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. EXHIBIT A
TO CONSTRUCTION LOAN AGREEMENT OATED THE GAY OF ~PRZL, i972, SE-
TMEEN HOLIDAY 0~T IM AMERICA AT ST. LUCIE, INC., AND CITItEN'S BANK OF
PAlM BEACN COUNTY
PROCEDURES FOR:
(a) Deposits to Escrow Account
As a~ accomnodation to Owner and as additional security for Mortgagee's
loan, Owner will establish with Mortgagee a non-9nterest bearing Escrow
Aceount ("Escrow Account") into which all partial release payments des- ~
cribed iR paragraph l8 of the Mortgage shall be deposited,
(b) Disbursements from Escrow Account
~
Any partial release payments paid into tfie Escrow Account shail first be ~
used for any unpaid accrued interest on the loan,
any ba]ance of such
lot release payment remaining will be deposited, as required, in the
Construction ~oan Disbursement Account to be disbursed as herein pro-
vided. When construction of the improvements has been completed and all
unpaid accrued principal and interest due the Mortgagee hereunder has been
paid in full, all of the remaining money in the Escrow Account shall
coamence accruing interest at the Mortgagee's prevailing rate and
ONner shall have the absolute right to withdraN the balance thereof for
the application to its ownruse.
(c) Deposits to Construc~tion Loan Disbursement Account
If approved construction bills are submitted according to the procedure
described in (d) below and there are no funds undisbursed in the Escrow
Account to pay such bills, then in that event, and only in that event, ~
the Mortgagee will disburse loan proceeds for deposit to the Construction
Loan Disbursem.ent Account, sufficient in amount for payment of such bill
or bilts and the Owner agrees that such disbursements witl accrue interest .
at the rate provided in the note. The Owner will not be required to pay ~
fees or interest on funds so deposited unless the funds.deposited in the
Escrow Account from partiai releases are exhausted.
Notwithstanding the terms and conditions of that certain comnitment letter
between the parties hereto dated March 14, 1972, the three point discount
referred to therein shall only be due on the total amaunt of the actual ~A)
loan proceeds disbursed exclusive of amounts deposited from the Escrow ~v
Account. This discount shall be payable as such deposits of loan proceed~
are made.
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(d) Disbursements from Construction Loan Disbursement Account `
All disbursements from the Construction Loan Disbursement Account will be ~
made by the ~'~rtgagee directly to the mechanic or materialman delivering `
the necessary construction supplies or supplying the labor. Such dis-
bursements will be made only when the bill to be paid is approved by the
Owner and N.r. Cal ~tontgomery the Owner's engineer. The only exception
to this procedure will be the disbursements totaling ~67,OOO.QO, which
shall also require the approval of Mr. Andy Nelseth, the St. lucie County
Florida Engineer.
228956
f~EOANORECoR~E0 Initials~
i~. uciE couNtr fi,~. ~
~OGER FpITRAS ~ Owner: ~
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