HomeMy WebLinkAbout0562 • ~
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This Mortgage is being recordod simultaneously in 8scambia, i_~ "
St. Lucio, and Santa Rosa Counties, Florida aad all documentary llr
stamps aad intangible ~:~~~:a sre-being purchased and paid for in ~ ~
the amount of $5,89T.~0 t^ Xccambia County, Florida. ,
_ E
- MORTGAGE ANTS :sEC'Js<~i'`.~' AGREEMENT
IBIS MORTGAGE INDENTURE, e~-ecuted this 4th day of
September, 1979, by B0SPITALI7`Y V'E,NTURE, a Texas joint - ~
venture composed of Leisure D;;Y~~~ics, Inc. and Vista Bost,
Inc. (formerly known as Vista i~a,:agement, Inc.), whose _
~ address is 1900 Yorktown, Suite-100, Houston, Texas 77056,
~ hereinafter called the MORTGAGOR, which teran as used in
~ every instance shall include the MORTGAGOR's heirs, execu=
tors, administrators, successors, legal representatives and
~ assigns, either voluntary by act of the parties or involun
tary by operation of law and shall denote the singular _
g ~ and/or feminine and natural and/or artificial persons,
~ ~ whenever and wherever the context so requires or admits,
~i ~ parties of the first part, and FIRST CITY NATIONAL BANK OF
~ HOUSTON, a national banking association whose address is
~O 1001 Main Street, Houston, Texas 77002, hereinafter called
the MORTGAGEE-, which term as_used in every instance shall
include the MORTGAGEE's successors, legal representatives
. and assigns, including all subsequent assignees, either _
voluntary or by act of the parties or involuntary by-
~ operation of law.
W I T N E S S E T H
THAT for divers good and valuable considerations and to
secure the payment of the aggregate sum of THItEE MILLION AND
NO/100 DOLLARS ($3,000,000.00) which indebtedness is acknowled
qed and is evidenced by a certain One Million Six Hundred
Eighty-Five Thousand-and No/100 Dollar ($1,685,000.00)
Promissory Note (the "$1,685,000 Promissory Note") payable
to Mortgagee executed by Mortgagor and a certain One Million
Three Hundred Fifteen Thousand and No/100 Dollar
~ ($1,315,000.00) Promissory Note (the "$1,315,000 Promissory
Note") payable to the order of Mortgagee- executed by
Hospitality Venture - Alabama, a joint venture composed of
Leisure Dynamics - Alabama, Inc. and Vista Management -
Alabama, Inc., both Alabama corporations (the "Alabama
Venture") (said $1,685,000 Promissory Note and $1,315,000
Promissory Note being hereinafter referred to as the
"Promissory Notes"), bearing the same date as this Mortgage,
together with interest thereon or so much thereof as may be
advanced, and all other sums of money secured hereby as
hereinafter provided, the Mortgagor does grant, bargain, _
sell, alien,~remise, release, convey and confirm unto the
Mortgagee in fee simple, the following described real estate
of which the Mortgagor is now seized and possessed and in
- actual possession, situate in the Counties of Santa Rosa,
Escambia and St. Lucie, State of Florida, and as more par- s
titularly described on Exhibit "A" attached hereto and made
a part hereof.
TOGETHER WITH the following property and rights (the
Premises, together with such property and rights, being
hereinafter collectively called "Mortgaged Property" or
"Property"):
(a) all right, title and interest of Mortgagor in and
to the land lying in the bed of any street, road or avenue,
opened or proposed, in front of or zdjoining the Property,
and in and to the appurtenances thereto; and
(b) all machinery, apparatus, equipment, fittings,
fixtures and articles of personal property of every kind and
This instrument was prepared by: Barbara Pa ton-Wright
Vinson & Elkin
First City Nat~onal Bank Bldg.
Room 1850 c~
Houston, Texas 77002 BOOKJ~`~ PAGE