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(b) Issuance of an order which (i) approves this Agreement and
the entire transaction herein contemplated and (ii) provides that,
upon the occurrence of any subsequent default hereunder or under 1
said Note, Mortgage and Security Agreement, Liberty may proceed to
foreclose in Florida without any stay or intrusion by the bankruptcy
court, by the bankruptcy judge in the bankruptcy matter described as
follows: In the Matter of George A. Costa, individually and t/a ~
North Beach Water Company, Costa Del Sol Golf & Country Club, Ramsey ~
Industrial Park and Costa Enterprises; Lucille V. Costa, individually
i
and t/a Brunetti Apartments, Costa Del So, St. Lucie Sewer Company,-
Cille's Corner Boutique and Pants Shack; GAC Realty Company, a
partnership, alletts, Inc., a New Jersey corporation, Costa Develop-
ment Corp., a New Jersey corporation, Bears Nest, a New Jersey
corporation, Lucille V. Costa, Inc., a New Jersey corporation,
Lucille V. Costa, Inc., a Florida corporation, Costa Development
Corp. of Florida, Inc., all doing business in New Jersey, Debtors,
F
in proceedings for an arrangement under Chapter XI of the Bankruptcy
Act, United States District Court, District of New Jersey, Bankruptcy
No. B-76-2704. The undersigned covenant, warrant, represent and
agree that they shall not seek, or cause to be sought, any stay or
other relief from this or any other Bankruptcy Court.
(c) Issuance by a title insurance company acceptable to
Liberty of~ a mortgagee's title insurance policy insuring that after
i the occurrence of the foregoing matters and the recording of this
~ Agreement and all documents related to this transaction, Liberty
~ shall continue to have a valid and existing first mortgage on the
property hereinabove described.
(d) Approval of St. Lucie Enterprises, Inc. and the five (5)
guaranteeing corporations to this Agreement and this transaction.
(e) The specific written approval of this Agreement by the
First National Bank of Ft. Pierce, Florida and acknowledgment of the
subordination of the lien of their second mortgage to this Agreement
~ and to the Liberty mortgage as affected by this Agreement and this _
transaction and all documents related hereto.
(f) Delivery at closing of all opinions, agreements, resolu- i
tions, and approvals, in form and substance satisfactory to Liberty,
herein called for.
B~~JK320 PacE 419
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