HomeMy WebLinkAbout2985 1. That the lien of the "Purchase Money Mortgage"`
~ recorded in Off~cial Records Book 218 at page 718 of the '
public records of St. Lucie County. Florida~ and the indebted-
, ness secured thereby~ and all rights to condemnation proceeds.
rents. profits and insurance proceeds~ and all ~dvances to be
e nd shall at all times be subordinate. ~
made thereunder ar a
secondary~ ~unior and inferior to the lien of the "Guardian
Mortgage" given by "Borrower" to "Guardian". and recorded ~
under Clerks No. 02 9 C - in the public records
of St. Lucie County, Florida, and to all advances~ future
advances. modifications..amendments. extensions and increases
thereof and to the lien of any mortgage~ the proceeds of which
are used in whole or in part to refinance the "Guardian '
Mortgage". -
2. "Colony" agrees to execute a"joinder of mortgagee
and consent to all documents required by law~ "Borrower" or
"Guardian" to submit the land encumbered by the "Purchase '
Money Mortgage" and the improvements to be constructed thereon
to the condominium form of ownership.
3. "Colony agrees to deliver to an escrow closing agent.
i ~ to be hereafter determined by "Borrower" and approved by
; ~
` "Guardian". executed partial releases from the lien of the ~
~ "Purchase Money Mortgage". Releases shall be in a number
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` sufficient to coincide with the release provisions of the
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` loan agreement of even date herewith between "Guardian" and ;
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E "Borrower" (the "Loan Agreement")(such release provision is
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~ subject to modification as may be hereafter determined between
~ "Guardian" and "Borrower" and the delivery of such releases is
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- in no way conditioned upon "Colonys" prior approval of any '
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= modification) so that upon the sale of a condominium unLt
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~ and upon the payment of the appropviately determined release
price to "Guardian", the executed releases from "Guardian"
and the ex~ecuted releases from the "Purchase Money Mortgage"
- may be recorded concurrently, giving the purchaser of a condo
minium unit clear title thereto. The executed partial releases
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BOOK~6 PACE~9Qv
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