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HomeMy WebLinkAbout1483 ~ ~ ~ ' ~ ' t . • . ; , ~ _ . _ MORTGAGE AND NOTE AMENDMENT 294913 THIS AGREEMENT, made as of October l, 1974 by and between FIRST WISCONSIN NATIO'~NAL BANK OF MILWAUKEE (Bank), and SCNANDELA'~IER D~EI,ppI~1T CORp. and SCHANDELM~IER CONST. , INC. , both Wi~consin ~ corporations (Borrower); and ~g~S, gorrower is ownea8 andeGrantosa8Blvdtaand1100thd - at liutchinson Island, Stuart, Flori Street, Wauwatosa, Wisconsin,~the legal description of which is ~ fully set out on the attached Exhibits A~and B; and the Bank is present owner and holder of two Promissory Notes snd real estate Mortgages-securing the same, more particularly described as follows: - .~A. A certain Note by.Borrower (Schandelmeier Developinal ~orp.) to the Bank dated September 28, 1973, in the orig principal amount of-$3,000,000.00 secured by a Mortgage of same date conveying a first lien on the property described in Exhibit A which Mor~gage was recorded Deceanber 20, 1973 in Official Records,.Book 222 at page 241 of the public records of St. Lucie County, Florida. B. A certain Note made by Borrower 197~ninltheeoriginal~ Inc.) to the Bank dated May 11, , ~ amount of $3,250,000.00 secured by a Mortgage of same ~ ~ date, conveying a first lien on the property described _ in Exhibit B, which Mortgage was recorded May 14,~_- ~ 1973, in the Register of Deeds Office for Milwaukee ~ ~ County, Wisconsin in Reel 719, Image 2045 to 2052 inclusive as mcument No. 4759994 and a Modificatio~ Mortgage dated May 11, 1973 and recorded June 29, 1973 in the said Register`s Office in Reel 730 at Image 173 as Document No. 4773005. ~ . AND WHERFAS, no repayment has been made on the advances ' made under the aforesaid $3,000,000.00 Note or the aforesaid $3,250,000.00 Note; and ~ WNERFAS, the Bank and Borrower~have mutually agreed to cross-collateralize the Notes described above in (A.) and (B.) ~ respectively, as well as_the MortgageectivelingandiacNordingly said described above in (A.) and (B.) resp y, Notes and Mortgages are hereby amended as follows; ~ A default upon that Note of Borrower to Bank described in (A.) above shall constitute a default under that Note of Borrower to Bank described in (B.) above, and a default under the terms of that Mortgage described in (A.) above shall constitute a default under the terms of that Mortgage descr~bed in (B.) above, and similarly, - . 6001(~J~7 M6f~~, . _ : ~ - _ ~ . .