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Home My WebLink About0408 ~ ~ WHEREAS, Liberty, as Mortgagee under Said Mortgage, and holder of Said Note secured by Said Mortgage, has the right, as a conse- quence of the aforesaid assumption by Bears Nest to treat St. Lucie f Enterprises, Inc. and Bears Nest as principal debtors and obligors under Said Note and Mortgage, and Security Agreements and WHEREAS, hereafter from time to time Bears Nest and St. Lucie may be collectively referred to as "Obligors" under this Agreement and the other loan documents; and WHEREAS, St. Lucie Enterprises, Inc. has executed or will execute that certain "Consent to Forebearance and Modification Agreement," whereby St. Lucie Enterprises, Inc. has consented .or will consent to the within Forebearance and Modification Agreement, and further expressly has acknowledged and agreed or will acknowl- edge and agree that the execution and delivery to Liberty of the aforesaid Assumption and the within Agreement by Bears-Nest shall not affect its (St. Lucie's) liability as original Maker and Mortgagor. 's under Said Note and Mortgage, and Security Agreement; and F WHEREAS, Obligors have defaulted under said Note, Mortgage, and Security Agreement by, among other things: (a) Failure to pay installments of principal and -interest i called for and due under Said Note on the first day of each of the ~ months of March through December, 1976, inclusive, which payments are presently past due and unpaid. i ~ (b) Failure to keep the buildings and improvements on the Property (the Mortgaged Premises referred to in Said Mortgage) insured against loss or damage by fire or other hazard and failure to deliver to Liberty such policies of fire, extended coverage and hazard insurance insuring the Property. 1 (c) Failure to pay license fees and otherwise fulfill all ~ covenants as licensee pursuant to the license agreement of 1973 between St. Lucie Enterprises, Inc. and Holiday Inns, Inc., (which a license agreement had been assigned to Liberty as additional col- lateral security for said Note. c~~~11 St 807K J4V PaGE 4~ ! -4-