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• WHEREAS, Liberty, as Mortgagee under Said Mortgage, and holder
of Said Note secured by Said Mortgage, has the right, as a conse-
quence of the aforesaid assumption by Bears Nest to treat St. Lucie
Enterprises, Inc. and Bears Nest as principal debtors and obligors
under Said Note and Mortgage, and Security Agreement; and
WHEREAS, hereafter from time to time Bears Nest and St. Lucie
may be collectively referred to as "Obligors" under this Agreement
and the other loan documents; and ~
WHEREAS, St. Lucie Enterprises, Inc. has executed or will
execute that certain "Consent to Forebearance and Modification
Agreement," whereby St. Lucie Enterprises, Inc. has consented or
will consent to the within Forebearance and Modification Agreement,
and-further expressly has acknowledged and agreed or will acknowl-
edge and agree that the execution and delivery to Liberty of the
aforesaid Assumption and the within Agreement by Bears Nest shall
not affect its (St. Lucie's) liability as original Maker and Mortgagor
under Said Note and Mortgage, and Security Agreement; and
WHEREAS, Obligors have defaulted under said Note, Mortgage, and
Security Agreement by, among other things:
(a) Failure to pay installments of principal and interest
cabled for and due under Said Note on the first day of each of the
j months of March through.December, 1976, inclusive, which payments
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are presently past due and unpaid.
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~ (b) Failure to keep the buildings and improvements on the
~ Property (the Mortgaged Premises referred to in Said Mortgage)
insured against loss or damage by fire or other hazard and failure
to deliver to Liberty such policies of fire, extended coverage and
hazard insurance insuring the Property.
(c) Failure to pay license fees and otherwise ful.f'ill all
covenants as licensee pursuant to the license agreement of 1973
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between St. Lucie Enterprises, Inc. and Holiday Inns, Inc., (which
license agreement had been assigned to Liberty as additional col-
lateral security for said Note. ~
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