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which Ocean Towers has agreed and obligated itself to provide
sewer and potable water service to Island Village, copy of said
Agreement being attached hereto anb made a part hereof as Exhibit
"C" ; aid
WHEREAS, Pennamco and Mellon desire to establish an
understanc'ing with respect to the availability of sewer and water
service to the lands described in Exhibit "A" in the event of a
mor*_gage foreclosure by either or both Pennamco and Mellon.
NOW, THEREFORE, in consideration of the premises and
the covenants and conditions hereinafter set forth, each of which
shall be deemed consideration for the other, it is agreed by,
t'it?tw~r~Z1 c'iilu cs?icviig the pai `Lies i[~Z ~~ar friilc3w5
1. The parties understand and agree that Mellon is
furnishing the funds pursuant to its mortgage loan with Ocean Towers
for the construction of the sewer and potable water facilities
inte~~ded to serve the Ocean Towers Condominium project.
2. Mellon acknowledges the Agreement by and between
Ocean Toh•ers and Island Village as set forth in Exhibit "C" hereof,
and. 1?iellon has no objection to the furnishing, by Ocean Towers,
of sewer and water services to Island Village.
3. In the event of default by Island Village pursuant
to its loan with Pennamco and the foreclosure by Pennamco of its
i
mortgage loan encumbering the lands described in Exhibit "A" hereof,
~ Mellon will recognize the right of Island Village, as stated above,
{
to obtain sewer and water service to the proposed Island Village
I
~ project tb the extent o-f thirty-two (32) townhouse units, including
6
related recreational and common areas.
4. In the event of default by Ocean Towers pursuant to
the terms of its mortgage and development loan with Mellon and the
s foreclosure by Mellon of its mortgage loan and securit}~ agreement,
then Mellon agrees to recognize the right of Island Village to
obtain sewer and water service to Island Village or Pennamco, as
the case may be for the above-descrih~d thirty-two (32) units
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