CONSTRUCTION LOAN NOTE OF STINGRAY PROPERTIES, LLC

FOR VALUE RECEIVED, STINGRAY PROPERTIES, LLC (the “Borrower”) promises to pay to the order of Wells Fargo Bank, National Association (the “Bank”), at its principal office or such other address as the Bank or holder may designate from time to time, the principal sum of FOUR MILLION AND NO/100s DOLLARS ($4,000,000.00), or the amount shown on the Bank’s records to be outstanding, plus interest (calculated on the basis of actual days elapsed in a 360-day year) accruing each day on the unpaid principal balance. Absent manifest error, the Bank’s records shall be conclusive evidence of the principal and accrued interest owing hereunder.

INTEREST:

(a) Beginning from the date hereof through the month in which the Phase II Completion Date (as defined in the Loan Agreement, which, in turn, is defined below) occurs, interest shall accrue on the unpaid outstanding principal balance of this Construction Loan Note at a floating rate per annum equal to the sum of LIBOR and a margin of one and one-quarter percent (1.25/0). “LIBOR” is the rate per annum for United States dollar deposits quoted by the Bank as the Inter-Bank Market Offered Rate, rounded upward if necessary to the nearest whole 1/8 ^th of 1%, with the understanding that such rate is quoted for the purpose of calculating effective rates of interest for loans making reference thereto. Borrower understands and agrees that the Bank may base its quotation of the Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank Market as the Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on the London Inter-Bank Market.

With respect to each LIBOR designation hereunder, the Bank is hereby authorized to note the date, principal amount, and interest rate applicable thereto and any payments made thereon on the Bank’s books and records (either manually or by electronic entry) and/or on any schedule attached to this Construction Loan Note, which notations shall be prima facie evidence of the accuracy of the information noted. If the Board of Governors of the Federal Reserve System (or any successor) prescribes a reserve percentage (the “Reserve Percentage”) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), then the above definition of LIBOR shall be the “Base LIBOR”, and “LIBOR” shall mean: Base LIBOR divided by (100% minus LIBOR Reserve Percentage). “LIBOR Reserve Percentage” means the Reserve Percentage adjusted by the Bank for expected changes in such reserve percentage.

If the Bank at an