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lar in ~orw to th~ ~oditieatian aqr~~~?t attach~d h~r~to a•
Sxhibit "A". ~xc~pt that th~ aawunt to b~ paid !or th~ acr~aq•
r~l~as• eay b~ any a~aovutt up to $4, 500 par acr~t or
(Z) Sarqea~t wili arrang• !or th• purchaas of ths Frances 1Gsrr
Lo~re sacond nrortqage by JP?MSS T1?LCOTT, I~iC., and within •afd six (6)
uwnth period JAMB3 TALCOTT, INC., wfll execute and record a mortqaqa
modification agreement aa described in paraqraph l~ abovet or
(3) Sarqeant will deliver an irrevocable camaitment properly .
executed by J~3 T~I.COTT, INC., to tha effect that at such time as
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. Modulex ia ready to com~nence development of the firet 20-acre tract
of the 140 acrea of real property in que8tion, T~LCO~TT will. at its optfon
e•ither (a) purchase the Frances Kerr Lowa mortqaqe and execute a martgaqe
modification, as aforesaid; or (b) TALCOTT will obtain and record a
modification agreement executed by Frances Kerr Lowe coverinq each
20 acre tract as l~odulex co~naencee development of each 20 acre traot
comprisinq a portion of the 140 acre parcel in question; or (c) T~LCOTT
will advance sufficient funda to Modulex to retire the Frances IGerr
Lowe aecond mortgaqe. Any such advance to l~odulex w~uld beauc interest
i at the rate of five percent per annum and would, at Tl~LC0~1"r'S option,
i ~
~ either be added to the Sarqeant Citrus Products, Inc., purchase money ~
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~ . mortqage which is to be assiqr~ed to T~LCOTT or would-be secured by~a
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new mortqage to be qiven by Modulex to TAI~CO~TP.
Notwithetanding anythinq to the contrary, it is furthe= aqreed that
in the event Sarqeant faila to perform thia aqreement ae aforesaid,
Modulex will have a moratoriwa with reapect to the payn~nt of the
principal and interest under the terms of the purchase money note
bearinq even date herewith until such time as Sarqeant has complied
~ with this aqreement.
D~T~ this 3~ ~day of ~?uqust 1970, at Ft. Pierce, Florida
~IITNESS s SARGBA~iT CITRUS P~tODUCTS, IN .
4 ~ ~o BYz
. Stanl Sarqeant
. Vics Pzssident
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