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c o v x x A x T
KNON ALL KEN EY THESE PRESEBTS:
WHEREAS, ROYAL AMEBICAK REALTY, I~tC., a Florida corpor-
ation (hereinafter "Royal°), is the owner and holder of certain
mortgages of record in St. Lucie CountT, Florida; and
WHEREAS, certain land subject to the aforesaid mortgages
was sold via contract for purchase of land (agreement for deed)
by Lake Lucie Estates, Inc., a Florida corporation (hereinafter
"Lake Lucie"), subject to said aortgages in favor of Royal; and
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~ WHEREAS, in compliance with that certain Agreement Con-
~ taining Consent Order to Cease and Desist with the Federal Trade
Commission, Docket No. 9075 (hereinafter °Agreement°), Royal is
required to ezecute this Covenant to provide tha[ when a purchaser
pays the total purchase price (principal, interest and Lanes)
~ pursuant to the terms of the aforementioned contracts for the
,.°.i purchase of land, the purchaser will receive title free of the !
lien of Royal's mortgages;
~ ~ NOW, THEREFORE, for and in consideration of the premises,
°J this instrument provides as follows:
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~ Royal hereby covenants that, if a purchaser from Lake
~ ~ Lucie pays the total purchase price (principal., interest and Lazes)
o c u pursuant to the terns of a contract for the purchase of Iand
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~ ~ (agreement for deed) Yith Late Lucie, thin a partial release of
=~"cA mor-t gage will be delivered by Royal so that the subject property
> ~ ~ will be free of the lien of Royal's mortgage.
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~ Provided, however, this Covenant shall oalg apply and
be of benefit to purchaser(s) of land as same are specifically
defined in the aforementioned Agreement vit6 the Federal Trade
F" Commission.
IN WITNESS WHEREOF, Royal has executed these presents
and hereunto affixed its corporate seal, alI as of this
c; day of February, 1980, by and through its proper officers there-
_ unto duly authorized, all in the manner prescribed by Inv.
_
~ ROYAL A2lERICAr REALTY, IYC.
°•~t,' _ T;.'. 7 - E~- By
~ ~y
i Aaf~t Seal) B. I_ Present, @ice President ,
t Attest: _ c=_ ~i r~ ,.~i<_
' ',r{;~~-' Elizabeth LeKaster, Asst Secretary
s;: ~ • .
i SC. •
} }~`B'F~OF FLORIDA )
COUNTY OF PALK BEACH )
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The foregoing instrument vas acknowledged before me.this
day of February, 1980, by E. I_ PRESEBT and ELIZABETH
LeHASTER, Vice President and Assistant Secretary, respectively,
of ROYAL AMERICAN REALTY, INC., a Florida corporation, on behalf
of the corporation. i
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(Np,taa~y,; Sea,) 9otary Public -
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~ ~ - _ . ~•s''•~ 24y Commission Expires:
~3~ •.~G.C) SSE
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