HomeMy WebLinkAbout1118 secured by the lien of the Mortgag~; provided, however, that at
no time shall the outstanding principal indebtedness secured by
the Mortgage, including advances, exceed a maximum principal
amount of $2,850,000.00, plus interest thereon, and plus any
disbursements made by Mortgagee for the payment of taxes, levies
or insurance on the property encumbered by the Mortgage, with
interest on such disburser~nts; and
Pursuant to Section 3.07 of the Mortgage, Mortgagee, at
the request of Mortgagor, B.D.B. Deve lopment Corp., agreed with
said Mortgagor to make additional advances, from time to time, to
said Mortgagor, pursuant to Section 3.07 of the Mortgage, of the
swn of $329,850.00, over and above the advances made under the
$1,900,000.00 Note; and
Concurrently with the execution and delivery of this
Agreement, Mortgagor, B.D.B. Development Corp., has executed and
delivered to Mortgagee its Yromissory Note to cne order of ~orc-
gagee in the principal amount of $329,850.00, maturing on November
; 30, 1975, a copy of said Note being attached hereto and made a part
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~ hereof as Exhibit "B"; and
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~ The parties have agreed that the Mortgage will now secure
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' the Note in the original principal amount of $1,900,000.00, and the
~ Note this date executed and delivered by Mortgagor, B.D.B. Develop-
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~ ment Corp., to the order of Mortgagee in the principal amount of
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~ $329,850.00, to the same extent and with the same force and effect
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~ as if the two Notes, herein referred to, were executed and delivered
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y by said Mortgagor at the time of the execution and delivery of the
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- t~Iortgage; and the parties have agreed to extend the maturity date
of the $1,900,000.00 Note to November 30, 1975; and
Landmark Villas, Inc., a Florida corporation, has assigned
- and transferred unto Robinson Callen as TYustee, a1Z of its right,
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title and interest in and to the Lease referred to in Sec tion 3.11(b)
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t~ of the Mortgage, by Assignment dated March 17, 1973, recorded in
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WILLIAM:a, SALOMON, ,Y,ANNLR 6 OAf-0II~N, ATTGRNEYS AT L/~W, truf'~NT ElU1LO1tJG, MIAM1, iIORIDA
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