HomeMy WebLinkAbout2325 . . , .
.
;
~
, ~
{
;
EXHIBIT "B" i
;
x
~
. 3
It is understood and agreed between the p~.rties hereto that Property =
Manaqement Group, Inc. , a corporation, and Evans Craxy, Jr. , ~
individua,lly and as Trustee, joined by his wife, Marilyn O. Crary, axe ~
exempt from any personal liability hereunder or under the indebtedness '
and chax es secured hereb ~
q Y• ~
It is further understood that this is a construction mortga.ge and that there
~vill be built a condominium upon the land des~ribed herein, consisting of
16 units or apartments, and it is agreed that each unit may be released
from sa.id mortqa.qe upon the payment of $ 8, 000. 00 together with accrued
interest
It is understood and agreed that there is in existence a Condominium
Declara.tion and other documents pertai.nin.g to the condominium da.ted ~
Jan. 23, 1970, and recorded in Official Record Book 182, Pa.qe 1323, St ~
Lucie County Records, which Declaxation of Condominium affects this
land included in this Mortgage and that it is necessaxy to amend same and
that in the aforesa.id Declara.tion o~ Condomuuum the creators thereaf
reserved a right to axnend. It is agreed that the mortga.gors herein will
amend said Declara.tion of Condominium and other documents, including
plat perta.ininq to the condominium and if said new plat and amendments
axe nat filed by the ti.me the mortga.qors are entitled to the third dra.w , as
provided under loan aqreemen~ then in that event the mortga.gee sha11 be
permitted to withhold the third draw and a11 other draws until the amend-
ment has been properly and legally ma.de. Furthermore, if said a.mend- ~
ments have not been made by the ti.me the third draw , the mortqaqors agree
~ that the mortqa.gee ma.y proceed to effect such an amendment at the
~ expense of the mortga.gors and this document sha,ll be considered a.n
assignment of a11 of the rights to a.mend the condominium documents and
! other documents related thereto from the mortgaqors to mortqa.gee.
This riqht sha11 only effect Parcels 2 and 3, as shown on oriqinal
condominium pla.t It is further agreed that if it is necessary for ~
mortga.gee to process said amendment, that once it has been perfected it
cannot be further amended by mortgagee. ~
;
_ ;
:
i
~
~ F~LED ,cr~~ RECORDED ~
~ `T. LUCIE COUNTY, FLt,. {
~ ~~,_r. ,r_ 7.-~r~ s
..1~. • - . _
~ ~.93
I
~ '1Q t~`~Y 22 P~~ : 0I
~
~ ~
~ ~r :-.~J.' F?:, $ ~ ~
~
~~=~K C i;~~'IT COURT
~ -
~
~ ~
~ ~o~K~84 ~~~3;~
~ ~
~
r~
~
OUGHTERSON, OUGHTERSON ~ PREWITT - P. O. DRAWER 85. STUART, FLORIDA 33491
~ i
~ - - - x
. . . - . , u.~: