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A G R$ fi M E N T
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THIS AGREEMENT made and executed this ~L~L day of
July, 1973, by BROWARD NATIONAL B~ANK, as Trustee, whose ad- ~
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• dress is 25 S. Andrews Avenue, Fort Lauderdale, Florida ,
(hereinafter referred to as "Obliqee"), for the benefit of
JAMES H. WINSTON, THOMAS F. KING, JR., GUY W. BOTTS, DONALD J. i
GOETZ, PRESTON H. HASRELL, PRIME F. OSBORN, MALCOLM M. PRINE,
H. DOUGLAS McGEORGE, JR. and JAMES S. TAYLOR, not individually,
but only as Trustees of Barnett-Winston Investment Trust, an
unincorporated business trust organized under the laws of
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Florida pursuant to a Declaration of Trust dated April 21,
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1972, as amended and restated and their successor Trustees i
with all the powers stated therein, whose address is 720 Gilmore ;
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Street, Jacksonville, Florida 32204, (hereinafter referred to
as "BWIT");
W I T N E S S E T H; •
WHEREAS, Obligee is the holder of that certain Mortgage
~ froan The Carlton Corporation, dated , j,,. ~ ~ ~ q; recorded
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Q~~N in Book Page T~t/, St. Lucie County, Florida Records,
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N~ j~ ("Obligee's Mortgage") conveying certain real property in St. ~
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~~~3 Lucie County, Florida, described therein (the "Land"), and a note
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secured thereby of even date therewith in the original principal
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" amount of $2,007,336.00 ("Obligee's Note"); and
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; WHEREAS, BWIT has issued its commitment to make a loan ~
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in the amount of $3,600,000.00 to The Carlton Corporation to be '
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~ secured by a mortgage conveying the Land and other real and per- `
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sonal property in St. Lucie County, Florida ("BWIT's Mortgage"),
which will be subject to Obligee's Mortgage and the obligations
of The Carlton Corporatior~ secured thereby; and
' WHEREAS, BWIT's commitment is conditioned upon receipt `
; of Obligee's agreement to give BWIT written notice of any default
on Obligee's Mortgage and the option to cure such default; and
WHEREAS, Obligee expects certain benefits to acerue to
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it in the event that BWIT makes such loan to The Carlton Corporation,
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