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h10RTGAGE I?IODIFICATION AGR~:i.~IENT ~
THIS AGftE~I~IENT, dated the 3d a~1 of September, ~
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,1~! o ~ ~'iy ~tiic'a uc ~K -v'zci~ ~ f T1_~C_'; ~ a Flarida cornoration, . :
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havin~ its ~rincipal office in Ft. Pierce, Florida, hereinafter ~
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referred to ~s COSY CREEK, and THS TItAVELERS INSUFtANC~ COMPANY, a ~
corporation organized and existing under the laws of the State ~
of Connecticut, having its principal off ice at One Tower Square ~
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~ Hartford, Connecticut, hereinafter referred to as TRA . ~
W I T N E S S T T H;
WHEREt1S, on September J, 19?5, COS9 CRE~K borrowed THR~E
~IILLION FIVE HUNDRED THOU3AND and NO/100TH3 (~3,500,000,00)
DOLLARS from TRAVELERS, evi.denced by a promissory note executed on
that date by COW CRSSH in the ori~inal principal amount of THR~B
bIILLION FIVE HUNDRED THOU3AND and NO/100THS (~3,500,OOU.00) DOLLARS
and bearing interest at the rate of ten and one--quarter per ceatum
(10-1/4~) per annum, with a final payment falling due on Oc~ober
1990, which Note was secured by duplicate original ~Iortgages
covering properties in St. Lucie and Okeechobee Counties in the
State of Florida (hereina~ter referred to as the "original
~Iort~ages") executed by CON CRESK and recorded in St. Lucie County
Public Kecords in O. B. Book 243, page 1629, and in Okeechobee
County Public Becords in O. R. Book 175, page 91.
ZYfiEREAS, COr CREEg is desirous of obtaining a release
of the parcels of land described in Exhibit "A" attached hereto
and by reference made a part hereof from the effect of said
original Atortgages and is desirous of substituting in lieu thereof
the parcels of land described in Exhibit ~~B" attached hereto and
by reference made a part hereof, situated in St. Lucie and
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Okeechobee Counties, Florida, not previously subject to the Iien ~
of said original biortgages, and ~
WHEREAS, TRAVELII~S is willing to release from the effect
of said original blortgages the parcels of land described in
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