RENEWAL AND CONSOLIDATION REVOLVING CREDIT NOTE (the “Note”)Renewal and Consolidation Revolving Credit Note • May 13th, 2008 • Deer Valley Corp • Mobile homes
FOR VALUE RECEIVED, the undersigned borrower, DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation (the “Borrower”) promises to pay to the order of FIFTH THIRD BANK, a Michigan banking corporation (the “Lender”), at 201 E. Kennedy Blvd., Suite 1800, Tampa, Florida 33602, or at such other place as Lender may from time to time designate in writing, with payment due as provided herein and in the Revolving Credit Loan and Security Agreement, as amended (the “Credit Agreement”), the principal sum not to exceed $7,500,000.00, or so much thereof as has been disbursed for advances hereunder. This Note consolidates the renewal of that certain Renewal Revolving Credit Note dated effective April 12, 2006, in the amount of $2,500,000.00 with an advance loan of even date herewith in the principal amount of $5,000,000.00.
