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ADDENDUM AND SUPPLEMENT TO FOREBEARANCE AND MODIFICATION
AGREEMENT, WHICH AGREEMENT IS DATED JULY 26, 1979 ~ _
WHEREAS, concurrently herewith, Liberty Life Insurance Company,
Bears Nest and the Costas entered into the aforesaid Forebearance
Agreement; and
WHEREAS, a condition precedent contained in said Agreement
requires the payment of all delinquent ad valorem and real property '
taxes assessed against said Property; and
WHEREAS, Bears Nest and Costa have represented to Liberty Life .
Insurance Company that they lack the funds necessary to pay such taxes;
and
WHEREAS, Liberty Life Insurance Company is willing to modify said
Agreement as hereinafter set forth.
The parties hereby agree as follows:
1. Bears Nest and/or Costa shall, forthwith, cause to be executed
and delivered to Liberty Life Insurance Company a validly effected
second mortgage lien to secure the payment on the aforesaid taxes,
which lien shall encumber a parcel of property situated in St. Lucie
County and known to the parties as "The Point Property, Consisting of
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approximately 6 z acres on Wildcat Cove.
2. bears Nest and/or Costa hereby warrant, covenant and agree '
to pay, or cause to be paid,-the aforesaid delinquent real and personal
property taxes upon the confirmation of the bankruptcy matter not,
pending and referred to in said Agreement or upon January 31, 1980,
whichever first occurs.
3. The parties hereby expressly understand, acknowledge and agree
that the aforesaid second mortgage shall be cross defaulted with the
aforesaid Agreement, and the M~ortoage and Security Agreement affected
by said Agreement. The failure by Costa and/or Bears Nest to pay the
taxes as aforesaid shall constitute a default hereunder, under the original
Note and Mortgage and the Forebearance and Modification Agreement and
Security Agreement to Liberty Life Insurance Company delivered herewith.
Upon the happening of such an event, Liberty Life Insurance Company shall
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have the immediate right to pursue its remedies as set forth in'said
Agreement and said Note, hb'rtgage, Security Agreement and under this
Addendum.
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