;&#160;seconds&#160;&#160;East 268.53&#160;&#160;feet;&#160;&#160;thence,&#160;&#160;by and&#160;&#160;with the new division line the following&#160;&#160;three courses and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) North 82 degrees 42 minutes 31.8 seconds East 43.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) South 07 degrees 29 minutes 0.2 seconds East 183.45 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) South 52 degrees 24 minutes 04.8 seconds&#160;&#160;West 144.00 feet to the Place of Beginning. Containing 16,932 Square Feet of Land, more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Four</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">BEGINNING for the same at a point, said point also being at the end of the South 79 degrees 31 minutes 11 seconds&#160;&#160;East, 462.81&#160;&#160;foot&#160;&#160;line of 230.320&#160;&#160;Acre, Parcel&#160;&#160;One as delineated&#160;&#160;on a plan entitled&#160;&#160;"Plat Showing Lease Area, on the lands of, ROCKY&#160;&#160;GAP STATE&#160;&#160;PARK"&#160;&#160;prepared&#160;&#160;by Rauch,&#160;&#160;Walls &amp; Lane, Inc. dated April 26, 1996, said plat also being Exhibit "B" as contained&#160;&#160;in a Ground&#160;&#160;Lease recorded among&#160;&#160;the Land Records of Allegany&#160;&#160;County,&#160;&#160;Maryland&#160;&#160;in Liber 637. Folio 308, said Point of Beginning&#160;&#160;also being on the easterly&#160;&#160;side of the public road known as Lake Shore&#160;&#160;Drive at the intersection&#160;&#160;of the northerly side of the public road known as Old Hancock&#160;&#160;Road, said Point of Beginning&#160;&#160;also&#160;&#160;being southeast&#160;&#160;corner&#160;&#160;of the herein described&#160;&#160;Lease&#160;&#160;Area 4, thence&#160;&#160;by and with said&#160;&#160;northerly&#160;&#160;side of the public&#160;&#160;road known&#160;&#160;as Old Hancock&#160;&#160;Road and running&#160;&#160;reversely with&#160;&#160;the&#160;&#160;aforesaid&#160;&#160;462.81&#160;&#160;&#160;foot&#160;&#160;line&#160;&#160;of&#160;&#160;the&#160;&#160;230.320&#160;&#160;Acre.&#160;&#160;Parcel&#160;&#160;One,&#160;&#160;and&#160;&#160;running&#160;&#160;in&#160;&#160;the&#160;&#160;meridian&#160;&#160;of&#160;&#160;the Maryland&#160;&#160;State&#160;&#160;Coordinate&#160;&#160;System NAD&#160;&#160;27 as established&#160;&#160;&#160;on&#160;&#160;said&#160;&#160;plat, and&#160;&#160;running&#160;&#160;in , through, over and across, as to include a portion of the lands of The State of Maryland,&#160;&#160;ROCKY&#160;&#160;GAP STATE&#160;&#160;PARK (Liber 402, Folio 391) the following&#160;&#160;nine courses and distances:</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">Loan Number:&#160; 2757521066<br>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1)&#160;&#160;North 79 degrees 31 minutes 11 seconds West, 462.81 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2)&#160;&#160;by and&#160;&#160;with the arc of a curve&#160;&#160;deflecting&#160;&#160;to the&#160;&#160;right, which&#160;&#160;has a radius&#160;&#160;of 209.99&#160;&#160;feet,&#160;&#160;for a length of 186.65 feet, the tangent of which is 100. 00 feet, the chord of which bears North 54 degrees 03 minutes 19 seconds&#160;&#160;West, 180.57&#160;&#160;feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3)&#160;&#160;North 28 degrees 35 minutes 26 seconds West 141.75 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4)&#160;&#160;North 61 degrees 24 minutes 34 seconds East, 206.17 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5)&#160;&#160;South 89 degrees 46 minutes 34 seconds East. 202.34 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6)&#160;&#160;South 75 degrees 00 minutes 00 seconds East. 113.65 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7)&#160;&#160;by and&#160;&#160;with&#160;&#160;the arc of a curve&#160;&#160;deflecting to the right,&#160;&#160;which&#160;&#160;has a radius&#160;&#160;of 210.19&#160;&#160;feet, for a length of 310.79 feet, the tangent of which is 191.65 feet, the chord of which bears South 32 degrees&#160;&#160;38 minutes 29 seconds&#160;&#160;East, 283.24 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8)&#160;&#160;South 79 degrees 04 minutes 18 seconds East, 50.17 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9)&#160;&#160;South 10 degrees 55 minutes 42 seconds West, 137.58 feet to the Place of Beginning.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Containing 4.485&#160;&#160;Acres&#160;&#160;of&#160;&#160;Land,&#160;&#160;more&#160;&#160;or&#160;&#160;less,&#160;&#160;and&#160;&#160;intended&#160;&#160;to be all of the same&#160;&#160;land designated as "Parcel&#160;&#160;4" on&#160;&#160;a plat&#160;&#160;entitled&#160;&#160;"Amended&#160;&#160;Lease&#160;&#160;Area&#160;&#160;Plat, on&#160;&#160;the&#160;&#160;lands&#160;&#160;of,&#160;&#160;ROCKY&#160;&#160;GAP&#160;&#160;STATE&#160;&#160;PARK"&#160;&#160;as prepared&#160;&#160;by Lane Engineering, LLC on June 7, 2012.</font></div>

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<div style="TEXT-ALIGN: justify">BEGINNING&#160;&#160;&#160;for&#160;&#160;the same&#160;&#160;at a&#160;&#160;point, said&#160;&#160;point&#160;&#160;being&#160;&#160;REMOVED South&#160;&#160;65 degrees&#160;&#160;35&#160;&#160;minutes&#160;&#160;22 seconds&#160;&#160;West, 248.55 feet from the end of the North 42 degrees&#160;&#160;25 minutes&#160;&#160;33.6 seconds&#160;&#160;West, 188.60 foot line of37.887 Acre, Parcel Two as delineated&#160;&#160;on a plan entitled&#160;&#160;"Plat Showing&#160;&#160;Lease Area, on the lands of, ROCKY GAP STATE&#160;&#160;PARK"&#160;&#160;dated&#160;&#160;April 26, 1996, prepared&#160;&#160;by Rauch, Walls &amp; Lane, Inc., dated&#160;&#160;April 26, 1996, said plat also&#160;being&#160;&#160;Exhibit&#160;"B"&#160;as contained&#160;in a Ground&#160;Lease&#160;recorded&#160;among&#160;the&#160;Land&#160;Records&#160;of&#160;Allegany County,&#160;Maryland&#160;in&#160;Liber&#160;637,&#160;Folio&#160;308,&#160;said Point&#160;of&#160;Beginning&#160;also&#160;being&#160;on&#160;the&#160;southerly&#160;side&#160;of&#160;the Tenant&#160;&#160;Access&#160;&#160;Easement&#160;&#160;as shown&#160;&#160;on&#160;&#160;said&#160;&#160;plat, said&#160;&#160;Point&#160;&#160;of&#160;&#160;Beginning&#160;&#160;also&#160;&#160;being&#160;&#160;northwest&#160;&#160;corner&#160;&#160;of&#160;&#160;the herein described&#160;&#160;Lease Area, thence&#160;&#160;running in the meridian of the Maryland&#160;&#160;State Coordinate System&#160;&#160;(NAD 27 as established on said Exhibit "B") and running&#160;&#160;in, through,&#160;&#160;over and across,&#160;&#160;as to include a portion of the lands of The&#160;&#160;State&#160;&#160;of&#160;&#160;Maryland , ROCKY&#160;&#160;GAP&#160;&#160;STATE&#160;&#160;PARK&#160;&#160;(Liber&#160;&#160;402,&#160;&#160;Folio&#160;&#160;391)&#160;&#160;the&#160;&#160;following&#160;&#160;courses&#160;&#160;and distances:</div>

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<div>(1)&#160;&#160;South&#160;&#160;06&#160;&#160;degrees&#160;&#160;18&#160;&#160;minutes&#160;&#160;49&#160;&#160;seconds&#160;&#160;East,&#160;&#160;176.05&#160;&#160;&#160;feet&#160;&#160;to&#160;&#160;a&#160;&#160;point&#160;&#160;and&#160;&#160;the&#160;&#160;lands&#160;&#160;of&#160;&#160;the Maryland&#160;&#160;&#160;State&#160;&#160;Highway&#160;&#160;&#160;Administration&#160;&#160;as&#160;&#160;shown&#160;&#160;on&#160;&#160;State&#160;&#160;Highway&#160;&#160;&#160;Administration&#160;&#160;Plat&#160;&#160;Number&#160;&#160;&#160;50403: thence by and with said Maryland State Highway Administration lands the following three courses and distances</div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2)&#160;&#160;South 74 degrees 12 minutes 23 seconds West, 115.17 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3)&#160;&#160;North 76 degrees 03 minutes 42 seconds West, 106.76 feet to a point; thence</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4)&#160;&#160;South&#160;&#160;85 degrees&#160;&#160;23&#160;&#160;minutes&#160;&#160;38 seconds&#160;&#160;West,&#160;&#160;44.84&#160;&#160;feet&#160;&#160;to a point;&#160;&#160;thence&#160;&#160;running&#160;&#160;in, through, over&#160;&#160;and&#160;&#160;across&#160;&#160;as&#160;&#160;to&#160;&#160;include&#160;&#160;a&#160;&#160;portion&#160;&#160;of&#160;&#160;the&#160;&#160;land s&#160;&#160;of&#160;&#160;The&#160;&#160;State&#160;&#160;of&#160;&#160;Maryland&#160;&#160;(Liber&#160;&#160;402,&#160;&#160;Folio&#160;&#160;391)&#160;&#160;the following&#160;&#160;three courses&#160;&#160;and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5)&#160;&#160;North 39 degrees 30 minutes 32 seconds East, 199.14 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6)&#160;&#160;North 11 degrees 22 minutes 34 seconds East, 35.96 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7)&#160;&#160;by and&#160;&#160;with&#160;&#160;the arc&#160;&#160;of a curve&#160;&#160;deflecting&#160;&#160;&#160;to the&#160;&#160;left, which&#160;&#160;has a&#160;&#160;radius of 345.00&#160;&#160;feet,&#160;&#160;for a length of 106.52&#160;&#160;feet the chord of which&#160;&#160;bears South&#160;&#160;87 degrees&#160;&#160;28 minutes&#160;&#160;08 seconds&#160;&#160;East&#160;&#160;106.09 feet to the Place of Beginning.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Containing 33,894 Square Feet or 0.778 Acres of Land, more or less and intended&#160;&#160;to be all of the same land&#160;&#160;designated&#160;&#160;&#160;as&#160;&#160;"Parcel&#160;&#160;5"&#160;&#160;on&#160;&#160;a&#160;&#160;plat entitled&#160;&#160;"Amended&#160;&#160;&#160;Lease&#160;&#160;Area&#160;&#160;Plat,&#160;&#160;on&#160;&#160;the&#160;&#160;lands&#160;&#160;of,&#160;&#160;ROCKY&#160;&#160;GAP STATE&#160;&#160;PARK" as prepared&#160;&#160;by Lane Engineering, LLC on June 7, 2012.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Lot 1, Block 1, Carlson Center East, Hennepin County, Minnesota.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">Together with benefits and easements created in Declaration of Easements and Covenants, dated December 18, 1996, recorded December 20, 1996 as Document No. 2771390; and as amended by that certain First Amendment to Declaration of Easements and Covenants, dated March 25, 1998 recorded April 14, 1998 as Document No. 3009312.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The Lender will not require the Application for Advance to be on, or in, a specific form.&#160;&#160;Rather, the Lender will require that the Application for Advance package include each of the items described in the Disbursement Agreement and in this Loan Agreement, specifically including the following:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">A list of subcontractors providing work to the Project or suppliers providing materials to the Project, and the amounts payable to each such subcontractor or supplier on AIA Document G702 Application and Certificate for Payment ("G702").</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">A release of any and all statutory, common law or other liens of General Contractor and each Project subcontractor regarding all work performed and materials delivered, as described on the G702;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">All invoice and supporting documentation regarding all work and materials described on the G702; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Proof of payment for all invoices submitted for the period covered by the previous Application for Advance.</font></div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 10.2</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">This Instrument Prepared Under the Supervision of:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Miles &amp; Stockbridge P.C.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Towson, Maryland 21204</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Loan Number: 2757521066</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">LEASEHOLD MORTGAGE, SECURITY AGREEMENT AND</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">ASSIGNMENT OF RENTS</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">(Secures Obligatory Future Advances)</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">This LEASEHOLD MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS (the "Mortgage") is dated as of the 17<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2012, and is executed and entered into by EVITTS RESORT, LLC (the "Mortgagor") in favor of CENTENNIAL BANK, or its successors or assigns ("Lender").</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Mortgagor is the lessee of that certain real property located in Allegany County, Maryland, pursuant to that certain Amended and Restated Ground Lease dated on or about July 20, 2012 (the &#8220;Lease&#8221;), between Mortgagor and the State of Maryland to the use of the Department of Natural Resources (&#8220;Landlord&#8221;), and upon which Mortgagor desires to renovate an existing hotel, convention center and golf course and construct a casino facility all located in Rocky Gap State Park, Allegany County, Maryland (the &#8220;Project&#8221;); and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, pursuant to a Secured Construction Loan Agreement executed by Mortgagor and Lender as of even date herewith (the &#8220;Secured Loan Agreement&#8221;), Lender has agreed to extend credit to Mortgagor in an amount up to $17,500,000 for the purpose of completing the Project; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Lender would not otherwise have extended such credit without Mortgagor executing and delivering this Mortgage for the purpose of securing the obligations of Mortgagor to Lender; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Mortgagor&#8217;s principal indebtedness to Lender with respect to the Project is evidenced by that certain $17,500,000 Secured Construction Promissory Note of even date herewith which is scheduled to mature on December 17, 2020, unless renewed, extended, modified or accelerated by demand or default in accordance with the Credit Agreement (said note, together with all extensions, renewals, modifications, consolidations, substitutions, replacements, restatements and increased additional advances evidenced by other written documents or otherwise thereof being collectively referred to herein as the "Note"); and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, Mortgagor desires to secure repayment of the Note by means of Mortgagor's execution and delivery of this Mortgage to Lender; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">WHEREAS, all capitalized terms not specifically defined herein shall have the meanings given to them in the Secured Loan Agreement; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants and conditions referenced and exchanged herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, covenant and agree as follows:</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;That Mortgagor does hereby grant, bargain, sell, convey and deliver unto Lender, and unto its successors and assigns, all of Mortgagor&#8217;s right, title and interest in and to the following described property (the &#8220;Property&#8221;), TO HAVE AND TO HOLD the same unto the said Lender, its successors and assigns forever:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Leasehold Estate</font>.&#160;Mortgagor&#8217;s entire estate as tenant under the Lease, by<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">&#160;</font>which Lease the Landlord (with its successors and assigns, including its estate<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">&#160;</font>and anyone acting for it in any bankruptcy, and including any debtor in possession acting for it) demised to Mortgagor those certain premises more particularly<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">&#160;</font>described in EXHIBIT A<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">&#160;</font>(the &#8220;Land&#8221;).&#160;&#160;For purposes of this Mortgage, the term &#8220;Lease&#8221; also includes the following:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgagor&#8217;s leasehold estate created pursuant to the Lease, together with all credits, deposits, renewal option(s), privileges, rights (including rights regarding possession, occupancy, and rights to modify the Lease), benefits, estate, title, and interest of Mortgagor as tenant under the Lease, claims of Mortgagor against Landlord, rights of Mortgagor to give Landlord any notices under the Lease, and all rights of Mortgagor to enforce against Landlord any negative or affirmative covenants of Landlord in the Lease or in any Lease-related document or agreement;</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All of Mortgagor&#8217;s claims and rights to the payment of damages and other rights or remedies that may arise from Landlord&#8217;s failure to perform under the Lease, rejection or disaffirmation of the Lease under any bankruptcy law, or violation or breach by Landlord under the Lease, and all damages and other sums payable pursuant thereto;</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All of Mortgagor&#8217;s rights and remedies arising at any time under, or in, any bankruptcy proceeding affecting Landlord, including Mortgagor&#8217;s rights to object to Landlord&#8217;s sale of the premises under Bankruptcy Code &#167;363, to elect to treat the Lease as terminated under Bankruptcy Code &#167;365(h), and to remain in possession under the Lease if Landlord rejects or disaffirms it under Bankruptcy Code &#167;365(h) or any other bankruptcy law, and any comparable right under any other bankruptcy law, and all claims, suits, actions, proceedings, rights, remedies, and privileges related thereto or arising therefrom, including Mortgagor&#8217;s right to claim any offsets against rent due under the Lease and the right to file and prosecute, to the exclusion of Mortgagor, any proofs of claim, complaints, motions, applications, objections, notices, and other documents in any case relating to Landlord under the Bankruptcy Code; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All of Mortgagor&#8217;s rights and remedies under any nondisturbance, attornment, or recognition agreement between Mortgagor and any fee mortgagee relating to the Lease.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Additional Land</font>.&#160;&#160;All additional property interests related to the Land hereafter acquired by Mortgagor for use in the development of the Land, but only to the extent such interests are expressly made subject to the lien of this Mortgage by the written agreement of Mortgagor; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Improvements</font>.&#160;&#160;The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements, and improvements now or hereafter erected or located on the Land and owned by Mortgagor (the "Improvements"); and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Easements</font>.