HomeMy WebLinkAbout0643 WHEREAS, Liberty is willing to forebear from pursuing said
foreclosure action and to stay the foreclosure proceedings, pending _
reinstatement of the indebtedness under the terms and conditions „
and pursuant to the agreements and covenants herein contained,
subject always to the strict and literal compliance by the parties
hereto to the terms, conditions, agreements and covenants herein-
after set forth and the terms, conditions, agreements and covenants
set forth in said Mortgage, Note and Security Agreement,
NOW, THEREFORE, in consideration of the. mutual covenants and
promises hereinafter set forth, and for other good and valuable
onsideration, receipt and sufficiency of which is hereby acknowl-
edged, the parties agree as follows:
1. That the foregoing recitals are true and correct anc~
shall be deemed to be binding terms of this Agreement.
2. That the execution and delivery of the within Agreement
constitutes a modification of Said Note and Mortgage. That Said
Note, Mortgage, and Security Agreement are valid and binding obliga-
tions, enforceable in accordance with their terms against St. Lucie
Enterprises, Inc., Bears Nest, and Costa. That the execution
delivery, and recording of this Agreement, and the modifications to
Said Note and Mortgage herein effected, shall not operate, or effect,
I
~ or be deemed to operate or effect, the release of St. Lucie Enter-
E
j prises, Inc., Bears Nest, Costa, or the Guarantors from their
liability under Said Note, Mortgage, Security Agreement, and Guaranty.
That the execution, delivery, and recording of this Agreement shall
not extinguish or impair, nor shall it be deer;ed to extinguish or
impair the liability and debt created by Said Note, Mortgage, Security
Agreement, and Guaranty, which shall remain in full force and effect,
enforceable in accordance with their terms and provisions, as herein
modified and supplemented. -
~ That this Agreement is not, nor shall it be deemed to be, a
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novation of Said Note, Mortgage, and Security Agreement, or of the
lien and encumbrance created by Said Mortgage and Security Agreement
which lien and encumbrance shall retain its first priority as origi-
nally filed for record.
aooK 320 PacE 641
R
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