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and Obligee has agreed to the provisions herein for the pur- ~
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pose of inducing HWIT to make such loan to The Carlton Corp- j#
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oration; ~
~ NOW, THEREFORE, in consideration of the premises and ~
other good and valuable c~nsideration, the receipt and sufficiency !
of which are hereby acknowledged, Obligee hereby agrees as follows:
1. In the event of a default under the Obligee's Note
or Obligee's Mortgage and prior ta exercising any right or remedy
under said Note or Mortgage, the Obligee shall (i) notify BWIT in
writing of such default, (ii) permit BWIT to cure any default by
The Carlton Corporation within thirty (30) days of receipt of such
notic~ by making payment or doing such other act or thing as may be
necessary or proper; and (iii) accept all.payments made and all
acts or things done by BWIT on behalf of The Carlton Corporation
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as though the same had been done or timely performed by The Carlton
Corporation so that they shall be as effective to prevent a de-
fault as the same would have been if timely done or performed by
The Carlton Corporation. The Obligee shall have no right to fore-
close and sell the property unless and until such notice is~ given -
and the time for curing defaults has expired. If such notice is
mailed to BWIT as ?20 Gilmore Street, Jacksonville, Florida, 32204,
via registered or certified United States Mail, return receipt re-
quested, the date of de~livery of such notice shall be rebuttably
presumed to be the date indicated on the receipt returned to Obli-
~ gee. BWIT shall bear the burden of rebutting such presumption. BWIT
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~ shall not be obligated to cure any such default. ~
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~ 2. The undersigned Obligee will not amend or modify the
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` Obligee's Mortgage or amend, modify, renew or extend the Obligee's
; Note without the prior written consent of BWIT.
3. This Agreement shall remain in full force and effect
until, and only until, BWIT's Mortgage is marked satisfied and can-
celled of record. This,Agreement is for the exclusive benefit of
BWIT and the successors and assigns of BWIT.
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