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GUARANTY AGREEMENT
<br />T !II :.5 ,jU1\AANTY AGREEMENT, dated ________ , 1983, is from
<br />_:;_ .. ,\RK l)i,;VSLOPM l::;:-i-r' INC.' JACK A. CLA.flK, CHRISTOPHER A. CLA!lK and
<br />MARTI~~. CLARK, jointly and severally (collectively, the
<br />":;uat,lnt.oi:-"}, to DARNETT BANKS TRUST COMPANY, N,A., a national
<br />~~n~in~ ~ssoci~tion organized under the laws of the United
<br />States, ~s Trustee under the Indenture, hereinafter defined,
<br />with Lts principal office and place 1f business in Jacksonville,
<br />~' lun.,Ja ( t.he "Trustee"), and INDIAN RIVER COUNTY, a political
<br />sutJJ1.•1i.sion of the State of Florida {the "Issuer"),
<br />BACKGROUND FACTS:
<br />l. The Issuer is authorized and empowered by Chapter 159,
<br />P~rt II, ~lorida Statutes, and other applicable provisions of law
<br />(coll~cti·1~ly, the "Act"), to finance capital projects for
<br />inJustri~l or manufacturing plants, and to issue and sell its
<br />inJu~tri~l ~evelopment revenue bonds in order to provide funds
<br />for such financing.
<br />2. ~he Issuer has agreed under the Loan ~greement (herein-
<br />after J~fined) to finance the cost of acquiring, constructing and
<br />•~'--luir?in-3 ,, capital project {the "Project," as defined in the
<br />Loan r\greement), for use by Florida Health Facilities Corp. (of
<br />Indi:1n Ji•1er County), the "Borrower," and to issue and sell a
<br />series <)f its i:-evenue bonds to be designated "Industrial
<br />:)evP.10,?ment Revenue Oonds, Series 1983 (Florida Health F'acilities
<br />i'r:::iject)," in the aggregate principal amount of S2,400,000 (the
<br />"3eries 19B3 Bonds"), to be issued under a Trust Indenture, dated
<br />as of t.hl! <lute hereof, between the Issuer and the Trustee (the
<br />"Indenture''), for the purpose of providing funds to finance the
<br />cost of ~he Project.
<br />3. Contemporaneously herewith the Issuer ~nd the Borrower
<br /><1n.! enterinJ into a Loan Agreement, Mortgage ;ind S,~curity
<br />,\grr.?ement, dated as of the date hereof (the "Loan T\.greement"),
<br />under which the Issuer is lending and the narrower is borrowing
<br />t.he proceeds from the sale of the Series 1983 ilon,1s, and under
<br />which the 'dorrower is agreeing to complete the Project, to pay
<br />uny ,:in,l all costs thereof in excess of the amounts payable out of
<br />the pi:-ocee~s of the Series 1983 Donds, to repay such loan in
<br />inst.3llments at the times and in amounts sufficient. to pay the
<br />principal of, premium, Lf any, and interest on the Series 1983
<br />i3onds, to [)ay certain other amounts described in the Loan
<br />r\::JrP.er~ent. '-"hen and as the same become due, t'.) oper;:ite, re[Jair,
<br />maintain ~nd insure the Project at its own expense and to pay all
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