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C. Tract 3: Ft. Pierce, Florida Property
1. Mortgage made by Hospitality Venture to First Lien
Mortgagee to secure the First Lien Notes dated
May 25,,1978, filed for record June 9, 1978, under _ -
St. Lucie County Clerk's File #406491, and recorded
in Official Record Book 288, Paqe 1746.
2. Easements over portion of Parcel 1 as set forth in
instrument from Associated Inns, Inc. to Gulf Oil ;
Corporation, dated October 30, 1964, recorded in
St. Lucie County Official- Record-Book 105, ,Paqe
549. _
3: Matters as shown in Plat Book 3, Page 32 being a
30 foot wide road over the Southerly 30 feet of
parcel 1. -
4. Wooden light pole sitting on the Westerly line of
Parcel 1, and to a 30 foot wide dedicated road
easement extending along the Southerly 30 feet of
- Parcel 1, all as shown on survey made by Benchmark
Land Surveying and Mapping, Inc., dated May 23,
1978. -
(which mortgages described in Subparagraphs 46A(1), 46B(1)
and 46 C(1) are hereinafter individually and collectively
called the "First Lien Mortgage"). It is understood and
agreed that tie First Lien Mortgage covered on1X 6.870 acres
in Esc.ambia County,-Florida, and-that the additional property
in- Escambia County described in Tract 2 of Exhibit "A"
heretc- is not encumbered by the First Lien Mortgage.
47. It is expressly agreed that any default existing
indehf.edness secured by the First Lien or to exist under-the
terms and conditions of the Notes Mortgage referred to above
shall- constitute an event of default hereunder, and, in-the
event of such default, Mortgagee-may elect any course of
I' action prescribed herein.
48. Mortgagor expressly ,warrants and covenants that
the principal amount of the indebtedness secured by the-
First Lien Mortgage is currently $ a18 ~~5~ and -warrants
that the principal amount of the in a ess which is so
secured shall not be increased beyond the current balances
reflected above-for so long as the Promissory Notes remain -
outstanding.
49. Mortgagor agrees to give notice to Mor-tc~a~ee of
-any and each foreclosure action or trustee's-sale initiated
or threatened to be initiated under the terms and provisions -
of the First Lien Mortgage immediately upon learning of the
initiation of such foreclosure action or threat thereof..
50. This Mortgage, the Promissory Notes and the other
documents executed in connection with this transaction have
been iegotiated, executed and delivered in Texas and shall
be governed by the law of the State of Texas., except for
- matters concerning this Mortgage and the Mortgaged Property
which are manditorily governed by the-laws of the Staff of '
Florida or another jurisdiction.
NOTE: THIS MORTGAGE CONTAINS A PROVISION PROHIBITING THE
FURTHER ENCUMBRANCING BY MORTGAGOR OF, OR THE s
IMPOSITION OF ANY LIEN AGAINST, THE PROPERTY SET
FORTH IN THIS MORTGAGE.
-21 BOCK 317 PACE 581
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