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WHEREAS, notwithstanding the fact that said Mortgage consti-
tuted, under Florida law, a legally sufficient Security Agreement,
said Note was further secured by a separate Security Agreement dated
7 November 1973 which created and imposed a first lien on certain
personal property more particularly described in said Mortgage and
said Security Agreement, which first lien interest was properly
filed and perfected and constitutes a valid and existing first lien
on all fixtures, furnishings, equipment and personal property then
existing and thereafter acquired and used in connection with the
hotel operation and located on the Property; and
WHEREAS, on September 12, 1974, Said Mortgage was assigned by
First National Bank of Ft. Pierce, Florida to Liberty by Assign-
ment of Mortgage recorded October 1, 1974 in Official Records Book
232, page 1292, of the Public Records of St. Lucie County, Florida,
s
and concurrently therewith, Said Note secured by Said Mortgage was '
assigned to Liberty pursuant to an Agreement between Liberty, St.
Lucie Enterprises, Inc. and First National Bank of Ft. Pierce,
Florida; and
WHEREAS, simultaneously with the assignment of Said Note and
Mortgage, Said Security Agreement was assigned to Liberty; and
WHEREAS, Liberty presently owns and holds said Note, Mortgage
and Security Agreement; and
WHEREAS, both at the time of execution and delivery of the Said
Note, Mortgage and Security Agreement, and the subsequent assignment
to Liberty, St. Lucie Enterprises, Inc. was the owner and holder, as
Lessee, of .a leasehold interest in Said Property created by that
certain lease dated October 25, 1972 between St. Lucie Enterprises,' -
Inc. and Lucille V. Costa, as Lessor {"Said Lease"), and Lucille V.
Costa was and remains at present the owner of the fee interest to
said property; and
WHEREAS, Said Mortgage created a first. lien and encumbrance on
the aforesaid leasehold interest and fee interest and all improve-
ments thereon of Said Property.
WHEREAS, on September 25, 1975, St. Lucie Enterprises, Inc. as
lessee assigned its right, title and interest under Said Lease,
subject to the lien and encumbrance of Said Mortgage and Security
Agreement, to Bears Nest; and
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