&#160;&#160;All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, tides, interests, privileges, liberties, servitude, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in any street, road or avenue, opened or proposed, in front of or adjoining the Land, and all the estates, rights, titles, interests, property, possession, claim and demand whatsoever, both at law and in equity of Mortgagor of, in and to the Land, the Improvements and every part and parcel thereof, with the appurtenances thereto (collectively, the "Easements"); and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Fixtures and Personal Property</font>.&#160;&#160;All machinery, furniture, equipment, fixtures (including, but not limited to all heating, air-conditioning, plumbing, lighting, communications and elevator fixtures) goods, inventory, deposit accounts, computer software, general intangibles, payment intangibles, building materials and supplies, inventory and other property of every kind and nature whatsoever owned by Mortgagor, or in which Mortgagor has or shall have an interest, (other than Mortgagor&#8217;s right to use Video Lottery Terminals and other gaming equipment owned or leased by the State of Maryland) now and hereafter located upon the Land, the Easements, or the Improvements, or appurtenant thereto, created or used in connection with the present or future operation and occupancy of the Land, the Easements, and the Improvements owned by Mortgagor (collectively, the "Personal Property"), and the right, title and interest of Mortgagor in and to any of the Personal Property which may be subject to any security interests, as defined in the Maryland Uniform Commercial Code, as applicable and all proceeds and products of the above; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Leases and Rents</font>.&#160;&#160;All leases and other agreements affecting the use, enjoyment or occupancy of all or any part of the Land, the Improvements, the Easements, or the Personal Property heretofore and hereafter entered into by Mortgagor (other than Mortgagor&#8217;s right to use Video Lottery Terminals and other gaming equipment owned or leased by the State of Maryland), whether before or after the filing by or against Mortgagor of any petition for relief under 11 U.S.C. Section 101, <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">et seq</font>. (the "Bankruptcy Code"), as the same may be amended from time to time (collectively, but excluding the Lease, the "Leases") and all right, title and interest of Mortgagor, its successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder, and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land, the Improvements, the Easements, and the Personal Property, whether paid or accruing before or after the filing by or against&#160;&#160;of any petition for relief under the Bankruptcy Code (collectively, the "Rents") and all proceeds from the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment of the Debt (defined herein); and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Condemnation Awards</font>.&#160;&#160;All awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the Land, the Improvements, the Easements, and the Personal Property, whether from the exercise of the right of eminent domain (including, but not limited to any transfer made in lieu of or in anticipation of the exercise of the right) or for a change of grade, access, or for any other injury to or decrease in the value of the Land, the Improvements, the Easements and the Personal Property; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Insurance Proceeds</font>.&#160;&#160;All proceeds of and any unearned premiums on any insurance policies covering the Land, the Improvements, the Easements and the Personal Property, including, without limitation, the right to receive and apply the proceeds of any insurance judgments, or settlements made in lieu thereof, for damage to the Land, the Improvements, the Easements and the Personal Property; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Conversion</font>.&#160;&#160;All proceeds of the voluntary or involuntary conversion of the Land, the Improvements, the Easements and the Personal Property, including, without limitation, proceeds of insurance and condemnation awards, into cash or liquidation claims; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Rights</font>.&#160;&#160;The right, in the name and on behalf of Mortgagor while an Event of Default (as defined in the Secured Loan Agreement) remains uncured, to commence any action or proceeding to protect the interest of Lender in the Land, the Improvements, the Easements and the Personal Property and to appear in and defend any action or proceedings brought with respect to the Land, the Improvements, the Easements and the Personal Property; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Agreements</font>.&#160;&#160;Except as otherwise provided in this Mortgage, all agreements, contracts, certificates, instruments, franchises, permits, licenses, (but specifically excluding any Gaming License as that term is defined in the Secured Construction Loan Agreement) plans, specifications and other documents, now or hereafter entered into, including all management, maintenance and service contracts, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land, the Improvements, the Easements and the Personal Property and any part thereof or respecting any business or activity conducted on the Land by Mortgagor, the Improvements, the Easements and the Personal Property and any part thereof and all right, title and interest of Mortgagor therein and thereunder, including, without limitation, the right, while an Event of Default remains uncured, to receive and collect any sums payable to Mortgagor thereunder; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Intangibles</font>.&#160;&#160;Except as otherwise provided in this Mortgage, all trademarks, service marks, logos, copyrights, goodwill, books and records and all other general intangibles specific to or used solely in connection with the operation of the Land, the Improvements, the Easements and the Personal Property by the Mortgagor and in which the Mortgagor has rights; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Other Rights</font>.&#160;&#160;Any and all other rights of Mortgagor in and to the items set forth in Subsections (a) through (l) above.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Assignment of Leases and Rents</font>.&#160;&#160;Mortgagor hereby absolutely and unconditionally assigns to Lender Mortgagor's right, title and interest in and to all current and future Leases and Rents.&#160;&#160;Mortgagor intends this assignment as a present, absolute assignment and not an assignment for additional security only.&#160;&#160;Nevertheless, Lender grants to Mortgagor a revocable license to collect and receive the Rents.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Security Agreement</font>.&#160;&#160;This Mortgage is both a real property mortgage and a "security agreement" within the meaning of the Maryland Uniform Commercial Codes, as applicable.&#160;&#160;The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Property.&#160;&#160;By executing and delivering this Mortgage, Mortgagor hereby grants to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the Maryland Uniform Commercial Code, as applicable, and, further, authorizes Lender to file and execute on behalf of Mortgagor, if necessary, all financing statements and continuation statements that might be required by law in order to perfect Lender's security interests in and to the Property and other collateral being granted to Lender hereunder.&#160;&#160;A carbon, photostatic or other reproduction of this Mortgage shall be sufficient as a financing statement.&#160;&#160;Lender shall have the right at any time to file a manually executed counterpart or a carbon, photostatic or other reproduction of this Mortgage as a financing statement in either the central or local UCC records of any jurisdiction wherein the Property is situated, but the failure of Lender to do so shall not impair (a) the effectiveness of this Mortgage as a fixture filing as permitted by Section 9.502(c) of the UCC, or (b) the validity and enforceability of this Mortgage in any respect whatsoever.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Pledge of Monies Held</font>.&#160;&#160;Mortgagor hereby pledges to Lender any and all monies now or hereafter held by Lender, as additional security for the Debt until expended or applied as provided in this Mortgage.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">And Mortgagor covenants with Lender, its successors and assigns, that Mortgagor will forever warrant and defend the title to the above-described Property against any and all lawful claims whatsoever.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit of Lender, and the successors and assigns of Lender, forever;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">and the repayment to the Lender of all reimbursable expense at any time accruing to Lender under the provisions hereof; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">the payment of all future and additional indebtedness, direct or indirect, created after the date of this Mortgage, which may be owing by Mortgagor (or by any of the persons herein designated under the term "Mortgagor") to the Lender in connection with the Property at any time prior to the payment in full with interest of the indebtedness or the foreclosure of this Mortgage therefor (the event occurring first to be controlling); such additional indebtedness to be secured hereby regardless of whether it shall be predicated upon future loans or advances hereafter made by the Lender, or obligations hereafter acquired by such Lender, through assignment or subrogation or otherwise, or shall represent indirect obligations (created after the date of this Mortgage), based upon any endorsements, guaranties or suretyship; and it is agreed that this Mortgage shall stand as security for all such future and additional indebtedness.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Remedies</font>.&#160;&#160;Upon the occurrence of any Event of Default (as defined in the Secured Loan Agreement), including the failure of Mortgagor to perform any obligation hereunder, Mortgagor agrees that Lender may take such action, without notice or demand, unless specifically required by law or by the terms the Secured Loan Agreement, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property, including, but not limited to the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lender:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Institute proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law in which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">With or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Mortgage for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Mortgage for the balance of the Debt not then due, unimpaired and without loss of priority;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein, in the Note or any agreement related thereto;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Recover judgment on the Note in accordance with applicable law either before, during or after any proceedings for the enforcement of this Mortgage;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Mortgagor, or of any person, firm or other entity liable for the payment of the Debt;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Subject to any applicable law, the license granted to Mortgagor under Section 2 shall automatically be revoked;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Exercise any and all rights and remedies in accordance with applicable law granted to a secured party upon default under the Maryland Uniform Commercial Code, as applicable, including, without limiting the generality of the foregoing:&#160;&#160;(1) the right to take possession of the Property or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Property, and (2) request Mortgagor at its expense to assemble the Property and make it available to Lender at a convenient place acceptable to Lender.&#160;&#160;Any notice of sale, disposition or other intended action by Lender with respect to the Property sent to Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Mortgagor;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Pursue such other remedies as Lender may have under the Credit Agreement and applicable law. Lender&#8217;s rights pursuant to this Section 5 are expressly subject to any restrictions or limitations imposed by, and permits or licenses required by, the gaming laws of the State of Maryland.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">In the event of a sale, by foreclosure, power of sale, or otherwise, of less than all of the Property, this Mortgage shall continue as a lien and security interest on the remaining portion of the Property unimpaired and without loss of priority to secure any portion of the Debt then remaining unpaid.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Protection of the Property</font>. If Lender shall expend any sum or sums for the protection of any of the Property or the lien of this Mortgage (Lender to have uncontrolled discretion as to the necessity of making any such expenditures), the repayment of such sum or sums on demand (with interest thereon at the highest rate permitted under Arkansas law from the date of each expenditure) shall be the obligation of the Mortgagor; and such obligation to repay will constitute a part of the indebtedness secured hereby.&#160;&#160;The expenditures thus made reimbursable will include (without limiting the foregoing) taxes, special improvement assessments, and sums paid to discharge prior liens.&#160;&#160;The cost of any abstract or supplemental abstract procured by the Lender of the secured indebtedness to facilitate foreclosure will also constitute a part of the reimbursable expense secured hereby</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Future Advances</font>. IT IS EXPRESSLY AGREED AND UNDERSTOOD that the principal amount secured hereby is subject to multiple future advances pursuant to the terms and conditions of the Secured Loan Agreement of even date herewith.&#160;&#160;Lender is obligated to fund such future advances in accordance with the terms and conditions of said Secured Loan Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Multiple Remedies</font>.&#160;&#160;In the event of a default hereunder, the Lender hereby shall be entitled to enforce the lien of this Mortgage in respect to the Property encumbered hereby by foreclosure or otherwise in proceedings that are prosecuted simultaneously or are prosecuted separately, in such order as the Lender may select.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Waivers</font>.&#160;&#160;To the extent permitted by law, Mortgagor hereby waives any and all rights of dower, curtesy, appraisement, sale, redemption and homestead under the laws of Arkansas, and especially under the Act of May 8, 1899, and Acts amendatory thereto.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that Mortgagor is the owner or has control of the Property;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that Mortgagor has the right to pledge or grant a security interest in the Property;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that, to Mortgagor&#8217;s knowledge, the Property is free from liens, adverse claims, set-offs, default, repayment, defenses and conditions precedent of any kind or character except in favor of Lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that the security interest in the Property granted to Lender hereby is a first and prior security interest and that Mortgagor has not, and, except as otherwise provided herein will not, grant or suffer another security interest in or encumbrance against the Property except in favor of Lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that Mortgagor's execution, delivery and performance of this Mortgage (i) will not violate any indenture, agreement or any other instrument to which Mortgagor is a party or by which Mortgagor or any of its property is bound; and (ii) will not be in conflict with, result in a breach of or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of its property or assets, except as contemplated by the provisions of this Mortgage;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">that this Mortgage when executed and delivered to Lender, will constitute the legal, valid and binding obligations of Mortgagor, enforceable in accordance with its terms; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">any residential Improvements located on the Land are not used by the Mortgagor as a primary residence and are not subject to any homestead exemptions or other homestead rights.&#160;&#160;To the extent any homestead rights or exemptions may be applicable to the Property, the Mortgagor hereby specifically waives them in their entirety.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Covenants of Mortgagor</font>.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Mortgagor shall (i) perform all obligations secured hereby when performance is due; (ii) permit Lender to exercise its powers granted herein; (iii) execute and deliver such documents as Lender reasonably deems necessary to create, perfect and continue the security interests contemplated hereby; (iv) not permit any lien on the Property, except in favor to Lender, and except such purchase money financing liens granted in the ordinary course of Mortgagor&#8217;s business and other Permitted Liens (as defined in the Secured Loan Agreement); and (v) not change its chief place of business or the place where Mortgagor keeps its records concerning the Property without first giving Lender written notice of the address to which Mortgagor is moving same.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Without Lender's consent, Mortgagor shall (i) [RESERVED]; (ii) not sell, transfer, encumber, hypothecate or otherwise dispose of any Property or proceeds (except as may otherwise be permitted herein) at any time, except to Lender or except in the ordinary course of business; (iii) not materially modify, alter, amend, or subordinate, or consent to or suffer any material modification, alteration, amendment or subordination of, any of the Property, nor, through action or failure to act, waive any of its rights thereunder, except to the extent such waiver does not materially impair Mortgagor&#8217;s ability to perform its obligations hereunder; and (iv) provide any service and do all other acts and things reasonably necessary to keep the Property free and clear of all defenses, rights of off-set and counterclaims.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Upon the request of Lender, Mortgagor shall execute or cause the execution, acknowledgment and delivery of such further commercially reasonable instruments (including, without limitation, declarations of no set-off) and do such further acts as may be necessary, desirable or proper to carry out more effectively the purposes of this Mortgage or the Credit Agreement (as defined in the Secured Loan Agreement).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Mortgagor shall not take any action with respect to any of the Property held by Lender from time to time which is inconsistent with the provisions and the purpose of this Mortgage or which would adversely affect the rights of Lender under the Credit Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Except as otherwise permitted above, Mortgagor agrees to prevent the mortgaged property from becoming encumbered by any lien or charge having priority over, or on a parity with, the lien of this mortgage; and to comply with all statutes, ordinances and regulations relating to such property.