HomeMy WebLinkAbout0835 Se~tion 3.11. (a) Robinson Callen, individually and as
Trustee, and Charlotte Callen,~his wife, have 3oined in the execu-
tion of this Mortgage to constitute this Mortgage as a valid and
subsisting lien encumbering (i) the real property described in _
Exhibir ''C'', attached hereto and made a part hereof, and (ii) the
lessor's interest in and to the Ninety Nine Year Lease dated
January 23, 1970, between Landmark Villas, Inc., a Florida corpora-
tion, as Lessee, and Property Management Group, Inc., a Florida ~
• corporation, as Lessor, recorded in Official Record Book 182, at
Page 1373, of the Public Records of 5t. Lucie County, Florida, as •
amended by Amendment dated August 19, 1970, between Landmark Villas,
Inc., as Lessee, and Property Management Group, Inc., as Lessor,
and recorded in Official Record Book 187, at Page 2799, of the '
Public Records of St. Lucie County, Florida, and further amended
by Amendment dated May 9, 1973, between Landmark Villas, Inc., as
Lessee, and Robinson Ca11en, as Trustee, and Charlotte Callen, his
wife, as Lessor, and recorded in Official Record Book , at .
Page , of the Public Records of St. Lucie County, Florida~ cover-
ing the property described in Exhibit "C''.
(b) Landmark Villas, Inc. has joined in the execution
of this rtortgage to constitute this Mortgage as a valid and sub-
sisting Zien encumbering (i) the lessee's interest in the Ninety
Nine Year Lease between Landmark Villas, Inc. and Property rianage-
ment Group, Inc. referred to in the preceding subparagraph (a),
and (ii) the lessor's interest in the Ninety Nine Year Lease dated
January 23, 1970, between Landmark Vkllas, Inc., a Florida corpora-
tion, as Lessor, and Villa Del Sol, Inc., a non-profit condominitmn
corporation organized under the laws of the State of Florida, as
lessee, recorded in Official Record ~ook 182, at Page 1384, of the
Public Records of St. Lucie County, Florid~l, as amended by Amendment
dated August 19, 1970, betcaeen Landmark Villas, Inc., as lessor,
and Villa Del Sol, Inc., as lessee, and recorded in Official Record
Book 187, at Page 2804, of the Public Records of St.-Lucie County, '
' Florida, and further amended by Amendment dared May 9, 1973, between
; Landmark Villas, Inc., as lessor, and Villa Del Sol, Inc., as lessee,
; and recorded in Official Record Boolc , at Page , of the public
! Records of St. Lucie County, Florida, covering the property described
~ in Exhibit ''C"
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~ (c) The joinder by Robinson Callen, individually and as
Trustee, and Charlotte Callen, his wife, and Landmark Villas, Inc.
~ in the execution of this Mortgage is upon Che condition that said
parties shall not be personally liable for the payment of the Note
secured hereby and any additional notes executed by B.D.B. Develop-
~ ment Corp. pursuant to Section 3.07, or for the payment of any si~ns
of money required to be paid pursuar~t to the terms of this ~iortgage.
~ Robinson Callen, individually and as Trustee, and CharlotCe Callen,
~ his wife, and Landmark Villas, Inc. hereby consent to the making of
~ additional advances pursuant to Section 3.07, and do hereby waive
~ the giving of any notice of the malcing of said advances by Mortgagee,
~ its successors an3 assigns, Co B.D.B. Development Corp., its succes-
; sors and assigns. Robinson Callen, individually and as Trustee,
_ and Charlotte Callen, tiis wife, and Landmark Villas, Inc. represent ~
~ unto, and covenai~t and agree with i~iortgagee, that !i) they induced
Mortgagee to lend B.D.B. Development Corp. the proceeds of the Note
secured hereby upon their assurance that they would execute the
~ within Mortgage with B.D.R. Development Corp. to secure the payment
~ o£ the Note secured hereby, and (ii) that the lien of this rtortgage
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~3' WILLIAM S/?LOMON, K/?NNLFi 4 OAMIAN, ATT~)RNEv~-. AT LAW, [.~~{~C~NT llUILnINCi, ~-~~~1M1, FLC?RIUA
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