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A. Tract 1: Gulf Breeze, Florida Property }
1. Mortgage made by Hospitality Venture to First Lien
Mortgagee, its successors or assigns, as their
- interest may appear, to secure payment of two i
_ ~ promissory notes executed by-Mortgagor payable to
the order of First Lien Mortgagee in the prznci~al
sum of $4,650,000 and $2,750,000 (the "First Lien
Notes") in the sum of .$1,700,000.00, dated May 25,
1978 and recorded June 12, 1978 in Official Records -
Book 440, Page 703, under Santa Rosa County-Clerk's
file #4414.
_ 2. Riparian rights are-not insured, nor title to any
portion of the land lying below the mean high
water mark. -
3. Utility easements for wires, poles, storm drainage
and meters as shown on survey dated May 5, 1978,
made by Raymond E. Richardson, Registered Florida
Surveyor, No. 2435. - _
4. Easement from Santa Rosa Inns, Inc. to the City of
_Gulf Breeze, dammed December 4, 1976 and recorded _
- in Santa Rosa County, Florida Official Records
Book 170, Paqe 756.
B. Tract 2: Pensacola, Florida Property
1. Mortgage made by Hospitality Venture to First Lien _
Mortgagee executed by Mortgagor to secure the
First Lien Notes dated May 25, 1978 and recorded
June 9, 197.8 under Escambia- County Clerk's File
- #882548-.
2. Riparian rights are not insured, nor title to any
portion of the land lying below the mean high-
water mark.
3. Three foot wide drainage ditches at the Southerly
side of P I Q as shown on survey dated May 5, 1978
- made by Raymond E. Richardson, Registered Florida
Surveyor No. 2535.
4. Utility easements for power poles and electric
boxes as shown on survey dated May 5,.1978, made
by Raymond Richardson, Registered Florida Surveyor
No. 2535.
5. Parking area on the east side protrudes approxi-
mately 27.5 feet on the adjoining property. _
- 6. Terms, conditions and stipulations of Lease by and
between Escambia Inns, Inc. as Lessor and Texaco,
Inc. as Lessee, dated December 4, 1959. Said
Lease being assigned to Hospitality Venture and
Lessor's interest in Lease being ass~c~ned to State
Mutual Life Assurance Company of America.
7. Deed from Escambia Inns, Inc. to the State of
Florida dated August 6, 1976 and recorded in
Escambia County, Florida Official Records Book
1028, Page 145.
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