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Due on Sale/Encumbrance</font>.&#160;&#160;Mortgagor agrees that Mortgagor shall not sell, convey, mortgage, grant, bargain, encumber, pledge, assign, or otherwise transfer the Property or any part thereof or permit the Property or any part thereof (other than the interest of a tenant) to be sold, conveyed, mortgaged, granted, bargained, encumbered, pledged, assigned, or otherwise transferred in any transaction which does not result in full payment of the Debt at the time of the closing of such transaction, except as otherwise permitted in Section 11 hereof.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">CHOICE OF LAW</font>.&#160;&#160;THIS MORTGAGE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND (WITHOUT REGARD TO CHOICE OF LAW OR CONFLICT OF LAWS RULES) AND THE LAWS OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN THE STATE OF MARYLAND,&#160;&#160;EXCEPT TO THE EXTENT THAT REAL, PERSONAL PROPERTY AND GAMING LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, INCLUDING LAWS RELATING TO PERFECTION AND THE EFFECT OF PERFECTION AND NON-PERFECTION OF LIENS ON REAL AND PERSONAL PROPERTY, OR THE TRANSFER OF, AND EFFECT OF TRANSFER OF, SECURITY TITLE TO REAL PROPERTY LOCATED IN SUCH STATE AND LAWS RELATED TO FINANCIAL INTERESTS IN, AND OPERATION OF, CASINOS, SHALL NECESSARILY APPLY TO THE EXERCISE OF ANY REMEDIES RELATING TO THE ENFORCEMENT OF THE SECURITY COVERED BY THIS MORTGAGE AND PROVIDED FURTHER, THE PARTIES EXPRESSLY CHOOSE THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED TO GOVERN THE EFFECTIVENESS OF THE GRANT AND CONVEYANCE OF THE LIEN AGAINST AND SECURITY TITLE TO THE PROPERTY.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Provisions Subject to Applicable Law</font>.&#160;&#160;All rights, powers and remedies provided in this Mortgage may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law.&#160;&#160;If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this Mortgage and any other application of the term shall not be affected thereby.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Subrogation</font>.&#160;&#160;If any or all of the proceeds of the Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Lender shall be subrogated to all of the rights, claims liens, titles, and interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in favor of Lender and are merged with the lien and security interest created herein as cumulative security for the repayment of the Debt, the performance and discharge of Mortgagor's obligations hereunder, and under the Note and the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Entire Agreement</font>.&#160;&#160;The Credit Agreement constitutes the entire understanding and agreement between Mortgagor and Lender with respect to the transactions arising in connection with the subject loan and supersede all prior written or oral understandings and agreements between Mortgagor and Lender with respect thereto.&#160;&#160;Mortgagor hereby acknowledges that, except as incorporated in writing in the Credit Agreement, there are not, and were not, and no persons are or were authorized by Lender to make, any representations, understandings, stipulations, agreements or promises, oral or written, with respect to the transaction which is the subject of the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Waiver</font>.&#160;&#160;No waiver by Lender of any default or breach by Mortgagor hereunder shall be implied from any omission by Lender to take, or any delay in taking, action on account of such default other than the default expressly made the subject of the waiver and any such express waiver shall be operative only for the time and to the extent therein stated.&#160;&#160;Any waiver of any covenant, term or condition contained herein shall not be construed as a waiver of any subsequent breach of the same covenant, term or condition.&#160;&#160;The consent or approval by Lender to or of any act by Mortgagor requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or of any subsequent similar act.&#160;&#160;The intent of this paragraph is to avoid unintentional waivers by Lender of any of its rights hereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Binding Effect; Assignment</font>.&#160;&#160;Subject to any required approval of the Maryland Lottery and Gaming Control Commission, this Mortgage may be assigned by Lender.&#160;&#160;Mortgagor may not assign its interest in, or obligation under, this Mortgage except with the written consent of Lender.&#160;&#160;Subject to the forgoing, all of the terms, covenants, conditions, representations and warranties hereof shall inure to the benefit of, and be binding upon, the successors and assigns of Lender and Mortgagor.&#160;&#160;Mortgagor hereby consents to the collateral assignment of Lender's interests in and to this Agreement to third party creditors of Lender without the need for any further consent of whatever nature by Mortgagor.&#160;&#160;Should Lender's assignee assume rights under this agreement, Mortgagor covenants and agrees that it will continue to perform this agreement in accordance with its terms and conditions and shall recognize said assignee as the lawful and enforceable successor in interest to Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Preparation of Agreement</font>.&#160;&#160;The parties hereto acknowledge that this Mortgage has been negotiated and prepared in an arms-length transaction and that both Lender and Mortgagor have negotiated all the terms contained herein.&#160;&#160;Accordingly, the parties agree that neither party shall be deemed to have drafted this agreement and this agreement shall not be interpreted against either party as the draftsman.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">IN WITNESS WHEREOF, the undersigned have executed this Leasehold Mortgage, Security Agreement and Assignment of Rents as of the date set forth in the preface.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 40pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Personally appeared before me, the undersigned authority in and for the said county and state, on this 17<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2012, within my jurisdiction, the within-named Damon E. Schramm, who acknowledged that he is the Secretary of Evitts Resort LLC, a Maryland limited liability company, and that, for and on behalf of the said company and as its act and deed, they executed the above and foregoing instrument after first having been duly authorized by said company to do so.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">In The Twenty-First Election District, Allegany County, Maryland, In Five Parcels.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Parcel One:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning for the same at a Point, said Point being the southwesterly-most comer of the herein described lease area and running from thence;</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) North 21 degrees 05 minutes 20.8 seconds West 1 43 1 .36 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) North 10 degrees 11 minutes 18.5 seconds East 1364.12 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 23 degrees 29 minutes 52.3 seconds East 875.04&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) North 39 degrees 50 minutes 45.2 seconds East 495.83 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) North 63 degrees 03 minutes 55.4 seconds East 568.17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) North 80 degrees 00 minutes 52.1 seconds East 262.99 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) South 52 degrees 26 minutes 18.1 seconds East 764.16 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8) South 00 degrees 00 minutes 00 seconds East 230.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9) South 28 degrees 35 minutes 25.7 seconds East 242.17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(10) by and with the arc of a curve deflecting to the left, which has a radius of 209.99&#160;&#160;feet, for a length of 186.65 feet, the chord of which bears South 54 degrees 03 minutes 18.5 seconds&#160;&#160;East 180.57 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(11) South 79 degrees 31&#160;&#160;minutes&#160;&#160;11.3 seconds East 462.81&#160;&#160;feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(12) North 10 degrees 55 minutes 41.5 seconds East 518. 78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(13) North 47 degrees 27 minutes 39.7 second s East 158. 17 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(14) North 73 degrees 42 minutes 11.9 seconds&#160;&#160;East 146.50 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(15) North 32 degrees 17 minutes 30.3 seconds East 726.66 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(16) North 11 degrees&#160;&#160;23 minutes 37.2 seconds East 532.31&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(17) North 50 degrees 57 minutes 37.1 seconds East 1651.73 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(18)&#160;&#160;South&#160;&#160;24&#160;&#160;degrees&#160;&#160;&#160;26&#160;&#160;minutes&#160;&#160;00.0&#160;&#160;seconds&#160;&#160;East&#160;&#160;569.50&#160;&#160;&#160;feet&#160;&#160;to&#160;&#160;the&#160;&#160;northwesterly&#160;&#160;side&#160;&#160;of&#160;&#160;the proposed&#160;&#160;Pleasant Valley&#160;&#160;Road right-of-way;&#160;&#160;thence, by and&#160;&#160;with&#160;&#160;the&#160;&#160;northwesterly&#160;&#160;side of the said&#160;&#160;proposed Pleasant&#160;&#160;Valley Road right-of-way&#160;&#160;the following twenty-six courses&#160;&#160;and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(19) by and with the arc of a curve deflecting&#160;&#160;to the left, which&#160;&#160;has a radius of 1930.93&#160;&#160;feet, for a length of 175.31 feet, the chord of which bears South 23 degrees&#160;&#160;23 minutes 25. 1 seconds West 175.25 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(20) South 20 degrees 47 minutes 21.7 seconds&#160;&#160;West 122.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(21) by and with the arc of a curve deflecting&#160;&#160;to the right, which&#160;&#160;has a radius of 466.51&#160;&#160;feet, for a length 113.33 feet, the chord of which bears South 27 degrees&#160;&#160;44 minutes 55.5 seconds&#160;&#160;West 113.05 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(22) North 74 degrees&#160;&#160;25 minutes 25.6 seconds&#160;&#160;West 27.97 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(23) by and with the arc of a curve deflecting&#160;&#160;to the right, which&#160;&#160;has a radius of 440.18&#160;&#160;feet, for a length of 10.71 feet, the chord of which bears South 36 degrees 35 minutes 55.3 seconds West 10.71&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(24) South 26 degrees 53 minutes 47.2 seconds&#160;&#160;West 65.89 feet; thence,</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(25) South 43 degrees&#160;&#160;15 minutes 45.6 seconds&#160;&#160;West 472.87 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(26) by and with the arc of a curve deflecting to the left, which&#160;&#160;has a radius of 5965.00&#160;&#160;feet, for a length of 137.62 feet, the chord of which bears South 42 degrees&#160;&#160;36 minutes 20.1&#160;&#160;seconds&#160;&#160;West 137.62 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(27) South 41 degrees&#160;&#160;56 minutes 54.6 seconds&#160;&#160;West 657.22&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(28) South 41 degrees 07 minutes 14.5 seconds West 109.31 feet: thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(29) North 80 degrees 36 minutes 46.8 seconds&#160;&#160;West 36.67 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(30) South 38 degrees 33 minutes 30.3 seconds&#160;&#160;West 32.87 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(31) South 23 degrees&#160;&#160;32 minutes 39.5 seconds&#160;&#160;West 79.75 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(32) South 21 degrees&#160;&#160;38 minutes 54.5 seconds&#160;&#160;West 136.19 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(33) South 20 degrees&#160;&#160;11 minutes 01.3 seconds&#160;&#160;West 149.36 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(34) South 20 degrees 28 minutes 57.5 seconds&#160;&#160;West 298.08&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(35) South 24 degrees 06 minutes 48.4 seconds&#160;&#160;West 338.83&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(36) South&#160;&#160;16 degrees 57 minutes 51.3 seconds&#160;&#160;West 162.76 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(37) South 26 degrees 58 minutes 07.7 seconds&#160;&#160;West 178.90 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(38) South 41 degrees&#160;&#160;36 minutes 43.2 seconds&#160;&#160;West 76.65 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(39) South 53 degrees 27 minutes 32.4 seconds&#160;&#160;East 9.48 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(40) South 50 degrees 40 minutes&#160;&#160;26.3 seconds&#160;&#160;West 110.67&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(41) South 66 degrees 56 minutes 44.2 seconds&#160;&#160;West 307.87 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(42) South 81 degrees 54 minutes 59.3 seconds&#160;&#160;West 43.56 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(43) North 21 degrees 50 minutes 03.5 seconds&#160;&#160;West 65.42 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(44) South&#160;&#160;71 degrees&#160;&#160;00 minutes&#160;&#160;35.0 seconds&#160;&#160;West 20.02&#160;&#160;feet to Maryland&#160;&#160;Highway&#160;&#160;No. U.S. 40/48; thence, by and with the northwesterly side of the said Maryland Highway No. U.S. 40/48 the following nineteen courses and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(45) continuing South 83 degrees 40 minutes 29.1&#160;&#160;seconds&#160;&#160;West 24.92 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(46) North 09 degrees 01 minutes&#160;&#160;17.0 seconds&#160;&#160;West 222.04&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(47)&#160;&#160;South 67 degrees 52 minutes 18.1&#160;&#160;seconds&#160;&#160;West 145.00 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(48) South 12 degrees 30 minutes 24.5 seconds East 185.5 7 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(49) South 07 degrees 17 minutes 28.2 seconds East 45.00 feet to Parcel Three described below; thence, by and with Parcel Three described below</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(50) South 10 degrees&#160;&#160;11 minutes 55.4 seconds&#160;&#160;West 268.53&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(51) South 52 degrees 24 minutes 04.8 seconds West 109.35 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(52) South 56 degrees 29 minutes 35.4 seconds&#160;&#160;West 238.43&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(53) South 50 degrees&#160;&#160;21 minutes 09.7 seconds&#160;&#160;West 457.59&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(54) South 88 degrees 23 minutes 00.8 seconds&#160;&#160;West 223.81&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(55) South 39 degrees&#160;&#160;31 minutes 39.5 seconds&#160;&#160;West 417.53 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(56) South 03 degrees 14 minutes 22.9 seconds West 98.97 feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(57)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the left which&#160;&#160;has a radius of 2438.10&#160;&#160;feet, for a length of 30.52 feet, the chord of which bears South 44 degrees 52 minutes&#160;&#160;15.6 seconds&#160;&#160;West 30.52 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(58) South 44 degrees 31 minutes 10.4 seconds&#160;&#160;West 1169.39 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(59) South 44 degrees 31 minutes 12.4 seconds West 141 .63 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(60) South 44 degrees 31 minutes 11.9 seconds&#160;&#160;West 48.34 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(61)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the left, which&#160;&#160;has a radius of 450.00&#160;&#160;feet, for a length of 270.42&#160;&#160;feet the chord of which bears South 61 degrees&#160;&#160;19 minutes 19.1 seconds&#160;&#160;West 266.37&#160;&#160;by feet; thence,</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(62) South 44 degrees&#160;&#160;30 minutes 54.8 seconds West 80.00&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(63) continuing South 44 degrees 30 minutes 54.8 seconds West 54.90 feet to the Place of Beginning. Containing 230.320 Acres of Land, more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Two:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning&#160;&#160;for the same&#160;&#160;at a Point,&#160;&#160;said&#160;&#160;Point&#160;&#160;being the northerly-most&#160;&#160;comer&#160;&#160;of the herein&#160;&#160;described land ; said Point also being on the southeasterly&#160;&#160;side of the proposed&#160;&#160;right-of-way&#160;&#160;line of a public&#160;&#160;road, known as Pleasant Valley Road; said Point also bears South 18 degrees 19 minutes 01.5 seconds&#160;&#160;East 143.17 feet from the end of the twenty-seventh course of the above described&#160;&#160;Parcel No. One; and from said Place of Beginning running:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) South 51 degrees 00 minutes 39.9 seconds&#160;&#160;East 466.88 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) South 00 degrees 14 minutes 30.0 seconds West 812.78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 85 degrees 18 minutes 17.6 seconds East 924.90 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) South 51 degrees&#160;&#160;15 minutes 00.0 seconds East 262.88 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) South&#160;&#160;52 degrees&#160;&#160;45&#160;&#160;minutes&#160;&#160;41.2&#160;&#160;seconds&#160;&#160;West 80.25&#160;&#160;feet to the northwesterly&#160;&#160;side of Maryland Highway&#160;&#160;No. U.S. 40/48; thence, by and with the said northwesterly side of the said Maryland Highway No. U.S. 40/48 the following six courses and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) continuing South 52 degrees 45 minutes 41.2 seconds&#160;&#160;West 313.84 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) South 71 degrees 50 minutes 46.0 seconds West 260.31&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8) South 71 degrees 54 minutes 54.7 seconds&#160;&#160;West 587.76 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9) by and with the arc of a curve deflecting&#160;&#160;to the left, which has a radius of 700.00 feet for a length of 273.41&#160;&#160;feet, the chord of which bears South 79 degrees 51 minutes 26.1 seconds&#160;&#160;West 271.68 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(10) South 67 degrees 58 minutes 54.1 seconds West 106.78 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(11) South 73 degrees 32 minutes 35.2 seconds&#160;&#160;West 196.96 feet to the land , now or formerly&#160;&#160;of Arthur C.