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~SO~JIFICATION AGREEMENT
THIS AGREEMENT, made and entered into this
day of May , 1979 by and between OUTDOOR RESORTS
OF AMERICA, INC., a Tennessee corporation having its
principal office at 2400 Crest~roor Road, Nashville, Tennessee
(the "Borrower") and CITIBANK, N.A., a national banking asso-
ciation organized under the laws of the United States of
America, having a principal office at 399 Park Avenue, New
York, New York (the "Lender).
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W I T N E S S E T H
WHEREAS
A. Pursuant to an Assignment of Developer's
Rights dated June 27, 1973, and recorded in the Public P.ecords
of St. Lucie County, Florida, in Official Records Book 216
Page 269 (the "Assignment"), the Borrower collaterally ~
assignee? to the Lender all of the rights, privileges and ~
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benefits reserved unto the Borrower under the terms of the
Declaration of Condominium of Outdoor Resorts at Nettles
Island, Inc., as recorded ire Official Records Book 136,
Page 2720, as modified by Amendment recorded in Official
Records Book 191, Page 1887, and re-recorded in Official
~ Records Book 192, Page 820, together with all the rights,
privileges and benefits reserved unto the Borrower under the
terms and provisions of +„he Articles of Incorporation of
~ Outdoor Resorts at Nettles Island, Inc., a Florida non-profit
corporation, organized for the purpose of providing an
entity for the operation of Outdoor Resorts at Long Key,
Ir_c. , a c~~rdominium.
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B. T:1e Assi3r.-~ent raas given to secure the
~ perfo~~*?~ra~ c•: tha ~~orro~~er ~l ai 1 the terns, covenants and
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G conditions er_ =ts Part to be perfcrmP3 pursuar_t to that
~ certain Loar. and Security aareer..ient dated June 2;, 1973,
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butween tze Borrower and t:i2 ~ezder (the "yoar? Agreer.:ent")
and those certain mort?a-des, anti t~:e notes secure3 t_`~erebv,
szt forth on Exhibit r'. an_^.exe~. tieretc (ccl?ectively the
"AicrTgage") .
T'.las i^.srnTr~ent c.•a.; pre~ad by:
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~ X09 1479 LSU
800+( raG: "'rioin Si.~I~:s rdelman & it^.a~p
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