HomeMy WebLinkAbout2327 binding upon the parties hereto and their respective heirs,
successors and assigns. The parties hereto agree that prior
to the first construction draw on the National Bank Loan that
Pardieck shall deposit with John A. Darlson, Esquire, Agent for
Chicago Title Insurance Company, at 959. South Federal Highway,
Stuart, Florida, (hereinafter referred to as "Escrow Agent"),
executed Releases for each of the twenty-eight (28) condominium
units and one (1) Release covering the entire mortgaged premises,
to be held in escrow by said Escrow Agent with instruction to
record the pertinent Releases upon settlement of each condominium,
even if there is insufficient proceeds to pay the Pardieck Debt
related to such condominium unit in addition to payment in full
of the National Bank Indebtedness related to such condominium
unit, and in the event of a declaration of default by National
Bank, to record the Release covering the entire mortgaged premises
upon written demand by National Bank.
7. Except as otherwise provided in Paragraphs six (6) and
eight (8), Pardieck hereby directs said Escrow Agent to record
each said Release at the time of conveyance by Ocean Dunes of
each said condominium unit subject to payment to Pardieck of
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~ the sum of $22,500-. 00 (or such lesser sum as may be available)
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provided priority payment-has been made of the following:
(a) The sum due to National Bank for its Release of
each condominium unit calculated in accordance with the
provisions of the National Bank Mortgage.
(b) Real estate commissions paid by Ocean Dunes, if
and; and
(c) Closing costs and expenses normally incurred by
~ sellers of real proeprty in St. Lucie County, State of Florida.
Any proceeds remaining after payment of the sums required
to be paid in this paragraph, shall be deemed "excess proceeds" and
shall be paid over to Ocean Dunes.
8. After written notice sent by National Bank to said
Escrow Agent that a default has occurred under the terms of the
BOOK J19 p~E2315