&#160;&#160;Howard&#160;&#160;and&#160;&#160;Doris&#160;&#160;J. Howard&#160;&#160;(Liber&#160;&#160;216,&#160;&#160;Folio&#160;&#160;47);&#160;&#160;thence,&#160;&#160;by and&#160;&#160;with&#160;&#160;the said&#160;&#160;Arthur&#160;&#160;C. Howard&#160;&#160;and Doris J. Howard land</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(12) North 06 degrees 02 minutes 58.5 seconds&#160;&#160;West 293.30 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(13) North 42 degrees 25 minutes 33.6 seconds West 188.60 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(14) North 50 degrees 31 minutes 08.7 seconds&#160;&#160;East 48.18 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(15) North 39 degrees 28 minutes 51.3 seconds&#160;&#160;West 9.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(16) North 50 degrees 31 minutes 08.7 seconds&#160;&#160;East 82.83 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(17) South 40 degrees&#160;&#160;07 minutes 40.3 seconds&#160;&#160;East 201.98&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(18) North 49 degrees 53 minutes&#160;&#160;57.2 seconds&#160;&#160;East 230.60&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(19) North 40 degrees 53 minutes 27.6 seconds&#160;&#160;West 144.79 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(20) North 56 degrees&#160;&#160;17 minutes 41.9 seconds&#160;&#160;West 43.29 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(21) North 72 degrees 48 minutes 17.5 seconds&#160;&#160;West 42.63 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(22) South 50 degrees 31 minutes 08.7 seconds West 276. 20 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(23) North 39 degrees 28 minutes 51 .3 seconds&#160;&#160;West 9.00 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(24) South 50 degrees 31 minutes 08.7 seconds West 101.54 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(25) by and with the arc of a curve deflecting&#160;&#160;to the right, which has a radius of 305.00&#160;&#160;feet, for a length of283.09 feet, the chord of which bears South 77 degrees 06 minutes 33.9 seconds&#160;&#160;West 273.04 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(26)&#160;&#160;by and with the arc of a curve deflecting&#160;&#160;to the right which has a radius of 41.00&#160;&#160;feet, for a length of33.43 feet, the chord of which bears North 52 degrees 56 seconds&#160;&#160;42.7 seconds&#160;&#160;West 32.51&#160;&#160;feet; thence,</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(27)&#160;&#160;North 09 degrees&#160;&#160;16 minutes&#160;&#160;21.2 seconds&#160;&#160;West 93.72&#160;&#160;feet to the proposed&#160;&#160;Pleasant&#160;&#160;Valley&#160;&#160;Road right-of-way; thence,&#160;&#160;by and with the southeasterly side of the said proposed&#160;&#160;Pleasant&#160;&#160;Valley Road right-of-way the following&#160;&#160;ten courses&#160;&#160;and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(28)&#160;&#160;by and with the arc of a curve deflecting to the left, which&#160;&#160;has a radius of 600.21&#160;&#160;feet, for a length of 232.08 feet the chord of which bears North 33 degrees 51 minutes&#160;&#160;27.0 seconds&#160;&#160;East 230.64 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(29) North 22 degrees 00 minutes 24.0 seconds&#160;&#160;East 56.28 feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(30) South 60 degrees&#160;&#160;35 minutes 09.4 seconds&#160;&#160;East 6.45 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(31) North 28 degrees 03 minutes 42.4 seconds&#160;&#160;East 41.06 feet; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(32) North 22 degrees&#160;&#160;10 minutes 35.6 seconds&#160;&#160;East 151.34 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(33) North 06 degrees&#160;&#160;15 minutes 58.8 seconds&#160;&#160;East 41.20&#160;&#160;feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(34) North 22 degrees 00 minutes 24.0 seconds&#160;&#160;East 691.65&#160;&#160;feet ; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(35) South 68 degrees 43 minutes 22.3 seconds&#160;&#160;East 50.00 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(36) North 27 degrees&#160;&#160;07 minutes 58.7 seconds&#160;&#160;East 184.42 feet ; thence.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(37) North 39 degrees 01 minutes 49 seconds&#160;&#160;East 150.56 feet to the Place of Beginning. Containing 37.887 Acres of Land more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Three</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Beginning&#160;&#160;&#160;for&#160;&#160;the&#160;&#160;same&#160;&#160;at&#160;&#160;a&#160;&#160;Hub&#160;&#160;and&#160;&#160;Tack&#160;&#160;found,&#160;&#160;said&#160;&#160;Hub&#160;&#160;and&#160;&#160;Tack&#160;&#160;being&#160;&#160;a&#160;&#160;the&#160;&#160;northwesterly intersection&#160;&#160;of the Right-of-Way&#160;&#160;for Through&#160;&#160;Highway&#160;&#160;1-68 (National&#160;&#160;Freeway)&#160;&#160;leading&#160;&#160;from&#160;&#160;Cumberland&#160;&#160;to Flintstone&#160;&#160;and&#160;&#160;the Rocky&#160;&#160;Gap&#160;&#160;State&#160;&#160;Park&#160;&#160;Entrance&#160;&#160;Road,&#160;&#160;said&#160;&#160;Right-of-Way&#160;&#160;&#160;being&#160;&#160;recorded&#160;&#160;among&#160;&#160;the Land Records of Allegany&#160;&#160;County&#160;&#160;under Liber 0607,&#160;&#160;Page 974; said Hub and Tack also being at the end of the forty&#173; eighth&#160;&#160;course&#160;&#160;of Parcel&#160;&#160;One described&#160;&#160;above;&#160;&#160;thence,&#160;&#160;by and with the said&#160;&#160;Parcel&#160;&#160;One and from said&#160;&#160;Place of Beginning&#160;&#160;running by and with the aforementioned Right-of- Way:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) North&#160;&#160;10 degrees&#160;&#160;11 minutes&#160;&#160;55.4&#160;&#160;seconds&#160;&#160;East 268.53&#160;&#160;feet;&#160;&#160;thence,&#160;&#160;by and&#160;&#160;with the new division line the following&#160;&#160;three courses and distances:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) North 82 degrees 42 minutes 31.8 seconds East 43.00 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) South 07 degrees 29 minutes 0.2 seconds East 183.45 feet; thence,</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) South 52 degrees 24 minutes 04.8 seconds&#160;&#160;West 144.00 feet to the Place of Beginning. Containing 16,932 Square Feet of Land, more or less.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Four</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">BEGINNING for the same at a point, said point also being at the end of the South 79 degrees 31 minutes 11 seconds&#160;&#160;East, 462.81&#160;&#160;foot&#160;&#160;line of 230.320&#160;&#160;Acre, Parcel&#160;&#160;One as delineated&#160;&#160;on a plan entitled&#160;&#160;"Plat Showing Lease Area, on the lands of, ROCKY&#160;&#160;GAP STATE&#160;&#160;PARK"&#160;&#160;prepared&#160;&#160;by Rauch,&#160;&#160;Walls &amp; Lane, Inc. dated April 26, 1996, said plat also being Exhibit "B" as contained&#160;&#160;in a Ground&#160;&#160;Lease recorded among&#160;&#160;the Land Records of Allegany&#160;&#160;County,&#160;&#160;Maryland&#160;&#160;in Liber 637. Folio 308, said Point of Beginning&#160;&#160;also being on the easterly&#160;&#160;side of the public road known as Lake Shore&#160;&#160;Drive at the intersection&#160;&#160;of the northerly side of the public road known as Old Hancock&#160;&#160;Road, said Point of Beginning&#160;&#160;also&#160;&#160;being southeast&#160;&#160;corner&#160;&#160;of the herein described&#160;&#160;Lease&#160;&#160;Area 4, thence&#160;&#160;by and with said&#160;&#160;northerly&#160;&#160;side of the public&#160;&#160;road known&#160;&#160;as Old Hancock&#160;&#160;Road and running&#160;&#160;reversely with&#160;&#160;the&#160;&#160;aforesaid&#160;&#160;462.81&#160;&#160;&#160;foot&#160;&#160;line&#160;&#160;of&#160;&#160;the&#160;&#160;230.320&#160;&#160;Acre.&#160;&#160;Parcel&#160;&#160;One,&#160;&#160;and&#160;&#160;running&#160;&#160;in&#160;&#160;the&#160;&#160;meridian&#160;&#160;of&#160;&#160;the Maryland&#160;&#160;State&#160;&#160;Coordinate&#160;&#160;System NAD&#160;&#160;27 as established&#160;&#160;&#160;on&#160;&#160;said&#160;&#160;plat, and&#160;&#160;running&#160;&#160;in , through, over and across, as to include a portion of the lands of The State of Maryland,&#160;&#160;ROCKY&#160;&#160;GAP STATE&#160;&#160;PARK (Liber 402, Folio 391) the following&#160;&#160;nine courses and distances:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1)&#160;&#160;North 79 degrees 31 minutes 11 seconds West, 462.81 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) by and with the arc of a curve deflecting to the right, which has a radius of 209.99 feet, for a length of 186.65 feet, the tangent of which is 100. 00 feet, the chord of which bears North 54 degrees 03 minutes 19 seconds West, 180.57 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 28 degrees 35 minutes 26 seconds West 141.75 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">4) North 61 degrees 24 minutes 34 seconds East, 206.17 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) South 89 degrees 46 minutes 34 seconds East. 202.34 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) South 75 degrees 00 minutes 00 seconds East. 113.65 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) by and with the arc of a curve deflecting to the right, which has a radius of 210.19 feet, for a length of 310.79 feet, the tangent of which is 191.65 feet, the chord of which bears South 32 degrees 38 minutes 29 seconds East, 283.24 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(8) South 79 degrees 04 minutes 18 seconds East, 50.17 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(9) South 10 degrees 55 minutes 42 seconds West, 137.58 feet to the Place of Beginning.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Containing 4.485 Acres of Land, more or less, and intended to be all of the same land designated as "Parcel 4" on a plat entitled "Amended Lease Area Plat, on the lands of, ROCKY GAP STATE PARK" as prepared by Lane Engineering, LLC on June 7, 2012.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Parcel Five</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">BEGINNING for the same at a point, said point being REMOVED South 65 degrees 35 minutes 22 seconds West, 248.55 feet from the end of the North 42 degrees 25 minutes 33.6 seconds West, 188.60 foot line of37.887 Acre, Parcel Two as delineated on a plan entitled "Plat Showing Lease Area, on the lands of, ROCKY GAP STATE PARK" dated April 26, 1996, prepared by Rauch, Walls &amp; Lane, Inc., dated April 26, 1996, said plat also being Exhibit "B" as contained in a Ground Lease recorded among the Land Records of Allegany County, Maryland in Liber 637, Folio 308, said Point of Beginning also being on the southerly side of the Tenant Access Easement as shown on said plat, said Point of Beginning also being northwest corner of the herein described Lease Area, thence running in the meridian of the Maryland State Coordinate System (NAD 27 as established on said Exhibit "B") and running in, through, over and across, as to include a portion of the lands of The State of Maryland , ROCKY GAP STATE PARK (Liber 402, Folio 391) the following courses and distances:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(1) South 06 degrees 18 minutes 49 seconds East, 176.05 feet to a point and the lands of the Maryland State Highway Administration as shown on State Highway Administration Plat Number 50403: thence by and with said Maryland State Highway Administration lands the following three courses and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(2) South 74 degrees 12 minutes 23 seconds West, 115.17 feet to a point; thence</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(3) North 76 degrees 03 minutes 42 seconds West, 106.76 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(4) South 85 degrees 23 minutes 38 seconds West, 44.84 feet to a point; thence running in, through, over and across as to include a portion of the land s of The State of Maryland (Liber 402, Folio 391) the following three courses and distances</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(5) North 39 degrees 30 minutes 32 seconds East, 199.14 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(6) North 11 degrees 22 minutes 34 seconds East, 35.96 feet to a point; thence</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(7) by and with the arc of a curve deflecting to the left, which has a radius of 345.00 feet, for a length of 106.52 feet the chord of which bears South 87 degrees 28 minutes 08 seconds East 106.09 feet to the Place of Beginning.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Containing 33,894 Square Feet or 0.778 Acres of Land, more or less and intended to be all of the same land designated as "Parcel 5" on a plat entitled "Amended Lease Area Plat, on the lands of, ROCKY GAP STATE PARK" as prepared by Lane Engineering, LLC on June 7, 2012.</font></div>

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<TYPE>EX-10.3
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 10.3</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">This Instrument Prepared By:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gill Ragon Owen, P.A.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">425 West Capitol Avenue, Suite 3801</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loan Number:&#160;&#160;2757521066</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MORTGAGE, SECURITY AGREEMENT</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AND ASSIGNMENT OF RENTS</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 12.1pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Secures Obligatory Future Advances)</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notwithstanding anything to the contrary herein, enforcement of the Mortgage in Minnesota is limited to a default of $14,000,000.00 under Chapter 287 of Minnesota Statutes.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS (the "Mortgage") is dated as of the 17<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December, 2012, and is executed and entered into by LAKES ENTERTAINEMENT, INC., with an address of 130 Cheshire Lane, Minnetonka, Minnesota 55305 (the "Mortgagor"), in favor of CENTENNIAL BANK, with an address of 620 Chestnut Street, Conway, Arkansas 72032, or its successors or assigns ("Lender").</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, Mortgagor is the owner of a 60,000 square foot office building, located on land in Hennepin County, Minnesota, which is more particularly described on EXHIBIT A attached hereto (the "Land"); and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, contemporaneously herewith, Lender extended funds to EVITTS RESORT, LLC, an affiliate of Mortgagor (the &#8220;Borrower&#8221;), for the purpose of renovating an existing hotel, convention center and golf course and constructing a casino facility all located in Rocky Gap State Park, Allegany County, Maryland (the &#8220;Project&#8221;); and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Lender would not otherwise have extended such credit without Mortgagor executing and delivering this Mortgage and an Unconditional Guaranty of the Borrower&#8217;s obligations, given for the purpose of securing the obligations of Borrower to Lender; and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, Borrower&#8217;s indebtedness to Lender is evidenced by that certain $17,500,000 Secured Promissory Note of even date herewith which is scheduled to mature on December 17, 2020, unless renewed, extended, modified or accelerated by demand or default in accordance with the Credit Agreement (said note, together with all extensions, renewals, modifications, consolidations, substitutions, replacements, restatements and increased additional advances evidenced by other written documents or otherwise thereof being collectively referred to herein as the "Note"); and</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the mutual covenants and conditions referenced and exchanged herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, covenant and agree as follows:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Land</font>.&#160;&#160;All additional property interests related to the Land hereafter acquired by Mortgagor for use in the development of the Land, but only to the extent such interests are expressly made subject to the lien of this Mortgage by the written agreement of Mortgagor; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Easements</font>.&#160;&#160;All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, tides, interests, privileges, liberties, servitude, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in any street, road or avenue, opened or proposed, in front of or adjoining the Land, and all the estates, rights, titles, interests, property, possession, claim and demand whatsoever, both at law and in equity of Mortgagor of, in and to the Land, the Improvements and every part and parcel thereof, with the appurtenances thereto (collectively, the "Easements"); and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fixtures</font>.&#160;&#160;All machinery and equipment affixed to or used in conjunction with the Land, the Easements and the Improvements in such a manner that the same are deemed to be fixtures or real property under Minnesota law (including, but not limited to all heating, air-conditioning, plumbing, lighting, communications and elevator fixtures) owned by Mortgagor, or in which Mortgagor has or shall have an interest, now and hereafter located upon the Land, the Easements, or the Improvements, or appurtenant thereto, used or created in connection with the present or future operation and occupancy of the Land, the Easements, and the Improvements owned by Mortgagor (collectively, the "Fixtures"); and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Condemnation Awards</font>.&#160;&#160;All awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the Land, the Improvements and the Easements, whether from the exercise of the right of eminent domain (including, but not limited to any transfer made in lieu of or in anticipation of the exercise of the right) or for a change of grade, access, or for any other injury to or decrease in the value of the Land, the Improvements and the Easements; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Insurance Proceeds</font>.&#160;&#160;All proceeds of and any unearned premiums on any insurance policies covering the Land, the Improvements and the Easements, including, without limitation, the right to receive and apply the proceeds of any insurance judgments, or settlements made in lieu thereof, for damage to the Land, the Improvements and the Easements; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Rights</font>.