HomeMy WebLinkAbout0017 Section 3.I1. (a) Robinson Callen, individually and as
Trustee~ and Charlotte Callen, his wife, have joined in the execu-
tion of this Mortgage t~ consti~ute this Mortgage as a valid and
subsisting lien encutnbering (i) the real property described in
Exhibit• ''C'', attached hereCo and made a part hereof, and (ii) the
lessor's interest in and to Che Ninety Nine Year Lease dated
January 23, 1970, between Landmarlc 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 Pu~lic Records of St. 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 CaZlen, as Trustee, and Charlotte Callen, his
wife, as Lessor, and recorded in Official Record Book 2~.i , at
Page 7~7 , of the Public Records of St. Lucie County, Florida~ cover-
ing the property described in Exhibit ''C''.
lb) Landmark Villas, Inc, has joined in rhe execution
of this rtortgage to constitute this Mortgage as a valid and sub-
sisting Iien encum~ering (i) the lessee's interest in the Ninety
Nine Year Lease betcaeen I.anc~nark l~illas, Inc. and Property Tianage-
ment Group, jnc, referred to in the preceding subparagraph (a),
and (ii} the Iessor's interest in the Ninety Nine Year Lease dated
January 23, 1970, between Landmark ViZlas, Inc., a Florida corpora-
tion, as Lessor, and Villa Del Sol, Inc., a non-profit condominium
corporation organized under the Zacvs of the State of Florida, as
lessee, recor~3~~d in Officia2 Record Sook 182, at Page 1384, of the
Public P.ecords of St. Lucie Co~nty, Florida, as amended by ,~mendr.~ent
dated Att~,ust 19, 1970, be~c•~een Landmark Villas, Inc. , as lessor,
and Villa Del Sol, Inc., as Iessee, and recorded in O:Eficial Record
Book 187, at Page 2804, of the Public Records of St. Lucie County,
Florida,'and further amended by Amendment daCed May 9, 1973, between
Landmark Villas, Inc., as lessor, and Villa Del So1, Inc., as Iessee,
and recorded in Official Record Book ~iS' , at Page ~~z , of the Public
Records of ~C. Lucie Coun~y, Florida, covering the property described
; in Exhib it ''C" .
i (c) T'ne joinder by Robinson Callen, individuall.y and as
f Tr~stee, and Charlotte Callen, h is wife, and Landma:.k Vi11as, Inc.
~ in the execution of this Mortgage is upon the condition that said
` parties shall not be personaily Ziable 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 s:~~:ns
~ of money required to be paid pursuant to the terms of this ~Iort~age.
s Robinson Callen, individually and as Trustee, and Charlotte Callen,
' his ivife, and I,andmark 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 making of said advances by tiortgagee,
its successors an1 assigns, to B.D.B. Development Corp., its succes-
~ sors and assigns. Robinson Callen, individually and as Trustee,
~
and Charlotte ~allen, his ~~ife, and Landmark Villas,`Inc. represent
unto, and covenant and agree w?th t~iortgagee, that (i) they induced
~ Mort~a~ee to lend 13.D.B. Development Corp. the proceeds of the Note
,
~ secured hereby upon their assurance that they would execute the
~ within Mortgage wi~h T3.D.R. Development Corp. to secure the payrrent
1 of the Note secured hereby, and (ii) that the lien of this riorC~;age
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