HomeMy WebLinkAbout0635 WHEREAS, Mortgagor has requested Mortgagee to advance an
additlonal sum to be fully secured by said mortgage and security agreemeAts
mentlaned abave, together with additional security, all in accordaace with the
provisions of said mortgage prnvidiag for additional advances. and the Mortgagee
has agreed to such request, and
WHERF.~?S . the Mortgagor ie now the owner af one hundxed pe~ ~eat .
(100$) of the stock of~NEVINS-IDEAL, INC.. a Florirla corporation. and " -
WHEREAS , the said Mortgagor has by aQreement dated the 30th
day of August, 1974, and recorded i~a O. R. Book 231, page 2040, Public
Records of St . Lucie County, Florida, contracted with the Mortgagee t~ acquire
the said stock of NEVINS-IDEAL, INC. and all of the asseta thereof, and has
further agreed to dissolve the corporation known as NEVINS-IDEAL, INC. and
distribute the assets unto the said ~Mortgagor herein, and
WHEREAS . the proceeds of the additional advar~ce made hereunder
will be used for the partial acquiaitlon of the stock ~of NE~IINS-IDEAL, INC and
WHEREAS , to more adequately secure the Mortgagee herein, the
Mortgagor has caused its corporatlon. NEVINS-IDEAL. INC., to join ia
and become a maker of this additional advance and the original obligation _
of the Mortgagor, EGAN, FICKETT ~ COMPANY, and to join in the execution .
of the additional advance note , and in addition to provide as additional security
for said advance, certaiu real and personal property located in St. Lucie
County, Florida, more particularly hereinafter described. _ '
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~ NOW , THEREFORE, in consideration of the premises, the partfes
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~ agree as follows:
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~ 1. Mortgagee has this date advanced to EGAN , FICKETT 6 COMPANY ,
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~ and NEVINS-IDEAL , INC . the swn of TWO HUNDRED FIFTY THOUSAND AND
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~ NO/100 DOLLARS ($250,000.00), as axa additional advance under the terms of
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f - its mortgage as aforesaid, and that the total sum now secured by said mortgage,
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; including such advance, is ONE MILLION ONE HUNDRLD FIFTY THOtJSAND AND
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! NO/100 DOLLARS ($1,150,000.00), all of which is repayable as provided by an
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