&#160;&#160;The right, in the name and on behalf of Mortgagor while an Event of Default (as defined in the Secured Loan Agreement) remains uncured, to commence any action or proceeding to protect the interest of Lender in the Land, the Improvements and the Easements, and to appear in and defend any action or proceedings brought with respect to the Land, the Improvements and the Easements; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreements</font>.&#160;&#160;All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents, now or hereafter entered into, including all management, maintenance and service contracts, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land, the Improvements and the Easements, and any part thereof, and all right, title and interest of Mortgagor therein and thereunder, including, without limitation, the right, while an Event of Default remains uncured, to receive and collect any sums payable to Mortgagor thereunder; and</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assignment of Leases and Rents</font>.&#160;&#160;Mortgagor hereby absolutely and unconditionally assigns to Lender Mortgagor's right, title and interest in and to all current and future Leases and Rents.&#160;&#160;Mortgagor intends this assignment as a present, absolute assignment and not an assignment for additional security only.&#160;&#160;Nevertheless, Lender grants to Mortgagor a revocable license to collect and receive the Rents.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Security Agreement</font>.&#160;&#160;This Mortgage is both a real property mortgage and a "security agreement" within the meaning of the Uniform Commercial Code, as applicable.&#160;&#160;The Property includes both real and personal property (to the extent described in Section 2), and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Property.&#160;&#160;By executing and delivering this Mortgage, Mortgagor hereby grants to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the Maryland Uniform Commercial Code, as applicable, and, further, authorizes Lender to file and execute on behalf of Mortgagor, if necessary, all financing statements and continuation statements that might be required by law in order to perfect Lender's security interests in and to the Property and other collateral being granted to Lender hereunder.&#160;&#160;A carbon, photostatic or other reproduction of this Mortgage shall be sufficient as a financing statement.&#160;&#160;Lender shall have the right at any time to file a manually executed counterpart or a carbon, photostatic or other reproduction of this Mortgage as a financing statement in either the central or local UCC records of any jurisdiction wherein the Property is situated, but the failure of Lender to do so shall not impair (a) the effectiveness of this Mortgage as a fixture filing as permitted by Section 9.502(c) of the UCC, or (b) the validity and enforceability of this Mortgage in any respect whatsoever.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledge of Monies Held</font>.&#160;&#160;Mortgagor hereby pledges to Lender any and all monies now or hereafter held by Lender, as additional security for the Debt (as defined herein) until expended or applied as provided in this Mortgage.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">And Mortgagor covenants with Lender, its successors and assigns, that Mortgagor will forever warrant and defend the title to the above-described Property against any and all lawful claims whatsoever.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TO HAVE AND TO HOLD the above granted and described Property unto and for the use and benefit of Lender, and the successors and assigns of Lender, forever;</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PROVIDED, however, the foregoing conveyance is given as a mortgage for the purpose of securing the following (the &#8220;Debt&#8221;) at the time and in the manner provided in the Note and this Mortgage these presents and the estate hereby granted shall cease, terminate, and be void:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the payment of amounts due pursuant to the Note;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and the repayment to the Lender of all reimbursable expense at any time accruing to such Lender under the provisions hereof; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the payment of all future and additional indebtedness for any amounts advanced under the Secured Loan Agreement, direct or indirect, created after the date of this Mortgage, which may be owing by the Borrower or the Mortgagor (or by any of the persons herein designated under the term "Mortgagor") to the Lender in connection with the Property at any time prior to the payment in full with interest of the indebtedness or the foreclosure of this Mortgage therefor (the event occurring first to be controlling); and it is agreed that this Mortgage shall stand as security for all such future and additional indebtedness.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All recitals set forth in the preamble of this instrument are incorporated herein by this reference.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>IT IS EXPRESSLY AGREED AND UNDERSTOOD that the principal amount secured hereby is subject to multiple future advances pursuant to the terms and conditions of that Secured Loan Agreement of even date herewith.&#160;&#160;Lender is obligated to fund such future advances in accordance with the terms and conditions of said Secured Loan Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies</font>.&#160;&#160;Upon the occurrence of any Event of Default (as defined in the Secured Loan Agreement&#8221;), including the failure of Mortgagor to perform any obligation hereunder or under the Unconditional Guaranty, Mortgagor agrees that Lender may take such action, without notice or demand, unless specifically required, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property, including, but not limited to the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Lender may determine, in its sole discretion, without impairing or otherwise affecting the other rights and remedies of Lender:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Declare the entire unpaid Debt to be immediately due and payable;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Institute proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law in which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the partial foreclosure of this Mortgage for the portion of the Debt then due and payable, subject to the continuing lien and security interest of this Mortgage for the balance of the Debt not then due, unimpaired and without loss of priority;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein, in the Note or any agreement related thereto;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Recover judgment on the Note either before, during or after any proceedings for the enforcement of this Mortgage;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Apply for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of Mortgagor, or of any person, firm or other entity liable for the payment of the Debt;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to any applicable law, the license granted to Mortgagor under Section 2 shall automatically be revoked;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exercise any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursue such other remedies as Lender may have under the Credit Agreement and applicable law.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event of a sale, by foreclosure, power of sale, or otherwise, of less than all of the Property, this Mortgage shall continue as a lien and security interest on the remaining portion of the Property unimpaired and without loss of priority to secure any portion of the Debt then remaining unpaid.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Protection of the Property</font>. If Lender shall expend any sum or sums for the protection of any of the Property or the lien of this Mortgage (Lender to have uncontrolled discretion as to the necessity of making any such expenditures), the repayment of such sum or sums on demand (with interest thereon at the highest rate permitted under applicable law from the date of each expenditure) shall be the obligation of the Mortgagor; and such obligation to repay will constitute a part of the indebtedness secured hereby.&#160;&#160;The expenditures thus made reimbursable will include (without limiting the foregoing) taxes, special improvement assessments, and sums paid to discharge prior liens.&#160;&#160;The cost of any abstract or supplemental abstract procured by the Lender of the secured indebtedness to facilitate foreclosure will also constitute a part of the reimbursable expense secured hereby.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Multiple Remedies</font>.&#160;&#160;In the event of a default hereunder, the Lender hereby shall be entitled to enforce the lien of this Mortgage in respect to all Property encumbered hereby by foreclosure or otherwise in proceedings that are prosecuted simultaneously or are prosecuted separately in such order as the Lender may select.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waivers</font>. To the extent permitted by law, Mortgagor hereby waives any and all rights of dower, curtesy, appraisement, sale, redemption and homestead under the laws of Minnesota.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties</font>.&#160;&#160;Mortgagor represents and warrants:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that Mortgagor is the owner or has control of the Property;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that Mortgagor has the right to pledge or grant a security interest in the Property;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that, to Mortgagor&#8217;s knowledge, the Property is free from liens, adverse claims, set-offs, default, repayment, defenses and conditions precedent of any kind or character except in favor of Lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that the security interest in the Property granted to Lender hereby is a second priority security interest and that Mortgagor has not, and, except as otherwise provided herein will not, grant or suffer another security interest in or encumbrance against the Property except in favor of Lender;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that Mortgagor's execution, delivery and performance of this Mortgage (i) will not violate any indenture, agreement or any other instrument to which Mortgagor is a party or by which Mortgagor or any of its property is bound; and (ii) will not be in conflict with, result in a breach of or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of its property or assets, except as contemplated by the provisions of this Mortgage;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that this Mortgage when executed and delivered to Lender, will constitute the legal, valid and binding obligations of Mortgagor, enforceable in accordance with its terms; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any residential Improvements located on the Land are not used by the Mortgagor as a primary residence and are not subject to any homestead exemptions or other homestead rights.&#160;&#160;To the extent any homestead rights or exemptions may be applicable to the Property, the Mortgagor hereby specifically waives them in their entirety.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Covenants of Mortgagor</font>.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mortgagor shall (i) perform all obligations secured hereby when performance is due; (ii) permit Lender to exercise its powers granted herein; (iii) execute and deliver such documents as Lender reasonably deems necessary to create, perfect and continue the security interests contemplated hereby; (iv) not permit any lien on the Property, except in favor to Lender and except such purchase money financing liens granted in the ordinary course of Mortgagor&#8217;s business and such liens otherwise permitted by Lender; and (v) not change its chief place of business or the place where Mortgagor keeps its records concerning the Property without first giving Lender written notice of the address to which Mortgagor is moving same.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Without Lender's consent, Mortgagor shall (i) not commingle proceeds; (ii) not sell, transfer, encumber, hypothecate or otherwise dispose of any Property or proceeds (except as may otherwise be permitted herein) at any time, except to Lender, or except in the ordinary course of business; (iii) not materially modify, alter, amend, or subordinate, or consent to or suffer any material modification, alteration, amendment or subordination of, any of the Property, nor, through action or failure to act, waive any of its rights thereunder, except to the extent such waiver does not materially impair Mortgagor&#8217;s ability to perform its obligations hereunder; and (iv) provide any service and do all other acts and things reasonably necessary to keep the Property free and clear of all defenses, rights of off-set and counterclaims.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the request of Lender, Mortgagor shall execute or cause the execution, acknowledgment and delivery of such further instruments (including, without limitation, declarations of no set-off) and do such further acts as may be necessary, desirable or proper to carry out more effectively the purposes of this Mortgage or the Credit Agreement (as defined in the Secured Loan Agreement).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mortgagor shall not take any action with respect to any of the Property held by Lender from time to time which is inconsistent with the provisions and the purpose of this Mortgage or which would adversely affect the rights of Lender under the Credit Agreement.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mortgagor agrees to pay, prior to delinquency, all taxes, special improvement assessments and other governmental charges against the Property, both real and personal, at any time levied or becoming due.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as otherwise provided above, Mortgagor agrees to prevent the Property from becoming encumbered by any lien or charge having priority over, or on a parity with, the lien of this Mortgage except prior liens in favor of the Lender; and to comply with all statutes, ordinances and regulations relating to such Property.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Due on Sale/Encumbrance</font>. Mortgagor agrees that Mortgagor shall not sell, convey, mortgage, grant, bargain, encumber, pledge, assign, or otherwise transfer the Property or any part thereof or permit the Property or any part thereof (other than the interest of a tenant) to be sold, conveyed, mortgaged, granted, bargained, encumbered, pledged, assigned, or otherwise transferred in any transaction which does not result in full payment of the Debt at the time of the closing of such transaction, except as otherwise permitted in Section 10 hereof.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">CHOICE OF LAW</font>.&#160;&#160;THIS MORTGAGE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARKANSAS (WITHOUT REGARD TO CHOICE OF LAW OR CONFLICT OF LAWS RULES) AND THE LAWS OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN THE STATE OF ARKANSAS,&#160;&#160;EXCEPT TO THE EXTENT THAT REAL AND PERSONAL PROPERTY LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, INCLUDING LAWS RELATING TO PERFECTION AND THE EFFECT OF PERFECTION AND NON-PERFECTION OF LIENS ON REAL AND PERSONAL PROPERTY, OR THE TRANSFER OF, AND EFFECT OF TRANSFER OF, SECURITY TITLE TO REAL PROPERTY LOCATED IN SUCH STATE, SHALL NECESSARILY APPLY TO THE EXERCISE OF ANY REMEDIES RELATING TO THE ENFORCEMENT OF THE SECURITY COVERED BY THIS MORTGAGE AND PROVIDED FURTHER, THE PARTIES EXPRESSLY CHOOSE THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED TO GOVERN THE EFFECTIVENESS OF THE GRANT AND CONVEYANCE OF THE LIEN AGAINST AND SECURITY TITLE TO THE PROPERTY.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Provisions Subject to Applicable Law</font>.&#160;&#160;All rights, powers and remedies provided in this Mortgage may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law.&#160;&#160;If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this Mortgage and any other application of the term shall not be affected thereby.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Oral Change</font>.&#160;&#160;This Mortgage, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Mortgagor or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Duplicate Originals; Counterparts</font>.&#160;&#160;This Mortgage may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original.&#160;&#160;This Mortgage may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Mortgage.&#160;&#160;The failure of any party hereto to execute this Mortgage, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Subrogation</font>.&#160;&#160;If any or all of the proceeds of the Note have been used to extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Lender shall be subrogated to all of the rights, claims liens, titles, and interests existing against the Property heretofore held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in favor of Lender and are merged with the lien and security interest created herein as cumulative security for the repayment of the Debt, the performance and discharge of Mortgagor's obligations hereunder, and under the Note and the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement</font>.&#160;&#160;The Credit Agreement constitutes the entire understanding and agreement between Mortgagor and Lender with respect to the transactions arising in connection with the Debt and supersede all prior written or oral understandings and agreements between Mortgagor and Lender with respect thereto.&#160;&#160;Mortgagor hereby acknowledges that, except as incorporated in writing in the Credit Agreement, there are not, and were not, and no persons are or were authorized by Lender to make, any representations, understandings, stipulations, agreements or promises, oral or written, with respect to the transaction which is the subject of the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Waiver</font>.&#160;&#160;No waiver by Lender of any default or breach by Mortgagor hereunder shall be implied from any omission by Lender to take, or any delay in taking, action on account of such default other than the default expressly made the subject of the waiver and any such express waiver shall be operative only for the time and to the extent therein stated.&#160;&#160;Any waiver of any covenant, term or condition contained herein shall not be construed as a waiver of any subsequent breach of the same covenant, term or condition.&#160;&#160;The consent or approval by Lender to or of any act by Mortgagor requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or of any subsequent similar act.&#160;&#160;The intent of this paragraph is to avoid unintentional waivers by Lender of any of its rights hereunder<font style="DISPLAY: inline; TEXT-DECORATION: underline">.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Duty of Lender</font>.&#160;&#160;Nothing in this Mortgage shall impose or imply any duty or obligation whatsoever upon Lender, and Lender shall be under no duty, to take any action to preserve rights of Mortgagor with respect to any of the security held by Lender for the obligations.