HomeMy WebLinkAbout1319 NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and agreement of the parties herein contained and for
the purpose of carrying out the intention above expressed, Borrower
and the Bank hereby cavenant and agree as follows:
1. That the liens.of the said two First Mortgages hereinabave descri-
bed are spread, coflsolidated and coordinated so that together they
shall hereafter constitute in law a valid single First Mortgage, a
single lien, with~the same force and effect as though they were
one Mortgage on the-said premises described in each said Mortgage
and located in St. Lucie County, Florida, securing the principal
sum of $2,380,200.00 with interest, said principal and interest to
be paid as hereafter pravided. The liens of the said two First
' Mortgages as so spread, consolidated and coordinated shall be
deemed and construed from the date hereof to run concurrently as
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one mortgage and lawfully constitute a valid single first lien
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~ without priority of the one over the other upon the premises des-
cribed in Exhibit A attached hereto securing said principal sum of
$2,380,200.00, with interest thereon payable, with the same force
and effect as if the Bank were the holder of a single Note for
said amount and a single Mortgage securing the same made and exe-
cuted by Mortgagor covering the real estate described in Exhibit A
attached hereto. Borrower covenants and agrees that all of the
terms, covenants and conditions of the Mortgages referred to here-
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in shall be deemed to be the covenants and conditions of the single
mortgage and joint lien spread, consolidated and extended_by this
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Agreement.
2. That the aforementioned principal indebtedness in the amounts of
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~ $2,200,000.00 and $180,200.00 as evidenced by the aforementioned
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