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CLOSING LETTER OUTLINING TERPIS •
AND CONDITIONS AFFECTING THE CLOSING
GF THE FOREBEARANCE At1D MODIFICATION
WORKOUT ARRANGEMENT BETWEEN LIBERTY LIFE
INSURANCE COMPANY, BEARS NEST AND GEORGE
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It is agreed between the undersigned, the following enumerated
items are conditions precedent to the effecting of the workout
arrangement betvrcen Bears Nest, George A. Costa and Liberty Life
Insurance Company as set forth in the Forebearance and htodifica-
tion Agreement ahd related documents:
1. First P~ational Bank of Fort Pierce, Florida must execute
the Stipulation to be entered in the Florida Court and the acknow- -
~ledgr~ent of the 'Subordinate Lien. The approvals must be for the i
documents as modified at the closing held on the 26th of July, 1979.
2. tti'r.e Lehman to get an Order from the Bankruptcy Court
permitting, inter alia, the execution by all of the docu~ents to
effect the Forebearance arrangement by Bears t•~est, ueorge and Lucille
Costa. Such order shall permit t•1r. Belsky to s;gn all documents
on behalf of the Receiver. The Order is to provide expressly, inter
ilia, upon approval by the Court, the stay of the foreclosure action
in Flo;~ida shall be lifted by the Bankruptcy Court.
3. The Bankruptcy Court shall provide further for the execution
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and delivet-y_n~ a second mortgage encumbering the point property to
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secure payment of approximately $115,000.00 of delinc;uent real and
personal property taxes. Ti'ie Forebearance Agreement is to be modified
by providing-that payment of these taxes shall be made by 31 January
1Q80, or upon confirmation of the Plan of Arrangement, r~hichever first
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