&#160;&#160;Mortgagor waives any and all impairment of recourse and/or impairment of collateral defenses that it may possess against the Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Effect; Assignment</font>.&#160;&#160;This Mortgage may be assigned by Lender.&#160;&#160;Mortgagor may not assign its interest in, or obligation under, this Mortgage except with the written consent of Lender.&#160;&#160;Subject to the forgoing, all of the terms, covenants, conditions, representations and warranties hereof shall inure to the benefit of, and be binding upon, the successors and assigns of Lender and Mortgagor.&#160;&#160;Mortgagor hereby consents to the collateral assignment of Lender's interests in and to this Agreement to third party creditors of Lender without the need for any further consent of whatever nature by Mortgagor.&#160;&#160;Should Lender's assignee assume rights under this agreement, Mortgagor covenants and agrees that it will continue to perform this agreement in accordance with its terms and conditions and shall recognize said assignee as the lawful and enforceable successor in interest to Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Preparation of Agreement</font>.&#160;&#160;The parties hereto acknowledge that this Mortgage has been negotiated and prepared in an arms-length transaction and that both Lender and Mortgagor have negotiated all the terms contained herein.&#160;&#160;Accordingly, the parties agree that neither party shall be deemed to have drafted this agreement and this agreement shall not be interpreted against either party as the draftsman.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Minnesota State-Specified Provisions</font>.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inconsistencies</font>.&#160;&#160;In the event of any inconsistencies between the terms and conditions of this Section 25 and the other provisions of this Mortgage, the terms and conditions of this Section 25 shall control and be binding.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Application of Rents</font>.&#160;&#160;All Rents collected by Lender, or by a receiver, shall be held and applied in the following order:</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Receiver</font>.&#160;&#160;Lender shall be entitled as a matter of right without notice and without giving bond and without regard to the solvency or insolvency of Mortgagor, or waste of the Property or adequacy of the security of the Property, to apply for the appointment of a receiver, in accordance with the statutes and law made and provided.&#160;&#160;The receiver shall collect the rents, and all other income of any kind; manage the Property so to prevent waste; execute leases within or beyond the period of receivership, pay all expenses for normal maintenance of the Property and perform the terms of this Mortgage and apply the rents, issues and profits in the following order to (i) payment of the reasonable fees of said receiver, (ii) application of tenant security deposits as required by Minn. Stats. &#167; 504B.178, (iii) payment when due of prior or current real estate taxes or special assessments with respect to the Property or, if this Mortgage so requires, to the periodic escrow for the payment thereof, (iv) the payment when due of premiums for insurance of the type required by this Mortgage or, if this Mortgage so requires, to the periodic escrow for the payment thereof; and (v) as further provided in any assignment of rents executed by Mortgagor as further security for the Debt (whether included in this Mortgage or a separate instrument), including but not limited to applying the same to the costs and expenses of the receivership, including reasonable attorney&#8217;s fees, to the repayment of the Debt and to the operation, maintenance, upkeep and repair of the Property, including payment of taxes and payments of premiums of insurance.&#160;&#160;Mortgagor does hereby irrevocably consent to such appointment.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Foreclosure; Action or Advertisement</font>.&#160;&#160;Lender may (and is hereby authorized and empowered to) foreclose this Mortgage by action or advertisement, pursuant to the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from such sale, to pay all Debt secured hereby with interest, and all legal costs and charges of such foreclosure and the maximum attorneys&#8217; fees permitted by law, which costs, charges and fees Mortgagor agrees to pay.&#160;&#160;Any real estate or interest or estate sold hereunder may be sold in one parcel, as an entirety, or in such parcels and in such manner or order as Lender, in its sole discretion, may elect.&#160;&#160;In case of any sale of the Property pursuant to any judgment or decree of any court or at public auction or otherwise in connection with the enforcement of any of the terms of this Mortgage, Lender, its successors and assigns, may become the purchaser, and for the purpose of making settlement for or payment of the purchase price, shall be entitled to deliver over and use the Loan Agreement and any claims for interest accrued and unpaid thereon, together with all other sums, with interest, advanced and unpaid hereunder, and all statutory charges for such foreclosure including maximum attorney&#8217;s fees allowed by law in order that there may be credited as paid on the purchase price the sum then due under the Loan Agreement including principal and interest thereon and all other sums, with interest, advanced and unpaid hereunder, and all charges and expenses of such foreclosure including maximum attorney&#8217;s fees allowed by law.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fixture Filing</font>.&#160;&#160;From the date of its recording, this Mortgage shall be effective as a financing statement filed as a fixture financing with respect to all goods constituting part of the Property (as defined in Section 1 hereof) which are or are to become fixtures related to the Land described herein.&#160;&#160;For this purpose, the following information is set forth:</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-WEIGHT: bold">Exhibit 10.4</font></div>

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&#160;Loan Number: 2757521066</div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS UNCONDITIONAL GUARANTY (this &#8220;Guaranty&#8221;) is executed by the undersigned as of the 17<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December,&#160;2012.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LAKES ENTERTAINMENT, INC. (the &#8220;Guarantor&#8221;), hereby requests and authorizes CENTENNIAL BANK (&#8220;Lender&#8221;) to extend credit to EVITTS RESORT, LLC (&#8220;Borrower&#8221;), an affiliate of the Guarantor, pursuant to the terms and conditions of that certain Secured Construction Loan Agreement between Borrower and Lender dated as of even date herewith (as the same may hereafter be amended or otherwise modified from time to time, the &#8220;Secured Construction Loan Agreement&#8221;).</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">It is recognized and agreed that Guarantor owns, either directly or indirectly, an equity position in the Borrower and will receive substantial financial consideration, benefit and gain as a result of Guarantor&#8217;s execution of this document.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In consideration of the granting of said financial and credit accommodations by Lender to Borrower and for other good and valuable consideration, and recognizing that Lender would not otherwise advance a loan to Borrower pursuant to the Secured Construction Loan Agreement absent the execution of this Unconditional Guaranty by Guarantor, Guarantor hereby covenants and agrees with Lender as follows:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Performance</font>.&#160;&#160;Guarantor hereby guarantees the prompt performance and the punctual payment when the same shall become due and payable (whether at stated maturity or upon acceleration) of all of Borrower&#8217;s obligations, financial and otherwise, as are set forth and specified in the documents constituting the Credit Agreement (as defined in the Secured Construction Loan Agreement), including without limitation all present and future obligations and indebtedness of Borrower created pursuant to the documents constituting the Credit Agreement (all such obligations being referred to collectively herein as the &#8220;Obligations&#8221;).</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Time is of the essence in connection with the performance of Guarantor&#8217;s obligations hereunder.&#160;&#160;Payment shall be made in any certified and readily-available funds which at the time of payment are legal tender in the United States of America for public and private debts. Guarantor&#8217;s obligations hereunder are unconditional and irrevocable.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Change of Terms</font>.&#160;&#160;In such manner, upon such terms and at such times as Lender deems best and without notice to the undersigned, by agreement between them, Lender and Borrower may alter, compromise, accelerate, extend or change the time or manner for the payment or&#160;&#160;performance of any Obligations, release Borrower, by acceptance of a deed in lieu of foreclosure or otherwise, as to all or any portion of the Obligations, release, substitute or add any one or more guarantors or endorsers, accept additional or substituted security therefor, or exchange, release, surrender, realize upon, or subordinate any security therefor or deal with it in any manner that Lender may determine.&#160;&#160;No exercise or non-exercise by Lender of any right hereby given Lender, no dealing by Lender with Borrower or any guarantor, endorser or any other person, and no change, impairment or suspension of any right or remedy of Lender shall in any way affect any of the obligations of Guarantor hereunder or any security furnished by Guarantor or give Guarantor any recourse against Lender.</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">Loan Number: 2757521066<br>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Continuing Guaranty</font>.&#160;&#160;This is a continuing guaranty relating to the Obligations.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">All Liability Included</font>.&#160;&#160;The Obligations include without limit all liability of the Borrower to the Lender whether now or hereafter incurred under the Credit Agreement and any other document executed by Borrower in connection therewith.&#160;&#160;Termination of this guaranty shall be effective only as to that portion of the Obligations incurred after written notice of termination has been received by an officer of Lender, and this guaranty shall remain in full force and effect as to all Obligations incurred before that time including loan commitments.&#160;&#160;Regardless of when a renewal, extension or pretermination of any Obligations hereby occurs (with or without adjustment of interest rate or other terms), such Obligations are deemed to have been incurred prior to termination to the extent of the renewal or extension and to be fully covered by this guaranty.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Security Interest</font>.&#160;&#160;In addition to all liens and rights of setoff given to Lender by law against any property of Borrower or of Guarantor, Lender shall have a general lien on and security interest in and a right of setoff against all property of Guarantor now or hereafter in the physical possession of or on deposit with Lender whether held in a general or special account, on deposit or for safekeeping or otherwise.&#160;&#160;Each such lien, security interest and right of setoff may be enforced or exercised without demand upon or notice to Guarantor (unless such notice or demand is required by statute), shall continue in full force unless specifically waived or released by Lender in writing and shall not be deemed waived by any conduct of Lender, by any failure of Lender to exercise any such right of setoff or to enforce any such lien or security interest or by any neglect or delay in so doing.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Consent of Lender</font>.&#160;&#160;By accepting this Guaranty, Lender, as a party to that certain Secured Line of Credit Loan Agreement dated as of October 28, 2008 between Lender (f/k/a First State Bank) and Guarantor (as amended, the &#8220;Existing Loan Agreement&#8221;), hereby consents to the execution, delivery and performance by Borrower and Guarantor of the documents constituting the Credit Agreement&#160;&#160;(including without limitation, with respect to Guarantor, this Guaranty and the Mortgage, as defined in the Secured Construction Loan Agreement) and hereby agrees that, notwithstanding anything to the contrary in the Existing Loan Agreement or in any instrument, agreement or other document securing the obligations or indebtedness of Guarantor under the Existing Loan Agreement or otherwise executed in connection with the Existing Loan Agreement, arising out of the transaction contemplated thereby or otherwise relating thereto (collectively, &#8220;Existing Loan Documents&#8221;), the execution, delivery and performance by Borrower and Guarantor of the Credit Agreement shall not be deemed to be a breach of or otherwise a default under the terms of any of the Existing Loan Documents, any such breach or default hereby being waived by Lender.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any right to require Lender to proceed against Borrower or any other person or to proceed against or exhaust any security held by Lender at any time or to pursue any other remedy in Lender&#8217;s power before proceeding against Guarantor;</font></div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">Loan Number: 2757521066</div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The defense of the statute of limitations in any action hereunder or in any action for the collection of the Credit Agreement or the performance of any other obligation hereby guaranteed;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any defense that may arise by reason of the incapacity, illegality, lack of authority, death or disability of any other person or persons or the failure of Lender to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other person or persons;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Demand, protest and notice of any kind including without limiting the generality of the foregoing, notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of Borrower, Lender, and endorser or creditor of Borrower or Guarantor or on the part of any other person whomsoever under this or any other instrument in connection with any obligation or evidence of indebtedness held by Lender as collateral or in connection with the Credit Agreement or any other obligation hereby guaranteed;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any defense based upon an election of remedies by Lender, including without limitation an election to proceed by non-judicial rather than judicial foreclosure, which destroys or otherwise impairs the subrogation rights of Guarantor or the rights of Guarantor to proceed against Borrower for reimbursement, or both; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any duty on the part of Lender to disclose to Guarantor any facts Lender may now or hereafter know about Borrower, regardless of whether Lender has reasons to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or has reason to believe that such facts are unknown to Guarantor or has a reasonable opportunity to communicate such facts to Guarantor, it being understood and agreed that Guarantor is fully responsible and has the means available for being and keeping informed of the financial condition of Borrower and of all circumstances bearing on the risk of non-payment of the Credit Agreement or nonperformance of any other obligation hereby guaranteed.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing is not to be construed as a waiver of any notice requirement explicitly set forth in the Credit Agreement or related documents.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Guarantor Information</font>.&#160;&#160;Guarantor warrants to Lender that it has adequate means to obtain from Borrower on a continuing basis, information concerning the financial condition of Borrower and that it is not relying on Lender to provide such information either now or in the future. Guarantor shall supply to Lender such information as it makes publicly available to its shareholders on each anniversary date of this Credit Agreement and otherwise as reasonably requested by Lender. Guarantor covenants and agrees that it will always be fully informed regarding the status of the Credit Agreement, all advances of principal under the Credit Agreement, the in-balance or out-of-balance nature of the Credit Agreement, and all other financial and other aspects of every nature pertaining to the Credit Agreement.&#160;&#160;Lender will possess no obligation of any nature to provide Guarantor with any information regarding the status of the Credit Agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Subrogation</font>.&#160;&#160;Unless and until the Obligations have been paid in full, (a) Guarantor shall have no right of subrogation and waives any right to enforce any remedy that Lender now has or may hereafter have against Borrower and any benefit of, and any right to participate in, any security now or hereafter held by Lender, (b)&#160;&#160;Guarantor shall not be a creditor with respect to this Guaranty in any bankruptcy proceeding by or against Borrower, but instead Guarantor shall be an &#8220;entity&#8221; under the bankruptcy code in any such proceeding, and (c) Guarantor shall have neither a contingent nor a non-contingent claim against Borrower under this Guaranty.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Subordination</font>.&#160;&#160;Except as otherwise provided in this Paragraph, all existing and future indebtedness of Borrower to Guarantor or to any person owned in whole or in part by Guarantor and, if Borrower is a partnership, the right of Guarantor to cause or permit any person owned in whole or in part by Guarantor to withdraw any capital invested by such person in Borrower, is hereby subordinated to the Obligations and, following the occurrence and during the continuance of an Event of Default (as defined in the Secured Construction Loan Agreement), without the prior written consent of Lender, such subordinated indebtedness shall not be paid or withdrawn in whole or in part nor will Guarantor cause or permit any person owned in whole or in part by Guarantor to accept any payment of or on account of any such indebtedness or as a withdrawal of capital while this Guaranty is in effect.&#160;&#160;At Lender&#8217;s request, Guarantor shall cause Borrower to pay to Lender all or any part of such subordinated indebtedness and any capital which any such person owned by any Guarantor is entitled to withdraw.