HomeMy WebLinkAbout0331 and ammenitites provided, however, that except as provided
herein Mellon shall have no affirmative obligation to furnish such
services and Mellon shall not be obligated to complete construction
of said facilities, or to adhere to any date by which Ocean Towers
may have obligated itself to provide service to Island Village.
If *_he facilities are complete, Mellon shall charge rates that are
re:is~nable and customary in St. Lucie County for such service. If
the facilities are not complete, then Mellon agrees that Island
Village or Pennamco shall have the right but not the obligation to
complete the facilities at their cost and expense and to then utilize
the same as provided herein. If the facilities are so completed, -
the rat` ohaig~d to Island village or Pennamco shall be reduced to
permit them to recoup the expense of completing the facility. If
the facilities are so completed, Mellon shall have the right to
utilize the same.
5. Mellon, in the event of the foreclosure of its loan
to Gcean Towers, reserves the right, at its sole and absolute
'disc:retion, to determine the future disposition of the lands described
in Exhibit "II", including specifically the lands upon which the sewer
and water facilities are to be located, subject to the rights of
Island Village and/or Pennamco as hereinabove provided.
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i 6. Pennamco and/or Mellon may elect to record this Agreemen+-
in the public records of St. Lucie County, Florida.
7. This Agreement shall be binding on all parties hereto
~ and their successors and assigns.
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IN WITNESS WHEREOF, the parties hereto have executed this
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Agreement the day and year first set forth above. r, %,,~°1.
~ r-Y .,t~*.- ~Y~ 4YyLR.~~_ PENNAMCO, I ~ ~
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w esses Its Assistant Vice P
- 3:Zf1V BANK, N . A .
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