HomeMy WebLinkAbout2115 . ~
~
t
~
MODZFICATION a
OF
MANAGEMENT AND OPERATING AGREEMENT ~
9~g
WHEREAS, INDRIO GROVES, INC., as "OperatoY" and the
remaining undersigned parties, as "Owners", did enter into
a certain a~reement effective October 16, 1963 for the
development of a citrus grove and sale of the fruit there- ~
from in St. Lucie County, Florida, a~d
WHEREAS, said agreement did grant unto the Operator
plenary authority for the management and operation of said
citrus grove and sale of the fruit therefrom,and
WHEREAS, it has become desirable to extend the term of
s~id agreement, and
WHEREAS, it has become desirable to clarify the authority
of the Operator as to the purchase of certain necessary capital
assets and borrowing of funds,
~
NOW THEREFORE in consideration of the mutual covenants
and promises hereinafter set forth it is agreed by and among _
the parties as follows:
1. The term of the aforesaid agreement is hereby extended
4 -
~ to and including October 16, 1982.
i
; 2, The Operator may borrow funds from commercial banks
( ~
~ or other lending institutions, including Production Credit
Association for the following purposes:
(a) To finance the purchase of necessary
equipment and to construct necessary barns and
other structures and for such purpose may pledge ~
or encumber any existing equipment, buildings
and the~like as security for such loans.
(b) To finance production costs, distri-
~
~ bution of income to Owners, including the making
of mortgage payments for the account of indi- ,
vidual Owners. For this purpose the Operator
shall be authorized to pledge fruit income to
secure any such loans including fruit in existence
_ ~
MEIl4 ORIFFIN JEFFRIES i LIOYD d~~~ `~i~~
GHAqiEREO
P O~ BOX 1270. i0A'T RERCE. FLORIDA 33450 - TEIEPMONE ~305i n6~-B200
- - z.~.:-
'_,~x- ~~r'~~"-- - - ~ ~-~',~-h~ =i I
~ I
-:~x~;:~
~
~