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CLOSING AGRE@~IENT
This agreement by and beCween I~qDULEX HOME COI~iUNITIES, -
INC., a Delaware Corporation, hereinafter "Modulex", and SARGEANT
CITRUS PRODUCTS, INC., a Florida Corporation, hereinafter
"Sargeant",
WITNESSETH: .
WHEREAS, Modulex will this date purchase a 1,008-acre
tract of real property located in St. Luc ie County, Florida, from
Sargeant and in connection therewith will give Sargeant its pur-
chase money pramissory Note for the sum of $1,819,100.00; and
WHEREAS, under the terms of~the contract of sale and pur-
chase between Sargeant and CANTERBURY HOME PROPERTIES, INC., here-
inafter "Canterbury", dated June 10, 197.0, which agreement has
been assigned by Canterbury to Modulex, Sargeant was obligated to
obtain a modification of the Frances Kerr Lowe second mortgage
. (O.R.. Book 139, Page 208, St. Lucie County)-to authorize the re-
lease of 140 acres of the 1,008-acre parcel for development pur-
" poses; and
t WHEREAS, as of the date hereof Sargeant has not obtained
F
i said modification; and -
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f
WHERF~?S, Modulex desires to purchase said real property
and close the transaction without the modification provided Sar-
geant agrees to provide Modulex with certain assurances concerning
said Lowe mortgage;
NOW, tharefpre, Sargeant agrees that for and in considera-
~ tion of the foregoing premises it will ensure that one of the fol-
~ .
lowing occurs within-six (6) months from the date of this agree-
ment :
(1) Sargeant will obtain and record a modification
agreement pertaining to the Frances Kerr Lowe second mortgage simi-
~fiis Insts~atat p~cep~red bY ~
J~Of01 I. V~M VORrB• ~~s~Y
O. ao~t 3324
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