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WHEREAS, Liberty presently holds in an escrow account the sum
of $ ~3.?T S~,.B1 which, as it shall hereinafter be provided, the
parties agree that Liberty will apply to payment of the ad valorem
real property taxes levied against the Property for 1978, and the
excess, if any, to delinquent real property taxes for 1977; and ~
WHEREAS, upon application of the sums held in escrow by Liberty
to the payment of such ad valorem real property taxes, no reduction
will be made to the sum previously advanced by Liberty for hazard
insurance premiums, and such sums advanced shall remain an obliga-
tion evidenced by said Note and secured by said Mortgage; and j
WHEREAS, First National Bank of Ft. Pierce, Florida is the t
t
owner and holder of a second mortgage on the Property, which mort-
gage is recorded in Official Records Book 245, page 1442, Public
Records of St. Lucie County, Florida; and
WHEREAS, First National Bank of Ft. Pierce, has executed and
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delivered or will execute and deliver to Liberty for recording that
certain Acknowledgment of Subordination, whereby said Bank expressly ~
acknowledges that the lien of its Mortgage is and shall continue to ~
be subordinate to the lien of Liberty's said Mortgage, as modified
and supplemented by their Agreement.
WHEREAS, the original indebtedness was guaranteed by five
Defendant corporations in the foreclosure (to wit, Associated Inns,
Inc., Escambia Inns of Dothan, Inc., Santa Rosa Inns, Inc., Escambia
I Inns, Inc. and Etowah Enterprises, Inc.) to the extent the principal
indebtedness exceeded $1,926,000.00 and Said Guaranty is still in
full force and effect and Liberty is the proper entity to enforce
the same; and
WHEREAS, said written Unconditional Guaranty Agreement dated 19
October 1973, was assigned by the First National Bank of Ft. Pierce
to Liberty on 12 September 1974, (hereafter "Said Guaranty"); and
WHEREAS, all parties hereto wish Liberty to forebear from
pursuing its foreclosure action, and further wish Liberty to allow
Bears Nest, and Costa, to reinstate said mortgage and further wish
Liberty to forebear from insisting on immediate payment of the
aforestated entire indebtedness; and
s
320 P~~~ 409
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