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WHEREAS, Bears Nest is presently the owner and holder of the
leasehold interest, as Lessee under said Lease, in Said Property,
and Lucille V. Costa is the fee owner of Said Property] and
WHEREAS, on September 25, 1975, St. Lucie Enterprises, Inc.
sold and conveyed to George A. Costa, individually, all the fixtures,
room and other furnishings, equipment and personal property (chattels)
used in connection with said Property, sub ect to and encumbered
however, the aforementioned perfected first lien of Liberty on said
chattels= and
WHEREAS, Costa has owned said chattels continuously to the date
hereof; and
WHEREAS, concurrently with the execution and delivery of this
Agreement, Costa has conveyed to Bears Nest, by an absolute and
fully warranted conveyance, all chattels heretofore conveyed to him
by St. Lucie, subject only to the aforementioned perfected first
lien of Liberty, which lien has been continuously perfected and is
in full force and effect; and
WHEREAS, concurrently with the execution and delivery of this
Agreement, Bears Nest will execute and deliver to Liberty .a Security
Agreement creating a first lien and security interest in and to all
II
chattels acquired by Bears Nest from and after September 25, 1975;
f
~ and
WHEREAS, as a result of the aforesaid two Security Agreements,
~ Costa and Bears Nest understand, conversant, warrant and irrevocably
agree that Liberty Life has a valid paramount first lien in and to
all the chattels and inventory used in connection with said Property,
as such are enumerated in the aforementioned "Conveyance" from
Costa, Bears Nest, and to which reference is craved for a full and
complete description thereof; and
WHEREAS, simultaneously with the execution of this Agreement,
~ Bears Nest has expressly assumed the indebtedness evidenced by said
Note, and the covenants and obligations created by said Mortgage
and said Security Agreement; and
g~x 320 Pa~E X05
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