HomeMy WebLinkAbout1963 ADDENDUM NO. 1 TO
MODIFICATION AND CONSOLIDATION AGREEMENT ~
OF APRIL 14, 1975
This Addendum No. 1 is made and entered into by and between
AQUA RABELLA, INC., a Florida corporation, and AQUA RA, INC., a
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Florida Corporation, and AQUA RABELIsA ASSOCIATES, a Florida
partnership, hereinafter called the "Mortgagors" and WINDMILL
VILLAGES OFAMERICA, INC., a Florida corporation, hereinafter
called "Mortgagee", t
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W I T N E S S E T H:
WHE~2EAS, it was heretofore provided in Page 4, Paragraph 2
of that certain Modification and Consolidation Agreement dated
April 14, 1975, that the said Paragraph 2 be amended as follows:
"The Mortgagee also agrees to release parcels described in :
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that certain mortgage between Property Management Group, Inc. and ~
Phillip Weiner as Trustee, such parcels beinr 80 feet in width as
measured lineally along State Road AlA beginning at the Northerly
boundary of the property described in said mortgage and running
i contiguously thereafter to released lands, and its East-West property _
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~ line shall be parallel to the property released immediately prior
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~ to the release payment. Said releases R+~ 7 ~ 1~t--~,~Am ~i l
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a w...~_.._a shall be given for one strip of 80 teet, once
each year during the term of this obligation only if proper reduction
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in principal on this obligation is made, the mini.mum amount being ~
~ One Hundred Thousand Dollars principal having been paid to the - _
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~ Mortgagee under this obligation during the prior calander year, and #
~ further if the balance on this obligation has been reduced by ~
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~ $75,000.00 as of January 1, 1976. Said mortgagors may prepay on any
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~ obligations heeunder and obtain said 80 foot strip releases for
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~ each $100,000.00 (575,000.00 for the balance of 1975) reduction in
~ principal. Such prepayments will apply to the next following ~
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~ quarterly principal payments, = ~ ` ` ~
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