HomeMy WebLinkAbout0329 • ~ 4~,79~ Robert L. Taylor, raq.
• Van Den Berg, Gay & Burke, P.A.
16 S. Magnolia Avenue
Orlando, Florida 32802
A G R E E M E N T
THIS AGREEMENT made and entered into this 21 day
of Mdl"Ch , 1980, by, between and among PENNAMCO, INC., hereinafter
referred to as "Pennamco"; MELLON BANK, N.A., hereinafter referred
to as "Mellon"; OCEAN TOWERS DEVELOPMENT CORPORATION, hereinafter
referred to as "Ocean Towers"; and ISLAND VILLAGE OF HUTCHINSON
ISLAND UEVELOPMENT CORPORATION hereinafter referred to as "Island
Vi llac;e" ,
W I T N E S S E T H:
WHEREAS, Pennamco is the owner and holder of a certain
mortgage encumbering certain lands in St. Lucie County, Florida,
more particularly described in Exhibit "A" attached hereto and
made a part hereof, said mortgage having been recorded in Official
Records Book 320, pages 2748 and 2758, inclusive, public records
of St. Lucie County, Florida; and -
~?'HEREAS, Mellon is the owner and holder of a certain
mortgage and security agreement encumbering certain lands in St. •
Lucie County, Florida, more particularly described in Exhibit "B"
attached hereto and made a part hereof, said mortgage having been
recorded in Official Records Book 315, pages 1615 through 1642,
inclusive, public records of St. Lucie County, Florida; and
~ ~IIiEREAS, Ocean Towers is in the process of constructing
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and developing a one hundred fifty-eight (158) unit condominium
{ project on the lands described in Exhibit "B" lying east of State
Rosd A-1-A, together with a sewage and potable water treatment
~ facility on certain lands lying west of State Road A-1-A and
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adjacent to the lands described in Exhibit "A"; and -
€ WHEREAS, Island Village is about to commerce construction
of a thirty-two (?2) unit townhouse development on the lands
deccribE~d in Exhibit "A" hereof; and
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WHEREAS, Ocear. Towers and Island Village have heretofore -
entered into an Agreement dated November 20, 1979, pursuant to
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