&#160;&#160;Each such payment by Borrower in violation of this Guaranty following the occurrence and during the continuance of an Event of Default shall be received by the person to whom paid in trust for Lender, and Guarantor shall cause the same to be paid to Lender immediately on account of the indebtedness.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Bankruptcy</font>.&#160;&#160;Except as provided in Paragraph 8 above, Guarantor shall file in any bankruptcy or other proceeding in which the filing of claims is required by law, all claims which such Guarantor may have against Borrower relating to any indebtedness of Borrower to such Guarantor and will assign to Lender all rights of such Guarantor thereunder.&#160;&#160;If a Guarantor does not file any such claim, Lender, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in Lender&#8217;s discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of Lender&#8217;s nominee.&#160;&#160;In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Lender the full amount hereof and, to the full extent necessary for that purpose, each Guarantor hereby assigns to Lender all of such Guarantor&#8217;s rights to any such payment or distributions to which such Guarantor would otherwise be entitled.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Application of Payment</font>.&#160;&#160;With or without notice to Guarantor, Lender, in Lender&#8217;s sole discretion and at any time and from time to time and in such manner and upon such terms as Lender deems fit, may apply any or all payments or recoveries from Borrower or from any other guarantor or endorser under any other instrument or realized from any security, in such manner and order of priority as Lender may determine, to any of the Obligations.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Cumulative Rights</font>.&#160;&#160;The amount of Guarantor&#8217;s liability and all rights, powers and remedies of Lender hereunder shall be cumulative and not alternative and such rights, powers and remedies shall be in addition to all rights, powers and remedies given to Lender by law.&#160;&#160;This Guaranty is in addition to and exclusive of the guarantee of any other guarantor of any of the Obligations.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Obligations</font>.&#160;&#160;The obligations of Guarantor hereunder are independent of the Obligations and, in the event of any default hereunder, a separate action or actions may be brought and prosecuted against Guarantor whether or not Borrower is joined therein or a separate action or actions are brought against Borrower.&#160;&#160;In this regard, Guarantor waives any right to require Lender to (a) proceed against Borrower, (b) proceed against or exhaust any security held by Lender for payment of the Obligations, or (c) pursue any other remedy that Lender has or to which it may be entitled.&#160;&#160;Without limiting the foregoing, Guarantor waives any necessity or requirement, substantive or procedural, that an action previously be commenced or a judgment previously be rendered against Borrower or any other person or entity or that any other person or entity be joined in such cause or that a separate action be brought against Borrower or any other person or entity.&#160;&#160;Lender may maintain successive actions for other defaults.&#160;&#160;Lender&#8217;s rights hereunder shall not be exhausted by its exercise of any of its rights or remedies or by any such action or by any number of successive actions until and unless all Obligations have been paid in full and fully performed.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs and Fees</font>.&#160;&#160;Guarantor shall pay to Lender, promptly upon demand, reasonable attorneys&#8217; fees and all costs and other expenses that Lender expends or incurs in enforcing this Guaranty against such Guarantor whether or not suit is filed, expressly including without limitation all costs, attorneys&#8217; fees and expenses incurred by Lender in connection with any insolvency, bankruptcy, reorganization, arrangement or similar proceedings involving such Guarantor that in any way affect the exercise by Lender of its rights and remedies hereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;Should any one or more provisions of this Guaranty be determined to be illegal or unenforceable, all other provisions shall nevertheless be effective.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Effect</font>.&#160;&#160;This Guaranty shall inure to the benefit of Lender, its successors and assigns, including the assignees of any indebtedness hereby guaranteed, and shall bind the heirs, executors, administrators, successors and assigns of a Guarantor.&#160;&#160;This Guaranty may be assigned by Lender with respect to all or any portion of the Obligations, and when so assigned Guarantor shall be liable under this Guaranty to the assignee(s) of the portion(s) of the Obligations so assigned without in any manner affecting the liability of Guarantor hereunder to Lender with respect to any portion of the Obligations retained by Lender.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Expiration</font>.&#160;&#160;Upon the full performance and payment in full to Lender of the Obligations, this Guaranty shall be of no further force or effect.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reasonableness</font>.&#160;&#160;Guarantor warrants and agrees that each of the waivers set forth in this Guaranty are made with Guarantor&#8217;s full knowledge of its significance and consequences, and that under the circumstances, the waivers are reasonable and not contrary to public policy or law.&#160;&#160;No provisions of this Guaranty or right of Lender hereunder can be waived nor can Guarantor be released from its obligations hereunder except by a writing duly executed by an authorized officer of Lender.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
</div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Terminology</font>.&#160;&#160;When the context and construction so require, all words used in the singular herein shall be deemed to have been used in the plural and the masculine shall include the feminine and neuter and vice versa.&#160;&#160;The word &#8220;person&#8221; as used herein shall include any individual, company, firm, association, partnership, corporation, trust or other legal entity of any kind whatsoever.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exclusive Statement</font>.&#160;&#160;This writing is intended by the parties as a final expression of this Unconditional Guaranty and is also intended as a complete and exclusive statement of the terms hereof.&#160;&#160;No course of dealing, course of performance or trade usage, and no parol evidence of any nature shall be used to supplement or modify any terms.&#160;&#160;Nor are there any conditions to the full effectiveness of this agreement.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Joint and Several Liability</font>.&#160;&#160;If two or more persons are signing this Guaranty as Guarantor, then all such persons shall be jointly and severally liable for the obligations of Guarantor hereunder.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of Change</font>.&#160;&#160;The Guarantor hereby expressly waives notice of (a) any renewals or extensions of time for payment of the Obligations, (b) any changes in the terms of the Obligations including increase or decrease in installment payments or any interest rate adjustments, or (c) any other change with respect to the Obligations including a change in the business structure of the Borrower.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dealing with Security Interest</font>.&#160;&#160;The undersigned Guarantor hereby expressly waives (a) surrender, release, exchange, substitution, dealing with or taking any additional collateral, (b) abstaining from taking advantage of or realizing upon any security interest, or other guarantee, (c) any impairment of collateral by Lender including but not limited to, failure to perfect a security interest in the collateral, and (d) any impairment by Lender of Guarantor&#8217;s rights of recourse against other parties.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Unconditional Liability</font>.&#160;&#160;Each of the persons who have signed this Unconditional Guaranty has unconditionally delivered it to Lender, and failure to sign this or any other guaranty by any other person shall not discharge the liability of any signer.&#160;&#160;The unconditional liability of the signer applies whether signer is jointly and severally liable for the entire amount of the debt, or for only a pro rata portion.&#160;&#160;The release of one or more guarantors shall not release to any extent, any other guarantors.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Errors and Omissions</font>.&#160;&#160;The Guarantor hereby waives all errors and omissions in connection with Lender&#8217;s administration of the Obligations, except behavior which amounts to bad faith or gross negligence.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Acts and Omissions</font>.&#160;&#160;Without in any way limiting the foregoing, the Guarantor hereby waives any other act or omission of Lender (except acts or omissions due to the gross negligence of Lender or bad faith) which changes the scope of the Guarantor&#8217;s risk.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Remedies</font>.&#160;&#160;As a condition of the payment or performance by Guarantor, Lender is not required to enforce any remedies against Borrower or Guarantor or any other party liable to Lender on account of the Obligations.&#160;&#160;Nor is Lender required to seek to enforce or resort to any remedies with respect to any security interest, lien or encumbrance to Lender by the Borrower or any other party.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Enforceability</font>.&#160;&#160;This Unconditional Guaranty remains fully enforceable irrespective of any defenses which Borrower may assert on the underlying debt, including but not limited to failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction, and usury.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Liability for Full Amount</font>.&#160;&#160;The Guarantor agrees that, if at any time all or any part of any payment previously applied by Lender to any of the guaranteed debt must be returned by Lender for any reason, whether by court order, or settlement, the Guarantor remains liable for the full amount returned as if such amount had never been received by Lender notwithstanding any termination of this Guaranty or cancellation of any note or other agreement evidencing the Obligations.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing Law</font>.&#160;&#160;This Guaranty shall be governed by and construed in accordance with the laws of the State of Arkansas.&#160;&#160;Except as provided in any other written agreement now or at any time hereafter in force between Lender and Guarantor, this Guaranty shall constitute the entire agreement of Guarantor with Lender with respect to the subject matter hereof, and no representation, understanding, promise or condition concerning the subject matter hereof shall be binding upon Lender unless expressed herein.&#160;&#160;Guarantor does hereby irrevocably consent to the exclusive jurisdiction of the court of the State of Arkansas with respect to any action or proceedings arising between the parties and expressly covenant and agree that the exclusive jurisdiction for all disputes and enforcement actions arising hereunder shall occur in Faulkner County, Arkansas.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">JURY WAIVER</font>.&#160;&#160;GUARANTOR AND LENDER EACH HEREBY WAIVES ITS RIGHT TO A JURY TRIAL IN THE EVENT OF ANY DISPUTE OR LITIGATION ARISING HEREUNDER OR UNDER ANY RELATED DOCUMENTS EXECUTED IN CONNECTION HEREWITH.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Multiple Counterpart Execution</font>.&#160;&#160;It is expressly agreed and understood that this document is being executed in multiple counterparts and with multiple signature pages and that all signature pages, when attached to and assembled with this document, shall constitute and comprise a single document that is enforceable against all parties on all signature pages in accordance with this document&#8217;s terms.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices or other written communications hereunder shall be deemed to have been properly given (a) upon delivery, if delivered in person or by facsimile transmission with receipt acknowledged by the recipient thereof, (b) one (1) Business Day (defined below) after having been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If to Guarantors:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lakes Entertainment, Inc.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attn:&#160;&#160;Timothy J. Cope, President</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">130 Cheshire Lane, Suite 101</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Minnetonka, MN 55305</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With a copy to:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lakes Entertainment, Inc.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attn:&#160;&#160;Damon Schramm, Esq., General Counsel</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">130 Cheshire Lane, Suite 101</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Minnetonka, MN 55305</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>And to:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Gray Plant Mooty</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Attn: David M. Morehouse</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>500 IDS Center</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>80 South Eighth Street</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Minneapolis, MN 55402</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If to Lender:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CENTENNIAL BANK</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Attn:&#160;&#160;Randy Crowell</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">P.O. Box 966</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Conway Arkansas 72033</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Facsimile: 501-328-4650</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With a copy to:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">GILL RAGON OWEN, P.A.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attn:&#160;&#160;Daniel Goodwin</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">425 West Capitol Avenue, Suite 3801</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fax: (501) 372-3359</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Either party by notice to the other may designate additional or different addresses for subsequent notices or communications.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For purposes of this Subsection, &#8220;Business Day&#8221; shall mean a day on which commercial banks are authorized to conduct business or Lender is open for business in the State of Arkansas.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Changes to Guarantor</font>. Without the prior written consent of Lender, Guarantor shall not: amend its organizational or governing documents in a manner that materially adversely affects Lender&#8217;s rights hereunder; dissolve; or fail to remain in good standing and authorized to do business in all jurisdictions where such standing or authorization is required with respect to Guarantor and where the failure to do so would have a material adverse impact on Guarantor or its assets or operations.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<TYPE>EX-10.5
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: bold">Exhibit 10.5<br>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">Loan Number: 2757521066</div>

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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$17,500,000</font></td>
<td width="50%" style="TEXT-ALIGN: right"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;December 17, 2012</font></td>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FOR VALUE RECEIVED, EVITTS RESORT, LLC (the &#8220;Borrower&#8221;), hereby covenants and promises to pay to the order of CENTENNIAL BANK (&#8220;Lender&#8221;), or its successors or assigns, at Lender&#8217;s office at 620 Chestnut Street,<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000080; FONT-SIZE: 10pt">&#160;</font>Conway, Arkansas, 72032, or at such other place as the Lender may designate to the Borrower in writing from time to time, in legal tender of the United States, the sum of SEVENTEEN MILLION, FIVE HUNDRED THOUSAND AND NO/100 Dollars ($17,500,000.00) or such lesser sum as shall have been advanced hereunder pursuant to the Secured Construction Loan Agreement referred to below, along with interest at the Interest Rate as provided herein.&#160;&#160;The credit relationship evidenced hereby shall be non-revolving in nature.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitions</font>.&#160;&#160;As used throughout this Promissory Note, the following capitalized terms shall have the following meanings:</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Borrowing Period</font>&#8221; shall mean that period of time beginning as of the date of the first advance of principal under the Secured Construction Loan Agreement and continuing for a TWELVE (12) month period of time thereafter.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Credit Agreement</font>&#8221; shall have the meaning ascribed to such term in the Secured Construction Loan Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interest Rate</font>&#8221; shall mean TEN AND ONE HALF PERCENT (10.50%) per annum.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Lender Expenses</font>&#8221; shall mean all costs or expenses of every nature which are incurred by Lender in connection with Lender&#8217;s administration and servicing, defending or enforcing of the Credit Agreement, including, without limitation, all reasonable fees and expenses incurred by both Lender and its legal counsel in advising, structuring, drafting, reviewing, administering, amending, terminating, enforcing (including fees and expenses incurred by Lender and its legal counsel in connection with a &#8220;workout,&#8221; a restructuring, or an insolvency proceedings concerning Borrower), irrespective of whether suit is brought.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Loan Year</font>&#8221; shall mean a period of twelve (12) months following the expiration of the prior Loan Year, with the first Loan Year being a period of twelve (12) months commencing on the date of this Promissory Note.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Maturity Date</font>&#8221; shall mean the date occurring eight (8) years from and after the date of the first advance of principal under the Secured Construction Loan Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secured Construction Loan Agreement</font>&#8221; shall mean the Secured Construction Loan Agreement of even date herewith between Borrower and Lender, as the same may be hereafter amended or otherwise modified from time to time.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal Advances</font>.