HomeMy WebLinkAbout0669 MEMORAt~DUM OF AGREEMENT
THIS MEMORANDUM OF AGREEMENT made and entered into this
26th day of July, A. D. 1919, by and between the parties whose -names
appear on this Memorandum, says:
On the above date, the undersigned parties have executed
the documents necessary for a closing of a work out arrangement
regarding the forgclosure of a mortgage on the Ramada Inn, Oceanside,
St. Lucie County, Florida. In connection with said closing, the
parties have entered into this Agreement to supplement the
Documents executed at closing:
1. GEORGE A. COSTA specifically represents and warrants
that the trade debts of East Rutherford Industrial Center, a partner-
ship, do not exceed $1,000.00; that GEORGE A. COSTA and LUCILLE V.
COSTA collectively, own a 93~ interest in said partnership,am~-
re and
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l!% 2. LIBERTY LIFE INSURANCE COMPANY agrees that in the
event any amounts are received by LIBERTY from life insurance pro-
ceeds or condemnation proceedings relating to the above closing,
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all proceeds shall be applied first to^interest on the Accrued Sum
~y as it appears in the Forebearance and Modification Agreement, then
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to the principal accrued sum, then to,~in eres on the original
principal debt and finally to reduction of the original principal
debt. In no event wil] any penalty be charged in connection with •
any principal reduction in connection with said payments.
3. GEORGE A. COSTA and LUCILLE V. COSTA, as guarantors,
shall in the event of any future default prior to payment in full
of the Accrued.Sum, shall be be responsible for a percentage of the
r total attorney fees and costs in the same proportion as the
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Accrued Sum is to the~~e-btedness at the time of the default.
4. It is understood that the assignment of the liquor
license as mentioned in pars-graph 6 (a) of the Forebearance and
Modification Agreement shall include only the liquor license relating
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