HomeMy WebLinkAbout1477 and of the notes, bonds or other obligations secured thereby
(collectively the "Original Notes");
WHEREAS, by Mortgage Modification and Extension
Agreement dated June 27, 1973, between the Mortgagor and
the Mortgagee, recorded in the Public Records of St. Lucie,
Polk and Monroe Counties, Florida, in Official Record Book
216 , Page 265, Official Record Book 1542, Page 38 , and Offi-
cial Record Book 545, Page 655, respectively (the "Modifica-
tion Agreement"), the Mortgages were amended to provide
that each of the respective Mortgages shall secure the
principal sum of $6,000,000, and interest, said sum being
- the remaining unpaid balance then due under the Original Notes,
as renewed and restated by that certain Secured Note dated June 27,
1973, in the principal sum of $6,000,000 (the "Secured Note")
issued by the Mortgagor to the Mortgagee pursuant to that
certain Loan and Security Agreement of even date between said
Darties (the "Loan Agreement");
WHEREAS, the Mortgagor is presently indebted to
the Mortgagee in the principal sum of 51,800,n00 said sum
being the remaining balance due under (i) the Original Notes,
as renewed and restated by the Secured Note, and (ii) certain
other notes described in that certain Restated and Amended
Loan and Security Agreement dated as of March 31, 1979 be-
tween the Mortgagor, its subsidiaries and the Mortgagee (the
"Amended Loan Agreement");
WHEREAS, the indebtedness evidenced by the Original
Notes, the Secured Note and said other notes described in thz
Amended Loan Agreement have been renewed and restated by that
certain note bearing even date herewith in the principal su:n
of $1,800,000 (the "Restated Note") issued by the Mortgagor
and its subsidiaries to the Mortgagee pursuant to the Amended
Loan Agreement; and
WHEREAS, the Mortgagor and its subsidiaries have
entered into a certain loan and security agreement dated as of
March 31, 1979 with the Mortgagee (the "Security Agreement")
pursuant to which, among other things, the Mortgagor has guar-
anteed the payment of a certain $4,OOJ,000 note, bearing even
date herewith executed and delivered to the Mortgagee by Out-
; door Resorts of South Carolina, Inc., a subsidiary o` the _
Mortgagor (the "Note"); and
F
WHEREAS, the Mortgagor and the ~'!ortgagee 3esire
to modify the Mortgages so as to provide that each of the
respective Mortgages shall hereafter secure the Restated :tote
and the Note and the performance by the Mortgagor of all the
terms, covenants and conditions on its part to be performed
under the Amended Loan Agreement and tre Securit~• Agreement.
NOW, THEREFORE, in consideration of the sum of :en
and 00/100 ($10.00) Dollars ar_d other good and valuable cor.-
si3eration each to the ather in hand caid aL or before t:~e
execution of this Agreement, *he receipt and ssrficit^:c~• or
which is hereby acknowledged, it is mutually covenanted a-~d
agreed by and between the parties hereto as follows:
1. Each of the respective Mortgages is hereb:t
s amended tc provide that it shall hereafter secure (i} t're
aggregate principal balance of the Restated Vote ara t~.e :•:o*e,
and ir.*erest t::ereon computed and payable as providea in `~.G
Amender Loan Ar~r~nert and the Security Agree~~ent, respectively, ~ ~.i} all
other sums which :rav or shall become due and pa~~able under.
each of the respective '~':ortgages , as medif led by the .'l~l~i Fic3-
~ tion Agreement and as amended hereby, and (iii) the performance
by the Mortgagor of all the terms, crv-enants and conditions ~f
the Amended Loan Agreement and t}i~: Sec~srity Agreement on i~~s
part to be perfo~:ned .
~U9 1475
j_,.
:~t ~t