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3. Bears Nest, Lucille V. Costa and George A. Costa hereby
expressly acknowledge and agree that Said Note, Mortgage, Security
Agreement, and other documents hereinabove referred to, are valid
and binding obligations, enforceable in accordance with their terms,
and that they remain in full force and effect in accordance with
their terms and conditions, and that the unpaid principal balance of
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the indebtedness evidenced by said Note as of July 1, 1979 is
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$2,085,746.59, together with such other sums as are herein set
forth. ~
4. That each party aforesaid admits and acknowledge the truth
of each and every allegation contained in that certain "Complaint to
Foreclose Mortgage, To Foreclose A Security Interest, For Appoint-
ment of A Receiver and for Damages and For Other Relief," Case No.
76-895-CA, in the Circuit Court in and for St. Lucie County, Florida,
which aforesaid foreclosure action is styled Liberty Life Insurance
Company, a South Carolina corporation, Plaintiff, vs. St. Lucie
Enterprises, Inc., a Florida corporation, Lucille V. Costa, George A.
Costa, First National Bank of Ft. Pierce, Florida, Bears Nest, a
New Jersey corporation, Associated Inns, Inc., Escambia Inns of
Dothan, Inc., Santa Rosa Inns, Inc., Escambia Inns, Inc., and Etowah
Enterprises, Inc., Defendants. They further covenant and agree that
s
i they will execute stipulations in said cause, admitting and stipu-
lating to the truth of each and every allegation therein contained.
5. Bears Nest and Costa acknowledge and agree that the past
due and unpaid amount accrued under Said Note, Mortgage and Security
Agreement is $ yy~, 9/~$ oy , ("Accrued Sum"), which amount constitutes
accrued interest, penalty interest, past due and unpaid principal,
aforesaid sums advanced by Liberty for hazard insurance, costs and
attorney's fees to October 5, 1978, and related expenses occasioned
by the Foreclosure Action and Bankruptcy Proceeding.
Costa and Bears Nest hereby specifically agree that the aforesaid
Accrued Sum shall be capitalized and amortized over a period of 5
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~ years at the rate of 12$ per annum. Costa and Bears Nest agree that
the terms of repayment of said sum to Liberty shall be as follows:
~~~x 3~0 P~~E 411
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