BAY DEVELOPMENTS LIMITED

All monies. Deed of mortgage. The premises comprised in and demised by a lease dated 26TH august 1999 from burgrave investments limited to bay developments limited which premises are situate in the townland of sleans, parish of layde, barony of lower glenarm county of antrim.

All monies debenture the companys undertaking property and assets whatsoever and wheresoever both present and future including goodwill and uncalled capital. The charge shall as regards all estate or interest legal or equitable in all freehold or lease- hold property all profits a prendre ease ments rights of way rights under coven- ants agreements undertakings and indem- nities and rights to compensation stat- utory or otherwise or income attaching thereto which shall at any time here- after during the continuance of this security become the property of the company and all present and future proceeds of insurance receivable by the company and its goodwill and uncalled capital for the time being be a specific charge and as regards all free- hold or leasehold property shall con- stitute a legal mortgage and shall as regards the other property hereby charged be a floating security but so that the company shall not be at liberty to create any mortgage or charge ranking in priority to or pari passu with these presents or sell or assign or grant any license to occupy any of the properties hereby charged without the prior written consent of the bank. The debenture further provides that the company shall not without the prior written consent of the bank assign or charge its book debts.

Indenture of mortgage. 1. the premises comprised in and assigned by an assignment dated 11TH december 1998 from margarett mcquillan to bay developments limited which said premises are situate in the townland of sleans, parish of layde, barony of lower glenarm, county of antrim together with the premises known as "the bay hotel" cushendun, county antrim and 2. the premises comprised in and demised by a lease dated day of 1999 from burgrave investments limited to bay developments limited which premises are situate in the townland of sleans, parish of layde, barony of lower glenarm, county of antrim.