HomeMy WebLinkAbout0320 . ~ ~ =
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CONSTRUCTIO~T LOAN AtittEEl~NT
THIS ~GRESla:rlT made thi• day of JL , 19~,
by snd betw~en
HOLIDAY OUT IN AMERIGA AT ST. LUCIE, INC. , a Florida corporation
hereafter called the Owner, and
CITIZENS BANK OF PALM BEACH COUNTY, a Florida banking corporation,
hereafter called the !lortgage~,
W I T N E S S E T H: ~
WHERE~S, the Owner is the owner of certain property located in
St. Lucie County, Florida, described as follows;
As described ia mortgage of even date.
and
WI~REAS, the Owner desires to erect certain improvementa on
that property and to obtain from the Mortgagee a construction mortgage
loan for that purpose, and
WI~REAS, the Mortgagee is willing to make a conatraction mortgage
loan on the property upon the terms and conditions hereafter stated,
and not otherwise; . -
NOW, THEREP"ORE, IT IS AGREED HEREBY between the parties to this
Agreement, in consideration of the benefits sccruing under the terms
of this contract, and in Eurther consideratian of valuable considera-
tions mutually interchanged between the partiea, receipt of which are
acknowledged, as follows:
1. E7~CUTZON OF' MORTGAGE. The Owner has executed a no::e and
mortgage to the Mortgagee encumbering tte property described, in the
principal sum of
-----Two Huadred Thousand & no/100 200, 000. 00 ~mLLARS,
with interest at the rate of $even & 3/4 tl&3~#~ per cent, per
annum, and payable as provided in the note and mortqage. The Owner
agreee to furnish to the Mortgagee, evidence of titte to the above
described property by way of an abatract of title recertified to date,
or a title insurance po2icy i~e~.~e~ ~ reco4nized title inaurance
company, acceptable to the Mortgagee, showinq the mortgage to be a
va2id Eirat lien on the property above deacribed, to the Eull and
complete satisfaction of the Attorneys For the Mortgagee.
2. COMMENCEMENT OF CONSTRUCTION AND NOTICE OF COMl~IENCEMENT.
The Owner aqrees not to permit recordation oE any notice of rommence-
ment prior to recording the mortgaqe of the Mortgagee. The Owner
further agrees not to permit the commencement of any excavation or
con9truction work of any nature whatsoever, nor the delivery of any
materiats to the eite of the proposed conetruction, until permission
to start work or delivery of materia ls has been given by the Mortgagee.
In the event a notice of commencement should be recorded prior to the
recording of the Mortgagee's mortgage, or in the event that auch
materisla are de2ivered or construction ia commenced prior to the
authorized date, the Mortgagee sha 11 have the right to cancel this
construction loan agreement and be reimbursed for its costs and
expenses incurred to date.
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