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(d) Failure to furnish timely an operating statement in the
form required by Said Mortgage for fiscal years 1975 and thereafter
for the Property; and
WHEREAS, Lucille V. Costa and George A. Costa were given timely
written notice of the existence of the aforesaid defaults, in accor-
dance with the provisions of Said Mortgage, and, after receipt of
such notice, failed to cure said defaults, and
i
WHEREAS, owing to the occurrence of the aforestated defaults
Liberty has declared immediately due and payable the entire outstand-
ing indebtedness evidenced by Said Note and has so advised the
parties liable on Said Note, Mortgage, and Security Agreement and
all parties interested in Said Property; and
WHEREAS, owing to the occurrence of the aforesaid defaults and
the acceleration of Said Note Liberty has brought an action to
foreclose Said Mortgage in the Circuit Court, in and for St. Lucie
County, Florida, Case No. 76-895-CA, in which Liberty is Plaintiff
and St. Lucie Enterprises, Inc., Lucille V, Costa, George A. Costa,
First National Bank of Ft. Pierce, Florida, Bears Nest, Associated
f
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Inns, Inc., Escambia Inns of Dothan, Inc., Santa Rosa, Inns, Inc.,
Escambia Inns, Inc. and Etowah Enterprises, Inc. are Defendants
(hereinafter referred to as "the Foreclosure Action"); and
WHEREAS, all parties to this Agreement have been duly served in
accordance with. Florida law with a Complaint in said Foreclosure
Action, and all parties to this Agreement are intimately acquainted
and familiar with the Complaint as filed in said action, and all
exhibits attached thereto, as well as all documents referred to
therein relating to the original loan and its assignment to Liberty;
and
WHEREAS, subsequent to the time Liberty filed the foreclosure
actign, Bears Nest has defaulted further under said Note, Mortgage
and Security Agreement in the following particulars, to wit:
(a) Failure to pay when due ad valorem real and personal
property taxes levied upon the property for the years 1976 and 1977.
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