HomeMy WebLinkAbout1138 and toyether with Dlortgagor's representation. -
tn;jt tne contract purchaser has deposited with
_ Mortgagor a minimum of 10$~of the contract purciiase
price.
Mortgagor shall be entitled ~o credi~ against the
requiren~~ents of subparagraphs (a) and (b) in the
manner set forth in the Construction i,oan and
Project Agreement as modified this date.
Failure of Mortgagor to~obtain the required number
of closings and the reyuired number of bona fi~~
contracts as required by sunparagraphs (a) and (b)
above shall constitute an event of ctefault and shall
entitle Mortgagee to eaercis~ all rights contained
in Paragraph 12 of tiiis Mortgage (as modified hereby)
and/or any other right contained in this Mortgage
or under the laws of the State of Florida,"
2. Upon any default by Mori~gagor under tne terms of this Mortgage
and Security Agreement as modified hereby or under the terms of
the $4,600,000.00 Promissory Note or the Construction Loan and
Project Ayreement associated herewith, Mortgagor promises to pay
(whether or not suit has been instituted) all costs including
. reasonable attorneys fees incurred by Mortyagee in the collection
enforcement and defense (and proceedings related ancillary, or
supplementary tnereto) of tnis Mortgage and Security Agreement,
the said Promissory Note and tiie said Construction Loan and
Project ~lgreement as such instruments have this date been
modified. It is expressly agreed that such costs and attorneys
fees as aforesaid snall include such as may be incurred by the
nolden c~reof in prosecuting or resisting any proceedings in
appellate courts before or after final decision of a court of
competent jurisdiction.
- 3. ~xcept as modified hereby, LUCILL~ V. COSTA, INC, and BANKL•'RS
TKUST COMP~~NY agree that the Promissory Note and all its terms
f and provisions remain unchanged and continue in full force and
! effect.
i
; IN iVITNESS taHEREOF, the parties hereto nave caused tnis instrument
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s to Ue executed the day and year first above written.
~ LUCILLE V, COSTA, INC.
~ / /
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~ ( Corpor~te f _ BY ~ --`-_"""r-'~~~`~`
~ : r~'•' ~x. eorge A, Costa, , resident
€ ? 4~' , {~.L , r; -
, } ` ' : ~ ~ ATTEST :
• ~ Nancy Fontanella, Secretary
, . ~
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= BANKERS TFUST CUMPANY
§ ~ ~ i ~ ,
(Corporate Seal) BY: ~ ~
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_ AT~~S~I' :
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