THIS GUARANTY AGREEMENT (this “Guaranty”) is made as of the 31 st day of October, 2005 by W.
BENNETT COLLETT , an individual (the “Guarantor”), in favor of FREEDOM FINANCIAL
CORPORATION , an Indiana corporation (the “Lender”).
A. Pursuant to that certain Third Amended and Restated Loan Agreement (the “Loan Agreement”) by and
between Florida Gaming Centers, Inc. and City National Bank of Florida, as Trustee under Trust Agreement
dated January 3, 1979 and known as Trust No. 5003471 (collectively the Borrower”) and Lender dated
concurrently herewith (the “Loan Agreement”), Lender has agreed to make and Borrower has accepted a
loan in the principal amount of $2,400,000 (the “Loan”), which Loan is evidenced by a certain Third
Amended and Restated Note dated concurrently herewith and executed by Borrower in favor of Lender
(the “Note”), and is secured by, among other things, certain Mortgages (collectively the “Mortgages”)
assigned by First Bank to Lender encumbering the property described in said Mortgages (the “Property”),
excluding approximately 70 acres of land adjoining Florida Gaming Centers, Inc.’s Fort Pierce, Florida Jai
Alai which land is in the process of being sold.
B. The Guarantor is financially interested in the Property, through indirect ownership and control in
Borrower, and as a material inducement to Lender to agree to enter into the Loan Agreement and make the
Loan, the Guarantor has agreed to enter into this Guaranty on the terms and conditions hereinafter set forth.
C. It will be of substantial economic benefit to the Guarantor for the Borrower to issue the Note and
borrow the principal evidenced thereby.
NOW, THEREFORE , in consideration of the foregoing, Guarantor agrees as follows:
1. Definitions .
(a) “Borrower’s Liabilities” means all obligations and liabilities of Borrower to Lender, including, without
limitation, all debts, claims and indebtedness whether primary, seco