HomeMy WebLinkAbout1050 ltlder to tt~t Cc~rtain Hortydyrr IX ed an~l
Sc~ce~ri ty Ac~rcenx~nt from tlOL1,YWO0A D~VE[.On-
MENZ' COMPANY, a t'lorida c~rparation, to
C~NEItAL ELECTRIC CRliDI?' CORPORATION, ~
New York corparation, dated L-hG• ~ _
day oF October, 1973.
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44. This Mortqage and Security Ayreement is executed and ~ie2ivered ursuant
to a Loan Commitment Agreemc:nt between the parties hereto, dated the
day of September, 1973, and a11 riders and amendments thereto, copies of which are main-
tained at the office of the Mortgaqee and the lNortyagor. Tt~is Mortga~e is subjcct to
a11 of the terms and c~onditions of said Loan Commitmc~nt Ayreement and any riders and
amendments thereto, a11 of which are incorporated herein by r~~fc:~rence and made a p~art
hereof as if fu11y set forth herein. Any default in sald Loan Commitme.~nt Agreement
sha11 ~onstitute a defau2t hereunder. In the ev~~nt of any conflict between this Mort-
yage and said Loan Comraitmcrnt Agreement it is understou,~ ~nd ayrc~~~d th~at the terms of
said Loan Cornrni tment Agreearent sha11 prevai.i . ;
45. This mortgaqe is subject and suLordi?late to th~• n~ortyayes dc•scrib~d
below recorded in th` Public Records oF St. Lucie County, t'lorida, but not to any modi-
tication, exter~sion, replac.~ement or renewal thereof and only to t_hc~ amounts frc~m tir?~
to time rem~ainir~g unpaid thereon:
(aJ Hortgage from North Trail Colf Club, Inc., ~ F'Iorida oorporation, to
John L. Lester and Roi.~~rt R. Cox, dated April 1I, 1972, filed for record April 12,
1972 in Official Recuz.:; ~k 201 on Paye 808 of the Ynblic Records of St. Lucie
County, Florida as assiyned by John L. Lester and Robert R. Cox to Indian River
Ci trus Bank, d~ ted Ju1 y 21, 1972, fi 1ed for rec.brd Ju1 y 2ti , 1972 i n Offi ci~1
Records Book 204 and Page I7~17 of the Public Reaords of St. Lucie County, Florida,
and
(b) ~lortyaye from Trafalgar Cornmun.ity Dc.~vclopers, Inc., a F'lorida oorporation, ;
to North Trai1 Co1f Club, Inc., a Florida corporation, dated December 20, 1972,
filed for reeord December 20, 1972 in Official Records t3ook 209 on Paye 557 of the
Public Re~rords of St. Lucie County, Florida.
46. The Mortgagor hereby rc~presents, warrar,ts, coven~nts and ~tyrecs that:
(a) The execution and.delivery of this mortyagc= is not in violation of any ~
of the terms and ~nnditions of L-he prior mortyayes.
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(b) The Mortyagor wi11 prompt~y pay, when due and payablcr, the interest, s
installments of principal,ared a11 other sums and charg~s mentioned in and rr~dt~ <
payable by thc.~ prior mortg~ges.
(c) The Nortyagor wi11 promptly perfvrm and observe a11 of the terrrrs, cov~~nants
and conditions required to be performed and absc~: d by the Mortgayor und~r prior
mortgages, within the pe~riods (t~xclusive of grace periods) provided in the prior
raortgages, or such lesser periods (exclusive of grace peri~~ds) as are provided in
Paragraph 22 of this mortgage, and will do aI1 thinys n~cessary to preserve and to ;
keep the prior mortyayes free from default.
(d) The Mortgagor will promptly notify the Mortyay~~c~ in writing of any default -
by the Mortgagor in the performance or observai~ce of any of the terms, covenants
or conditions on the part of the Mortgayor to be performed under prior rr~rtgages.
(e) The Mortgagor wi11 (1) promptly notify the Mortyaqee in writiny of the
receipt by the Hortgagor of any notice from the mortyayec under any of the prior mort-
gages and of any notice noting or clairniny any d~¦fault by tt~e Mortqagor in the per-
formance or observance of any of the terms, covenants or conditions on the part of
the Mortgagor to be performed or observed ander any of thr..~ prior rrprtgages, anri (ii)
promptly cause a copy of each such notice reccived by the Mortyaqor from the morty~ycc.~
under any of the prior rrbrtyages to bc.~ delivcrred to the Mortgagee. ;
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(f) The Mortgayor wi11 not, without rhr prior writtc~n conscnt of th~~ Mortgagee, ~
enter into any ayreements or accept the ben~~fit ot~ any arr~nyement whereby the holder '
of any prior mortyaye waives, postponr.s, e:,_.•nds, r~:duces or rrbdifics th~ payment of F
any installment of principal or intc~. =t or any other item or amount now required '
to paid nnd~r the terms oi- any ptior mortr~~ige vr mndi fi~~s any provision ttlc~rc~of.
(y) The afortgagor wi11, within tc~n (10) da~s ~tt~~r written demand from thc
Mortgayee, use its best efforts to cobt~ln frvm thc~ nx~rtyayet ot~ eaeh of t~iv prioi- .
mortgages and deliver to the Mortyayee a certificate st~tinc~ that such prior mortyaqc~
is in fu11 force and effect, is unmodified, that no notice of de.fault thereunder
has been ~~rved on the Mortyayor there~undr~r .~nd stal~iny whether or not there ar~~ ~ny
defaults thereunder, and spe~cify.iny thu natur~r of such def~ults, if any.
- 11 ~ - 8001i ~~9 PACf ~.V~Q
GREENE ANp L/l`INE. PA,ATTORNEYS A7 LAW, 320 N E ie~~ STREET, MlAMl. FLORIDA 331J2
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