&#160;&#160;Borrower shall be entitled to receive advances of principal hereunder upon Borrower&#8217;s compliance with and satisfaction of those conditions precedent to such advances as are set forth in that Secured Construction Loan Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Required Payments of Principal and Interest</font>.&#160;&#160;Borrower shall pay interest and principal to Lender as follows:</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interest Payments during Borrowing Period</font>.&#160;&#160;During the Borrowing Period, Borrower shall pay to Lender on the thirtieth (30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>) day from and after the first advance of principal under the Secured Loan Agreement and on the same day of each month thereafter throughout the Borrowing Period, a sum equal to that interest, calculated at the Interest Rate, and based upon a daily rate based on a 360-day year, that has accrued against those advances of principal extended by Lender to Borrower hereunder<font style="DISPLAY: inline">. THIS CALCULATION METHOD WILL RESULT IN A HIGHER EFFECTIVE INTEREST RATE THAN THE NUMERIC INTEREST RATE STATED IN THIS PROMISSORY NOTE.</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal and Interest Payments During Amortization Period</font>.&#160;&#160;During the Amortization Period, Borrower shall pay to Lender on thirtieth (30<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>) day from and after the end of the Borrowing Period and on the same day of each month thereafter until the Maturity Date, a sum that shall be sufficient to fully amortize the principal amount outstanding hereunder with interest, calculated at the Interest Rate, and based upon a daily rate based on a 360-day year, it being recognized, understood and agreed that said sum shall be applied to Lender Expenses, interest and principal as provided in Section 3(d) below.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Payments Due at Maturity</font>.&#160;&#160;If not previously paid, any and all unpaid principal and accrued but unpaid interest plus any other sums due hereunder shall be immediately due and payable on the Maturity Date. This Promissory Note is also subject to acceleration as set forth below.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>d.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Application of Payments Received by Lender</font>.&#160;&#160;All payments received by Lender from Borrower hereunder shall be applied first to Lender Expenses, then to interest due hereunder, then to principal due hereunder.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voluntary and Involuntary Prepayment</font>.&#160;&#160;This Promissory Note may be prepaid in full, but not in part, if Borrower provides Lender at least one Business Day&#8217;s written notice of Borrower&#8217;s intent to prepay; and provided further that Borrower makes the prepayment within thirty (30) days of Lender&#8217;s receipt of said notice.&#160;&#160;The entire principal balance, plus accrued interest and collection costs, if any, must be paid and such prepayment shall be accompanied by a prepayment fee equal to: 5% of the then unpaid principal balance prepaid if prepayment occurs during the first (1st) Loan Year; 4% of the then unpaid principal balance prepaid if prepayment occurs during the second (2nd) Loan Year; 3% of the then unpaid principal balance prepaid if prepayment occurs during the third (3rd) Loan Year; 2% of the then unpaid principal balance prepaid if prepayment occurs during the fourth (4th) Loan Year; and 1% of the then unpaid principal balance prepaid if prepayment occurs during the fifth (5th) Loan Year.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Default and Acceleration</font>.&#160;&#160;This Promissory Note shall be payable in full and all of the principal, interest and Lender Expenses outstanding shall, at the option of Lender, immediately become accelerated and due and payable in full as provided in the Secured Construction Loan Agreement. Upon the occurrence and during the continuance of an Event of Default, the Borrower shall pay all Lender Expenses.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Default Interest</font>.&#160;&#160;Upon the occurrence of an Event of Default and continuing until Lender acknowledges in writing that said Event of Default has been cured or waived, all principal and interest owing and outstanding under this Promissory Note or otherwise shall immediately begin bearing interest until paid in full at a rate equal to the lesser of (a) 18% or (b) the maximum rate of interest which Lender may by law charge and collect.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Late Fees</font>.&#160;&#160;Borrower shall pay to Lender a late payment fee equal to 10% of the delinquent amount; provided that such late payment fee shall not be less than $25, nor more than $500, per delinquency should any installment due hereunder not be paid within ten days after the due date, it being understood that such fee shall reimburse Lender for administrative, servicing, collection and other costs incurred as a result of said delinquency.&#160;&#160;Payments received hereunder after Lender&#8217;s cut-off time, as determined by Lender from time to time, or on weekends or holidays will be credited as of the next business day.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Security and Collateral for Repayment</font>.&#160;&#160;This Promissory Note is secured as provided in the documents constituting the Credit Agreement, and all other collateral which may be more fully described in those other collateral and security documents executed in connection with this transaction.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Usury</font>.&#160;&#160;Borrower acknowledges that it has agreed to pay interest on the principal balance outstanding hereunder at the Interest Rate.&#160;&#160;The Lender does not intend to violate any applicable usury laws. Accordingly, all agreements between Borrower and Lender are expressly limited so that in no contingency or event whatsoever, whether by reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal balance hereof, or otherwise, shall the amount paid or agreed to be paid to the Lender hereunder exceed the maximum rate allowed by applicable law.&#160;&#160;If, from any circumstances whatsoever, fulfillment and payment of Borrower&#8217;s obligations, at the time performance of such obligation shall be due, shall cause the effective rate of interest upon the sums evidenced hereby to exceed the maximum rate of interest allowed by applicable law, then, the obligation to be fulfilled shall be reduced automatically to the extent necessary to prevent that effective rate of interest from exceeding the maximum rate allowable under applicable law and to the extent that the Lender shall receive any sum which would constitute excessive interest, such sum shall be applied to the reduction of the unpaid principal balance due hereunder and not to the payment of interest; or, if such excessive interest exceeds the unpaid balance of principal, the excess shall be refunded to Borrower.&#160;&#160;This provision shall control every other provision of all agreements constituting part of the Credit <font style="DISPLAY: inline">Agreement.</font></font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waivers</font>.&#160;&#160;All parties to this Promissory Note, whether Borrower, principal, surety, guarantor, endorser, or any other party, hereby waive presentment for payment, demand, protest, notice of protest, notice of non-payment, and notice of dishonor, impairment of recourse and impairment of security. The failure of the holder of this Promissory Note to exercise any right hereunder shall not preclude the holder from exercising any other right which the holder may be entitled to exercise upon the happening of such event and the failure to exercise any right hereunder which the holder may be entitled to exercise shall not constitute a waiver of the right to exercise said right or any other right upon the subsequent occurrence of any such event nor shall any waiver by the Lender of any such right or rights on any one occasion be deemed a bar to or waiver of the same right or rights on any future occasion. All endorsers, guarantors, sureties or other persons who may now or hereafter be liable for the payment of this Promissory Note, by endorsing, guaranteeing or assuming this Promissory Note, consent to all of the terms and conditions herein contained and agree that this Promissory Note may be modified, extended or renewed in whole or in part, without notice, including (a) the impairment, substitution, exchange or release at any time or times of all or any part of any security or collateral security now or hereafter furnished, (b) the release of, or the impairment of the right of recourse against Borrower or any endorser, guarantor, surety or any other person now or hereafter liable hereon, (c) the substitution of, renewal or extension of this Promissory Note, (d) the modification of any terms hereof, or other agreement now or hereafter given in connection with or as security for this Promissory Note, and (e) any change in the rate of interest, if any, hereon or the imposition of any fees whether authorized under this Promissory Note, or any note, mortgage, security agreement, loan agreement, or any other agreement now or hereafter given in connection with or as security for this Promissory Note.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Modifications</font>.&#160;&#160;This Promissory Note may not be changed, modified or amended orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Choice of Laws</font>.&#160;&#160;This Promissory Note is to be construed and enforced in accordance with the laws of the State of Arkansas and applicable federal law (without regard to choice of law or conflict of law rules).&#160;&#160;In the event of any dispute concerning the interpretation, application or enforcement of this Promissory Note, or any other document executed in connection herewith, the sole and exclusive venue for same shall be the Circuit Court in and for the County of Faulkner, State of Arkansas.&#160;&#160;Borrower hereby consents to the jurisdiction of said Court.<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>The Lender and the Borrower understand, acknowledge and agree the Promissory Note is governed by the laws of the State of Arkansas and applicable federal law, including, without limitation, the provisions of federal law which relate to the maximum interest rate or amount of interest, discount points, finance charges, or other similar charges allowed, including, without limitation, Section 731 of the Gramm-Leach-Bliley Financial Modernization Act of 1999 as codified at 12 U.S.C. &#167; 1831u.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;In the event that any one or more of the provisions contained in this Promissory Note or in any other loan document executed in connection herewith shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Promissory Note or any other loan document executed in connection herewith, and in lieu of such invalid, illegal or unenforceable provision there shall be added automatically as part of this Promissory Note a provision as similar in terms to such invalid, illegal or unenforceable provision as may be possible and be valid, legal and enforceable thereafter.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Effect</font>.&#160;&#160;This Promissory Note and all covenants, promises and agreements contained herein or associated herewith shall be binding upon and inure to the benefit of the respective legal representatives, personal representatives, devisees, heirs, successors and assigns of the Lender and the Borrower.&#160;&#160;The term &#8220;Lender&#8221; shall be deemed to mean the holder of this Promissory Note from time to time.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Joint Venture</font>.&#160;&#160;Borrower recognizes and agrees that the relationship between Lender and Borrower shall be strictly construed as a relationship between a debtor and a secured party and never as a joint venture or similar relationship between Lender and Borrower.&#160;&#160;Lender shall not be obligated to perform or discharge any obligation or duty of Borrower with respect to (a) the operation of the mortgaged property or (b) the performance of any obligations under any leases affecting the mortgaged property.&#160;&#160;Borrower covenants and agrees to hold harmless, defend and indemnify the Lender from and any liability arising with respect to (a) Borrower&#8217;s operation of the mortgaged property or (b) Borrower&#8217;s performance of any of its covenants or obligations under any of the leases pertaining to the mortgaged property.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Multiple Borrowers</font>.&#160;&#160;Each and every entity or individual executing this Promissory Note recognizes and agrees that they shall be jointly and severally responsible, as described herein, for all financial or other obligations of whatever nature evidenced hereby or under any other document executed by and between Borrower and Lender.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">JURY WAIVER</font>.&#160;&#160;BORROWER AND LENDER EACH HEREBY WAIVES ITS RIGHT TO A JURY TRIAL IN THE EVENT OF ANY DISPUTE OR LITIGATION ARISING HEREUNDER OR UNDER ANY RELATED DOCUMENTS EXECUTED IN CONNECTION HEREWITH. BORROWER COVENANTS AND AGREES THAT THE SOLE AND EXCLUSIVE JURISDICTION AND VENUE FOR ALL LITIGATION ARISING IN CONNECTION WITH THE ENFORCEMENT, COLLECTION OR ADMINISTRATION OF THIS PROMISSORY NOTE SHALL REST EXCLUSIVELY IN FAULKNER COUNTY, ARKANSAS AND BORROWER WAIVES ALL RIGHTS TO ASSERT OTHERWISE.</font></div>

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<div style="TEXT-ALIGN: right">Loan Number: 2757521066</div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: -45.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-WEIGHT: bold">Lakes Entertainment, Inc.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: -45.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-WEIGHT: bold">130 Cheshire Lane, Suite 101</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: -45.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-WEIGHT: bold">Minnetonka, MN&#160;&#160;55305</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: -45.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-WEIGHT: bold">952-449-9092</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: -45.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: arial; FONT-WEIGHT: bold">(NASDAQ: LACO)</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-WEIGHT: bold">FOR FURTHER INFORMATION CONTACT:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial">Timothy Cope &#8211; 952-449-7030</font></div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-WEIGHT: bold">FOR IMMEDIATE RELEASE:</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial">December 18, 2012 </font>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-WEIGHT: bold">LAKES ENTERTAINMENT, INC. ANNOUNCES</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Arial; FONT-WEIGHT: bold">CLOSING ON $17.5 MILLION FINANCING FACILITY</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">MINNEAPOLIS, December 18, 2012 - Lakes Entertainment, Inc. (LACO) </font>announced today that Evitts Resort, LLC, (&#8220;Evitts&#8221;) its wholly owned subsidiary, closed on a $17.5 million financing facility with Centennial Bank (the &#8220;Facility&#8221;) on Monday, December 17, 2012.&#160;&#160;The Facility will be used to finance a portion of the conversion of existing convention space into a gaming facility, provide replacement meeting room space, and refurbish the hotel lobby and guest rooms at Rocky Gap Lodge &amp; Golf Resort (&#8220;Rocky Gap&#8221;).&#160;&#160;Evitts acquired Rocky Gap, which is located near Cumberland, Maryland, in August of this year, and is currently operating the existing hotel, restaurants, spa and golf course while the renovations take place.&#160;&#160;The new gaming facility will feature approximately 550 video lottery terminals, a casino bar and a new lobby food and beverage outlet.&#160;&#160;Evitts is required to invest $17.5 million in the Rocky Gap project, including the original purchase price, prior to making a draw on the Facility.&#160;&#160;Any funds drawn on the Facility will bear interest at the rate of 10.5% per annum.&#160;&#160;The loan is collateralized by the leasehold estate and the furniture, fixtures and equipment of Rocky Gap.&#160;&#160;As further collateral, Lakes Entertainment, Inc. guaranteed repayment of the loan and granted a second mortgage on its real property located in Minnetonka, Minnesota.&#160;&#160;Repayment of the loan will be interest only for the first year, with payments of principal and interest amortized and paid over the subsequent seven years.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial">Tim Cope, President and CFO of Lakes stated, &#8220;Completing this financing allows us flexibility with the remaining cash on our balance sheet to look for other opportunities that will enhance shareholder value.&#160;&#160;We look forward to opening the new gaming facility in the second quarter of 2013, with the new meeting space to be completed soon after.&#8221;</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial">About Lakes Entertainment</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial">Lakes Entertainment, Inc. currently owns the Rocky Gap Lodge &amp; Golf Resort near Cumberland, Maryland.&#160;&#160;Lakes has a management agreement with the Shingle Springs Band of Miwok Indians to manage the Red Hawk Casino.&#160;&#160;Lakes has an investment in Rock Ohio Ventures, LLC&#8217;s casino developments in Ohio.</font></div>

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<td width="100%" style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: black 1.5pt solid; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: arial">The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Lakes Entertainment, Inc.) contains statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as other capital spending, financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to,&#160;&#160;need for potential future financing to meet Lakes&#8217;&#160;&#160;development needs; those relating to the inability to complete or possible delays in completion of Lakes' casino projects, including various regulatory approvals and numerous other conditions which must be satisfied before completion of these projects; possible termination or adverse modification of management or development contracts; Lakes operates in a highly competitive industry; possible changes in regulations; reliance on continued positive relationships with Indian tribes and repayment of amounts owed to Lakes by Indian tribes;&#160;&#160;possible need for future financing to meet Lakes' expansion goals; risks of entry into new businesses; reliance on Lakes' management and litigation costs.&#160;&#160;For more information, review the company's filings with the Securities and Exchange Commission.</font></font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
