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MUDIFICATION OF MOIiTGAGL
AND
SECURITY AGRCLMENT ~
KNOW ALL MEN B1' THESE PRESENTS that for good and valuable
consideration including TL•'N DOLi,ARS ($10.00) to each receipt
wnereof is hereby acknowledged, the undersigned LUCILLE V. COSTA,
.
INC., a Florida corporation, and IIANKERS TRUST COMYANY, a Ne~a York
banking corporation, hereby modify that certain Mortgage and
Security Agreement dated March ?.0, 1974, recorded in Official Re~ords
Book 225 at Page 580 of the Public Records of St. Lucie County, Florida
between them encumbering the property therein set forth as follows:
1. The followiny paragraph is added as paragraph 30 of the
Mortgage and Security Agreement:
"30. For each two montn period beginning with anci
including the two months ot March and April,
1975, and continuing until the date that rlortgagor
has satisfied the mortgage in full, Mortgagor
shall be required:
~ -
(a) to close on the purchase and sale of at
least six condominium units in La Sagra
Condominium; and
- (b) to obtain six additional bona fide contracts
(without conditions) to purchase condominium
` units in La Sagra Condominium and wl:er~
i applicable with firca commitments for permanent
; financing from a financial institution which
t shall have approved the condominium project
and the sale for closing; provided 'nowever,
' that the number of contracts whicn Mortgagor
~ is obligated to obtain by this subparagraph
~ (b) shall be reduced by eacb closing on th~
q purchase and sale of condominiums in tliat two
: month period which exceeds the six closings
a
required by subparagrapn (a) a;~ove.
a
~
~ In the event Mortgagor exceeds the above requirements
s of subparagraphs (a) and (b) in any two montn pcriod,
; Mortgagor shall be entitled to a credit ag~-~inst tne
" requirements for the next succeediiiy two month period.
;
= For the purpose of subparagraph (a) above a purchase
- and sale shall be deemed closed when title has passed
to the purchaser of the unit and the release price
y required by the Construction Loan Agreement as modified
has been paid to Mortgaqee.
_ For the purpose of subparagraph (b) above a bona
- fide contract to purc}iase a condominium s}iall ue
- dceroecl obtained by A]ortgagor when a copy of the
executed contract nas t~een delivered to Mortc~agce
v together with an opinion of rlortyagor's counsel
~ .
that such contract is valid ~nc3 binc3iny and is not
unilai.erall~ r.rSCiriaU,1C by P~]I"Chc3SCi or N:ort_yagor
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