HomeMy WebLinkAbout0735 s-s~~ 7
,
. ;
FIRST MODIFICATION OF MORTGAGE AND SECURITY AGREEMENT ~
AND RECEIPT FOR FUTURE ADVANCE
~
THIS AGREEI~:NT, entered into this day of December, 0~
1976, by and between HUTCHINSON ISLAND CLUB, INC., a Florida corpo-
ration (hereinafter denominated "M~ortgagor"), and CONTINENTAL ~
ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, a national
. ~
~
banking association having its principal office in Chicago, Illinois ~
~ ed ~
(hereinafter denominated "lrbrtgagee" ) . ~ ~ ~ ~ ~
ouE oh a~,ss ~c iKr~neie~ ~sor~ ~n
W I T N E S S E T H s N~T TO CtIAPtt'4 71-13t, ~CTS oF 1971. ~
- - - ` - - ROGfR POITRAS r~~
WHEREAS, Mortgagor executed a Mortgage and~~~~Tt'~~tg~~44t ~
~ (hereinafter denominated the "M~artgage") in favor of Mortgagee dated
. October 27, 1976, recorded in Official Records Book 259, Page 1254,
~
of the Public Records of St. Lucie County, Florida, encumbering '
~
certain real and personal property located in St. Lucie County,
Florida, securing a Promissory Note from Mortgagor to Mortgagee '
dated October 27, 1976, in the original principal amount af
$6,525,000.00; and -
WHEREAS, the Mortgage provides for optional future advances to
be secured by the Mortgage, provided that the aggxegate amount out- ~
standinq which is secured by the Mortgage shall not exceed sai,d ~
~
original principal balance, but dces not require Mortgagee to make ~
~
a
any such advance; and ~
~
WHEREAS, Mortgagor has appli.ed to Mortgagee for a serieS of ~
t
optional future advances in the aggregate amount of $1,782,SOQ.00; ~
~
and ,
Y
WHEREAS, Mortgagee has agreed that upan the request of Mortga- :
;
gor it will make such optional future advances, if and only if
S
Mortgagor executes a Promissory Note (hereinafter denominated the ;
"Advance Note") and Mortgagor enterS into the execution of this ~
#
agreement witli Mortgagee to permit future.advances to be sec~tred by ~
z
~
€
~
This instrument was prepared by, and please return to, J. Lindsay ?
Stradley, Jr. of Cofer, Beauchamp & Hawes, Suite 200, Peachtree & ~
Broad Building, Atlanta, Georgia 30303. ~
The Advance Note has been executed and delivered and all funds
thereunder have been paid or are to be paid outside the State of ~
Florida. Accordingly, no Florida documentary stamps have been af- `
fixed thereto or are payable thereon. ~
~
Bri~x 2~i3 ~f .7zi
~
. .