HomeMy WebLinkAbout2986 f rom the lien of the "Purchase Money Mortgage" shall be delivered
to the escrow closing agent upon the recording of th~ declaration
of condominium. For the releases herein granted by "Colony"~ ~
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."Borrower" agrees to pay to "Colony" a release fee of 2~% of
the gross sales~price of the condominium uniC to be released.
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Such payment shall be first applied to the interest outstanding ~
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on the indebtedness evidenced by the "Purchase Money Mortgage" f
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and the "Note" secured thereby and the balance to pri.ncipal. ~
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4. "Colony" agrees to give "Guardian" notice of any default
by the "Borrower" under the "Purchase Money Mortgage" and the •
"Note" secured thereby and gives to "Guardian" the right to cure i
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any such default within 30 days of the receipt by "Guardian" of ~
such notice. "Colony" covenants and agrees not to accelerate the '
indebtedness secured by the "Purchase Money Mortgage" nor exer- `
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' cise any of its rights or remedies tlzereunder until the aforesaid =
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30 day period has elapsed. It is expressly agreed and understood
that by the granting to "Guardian" of the right to cure any
default under the "Purchase Money Mortgage" and the "Note"
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secured thereby that "Guardian" incurs no obligation whatsoever _ ~
to cure such default.
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; IN WITNESS WHEREOF, the parties have hereunto executed this• ~
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t document the date and year hereinabove written. _ C~~.
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g Signed, sealed and delivered BEAC CLUB EVELOPr NT
; in t presence of c~
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~ ATTEST ~ ;
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~ ~1 to Beac ub Develop- _ 3
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~ ment Corp._ ~ ~ - ;
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~ BEACH CLUB COLOIVY OF ~Ci~i~ ~~1V~~ ~
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f ~ ATTEST .~-~e~ = ~ ' : .
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r5 s to ea Club Colony of I~~~`.' ~
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- _ - 800K~+~V PACE~9H~
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