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Mortgagor and Mortgaee further agree that paragraph twenty-
six of the Florida Mortgage Deed is modified to read as follows:
Upon execution and recordation of the
Declaration of Condominium as aforesaid, and
provided this Mortgage and Note secured hereby
are in good standing, Mortgagee agrees to release
from the lien of this Mortgage individual lots
upon payment to the Mortgagee of a sum equal to
the greater of the following:
(a) 70$ of the retail sales price of an
individual lot, or
(b) Mortgagee`s base of $4,500.00 per
individual lot.
This release clause will remain iri full
force and effect until the principal and interest
due under this obligation has been paid in Full
or a final decree in foreclosure has been entered.
TO THE EXTENT THAT this Modification of Mortgage and the
Mortgage dated June 4, 1971, which it modifies constitute a lien, or
liens, on the property of Mortgagor described in Exhibit A-1 to the
Mortgage dated June 4, 1971, said lien or liens are subordinate to
the Mortgage on the premises described in Exhibit A-1 dated October
14, 1970, and the Modification of said N,artgage of even date with
this Modification.
The name CONTINENTAL MORTGAGE INVESTORS is a designation
of the Trusiees f~the time being under a Declaration of Trust dated
November 29, 1961, as amended, and all persons dealing with
CONTINENTAL fdORTGAGE INVESTORS must look solely to the Trust
property for the enforcement of any claims against CONTINENTAL
MORTGAGE INVESTORS as neither the Trustees, officers, agents or
shareholders assume any personal liability for abligations entered
into on behalf of CONTINENTAL MORTGAGE INVESTORS.
IN WITNESS WHEREOF, the parties hereto have set their
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. hands and seals this~ ) day 1972.
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~AT'~J~S~ OUTDOOR RESORTS OF AMERICA, INC .
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