HomeMy WebLinkAbout1741 I V V r~ 1 L~ a
GREEK & \~1L~ '
Z~renty-Fifth Floor
One B'?sct+yn~ Towet
~iami~ Florida 33131
L MODIFICATION OF MORTGAGE pbo~w: 37?-02~ti
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THIS AGREEMENT, effective as of the ~ - day of June, 1980, by and
between HUTCHINSON ISLAND LIMITED PARTNERSHIP, a Florida Limited
Partnership, hereinafter referred to as "Mortgagor"; HUTCHINSON ISLAND LIMITED,
INC., a Delaware corporation authorized to transact business in the State of Florida,
hereinafter referred to as "Assuming Mortgagor"; and THE FIRST NATIONAL BANK
OF CHICAGO, a National Banking Association, hereinafter referred to as
"Mortgagee";
WITNESSETH:
WHEREAS, on December 4, 1978, a Construction Loan and Project
Agreement was made and executed by and between Mortgagor and Mortgagee for the
construction of 126 condominium residential units to be known as "Seascape I", .
hereinafter referred to as the "Loan Agreement", and in compliance with the terms
thereof the Mortgagor did execute and deliver to the Mortgagee a Promissory Note
dated December 4, 1978, in the principal amount of Twelve Million Dollars
(;12,000,000.00), secured by a Mortgage dated December 4, 1978, filed of record and
recorded in Official Records Book 299, at Page 991, of the Public Records of St. Lucie
County, Florida, hereinafter referred to as "Mortgage", which Mortgage is now a valid
first lien on real proper-ty located in St. Lucie County, Florida, and more specifically
set forth in "Exhibit A" attached hereto and mAde a part hereof, hereinafter referred
to as the "Property"; and
WHEREAS, Mortgagee is the owner and Holder of the above-described Note
~ .
and Mortgage; and
~ WHEREAS, Mortgagor and Assuming Mortgagor have entered into an
~~a~
Agreement ~rt~te day of 1980, and pursuant to the terms thereof
a
~ ~ Assuming Mortgagor is to acquire fee~imple title to the Property, and to assume the
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8 indebtedness evidenced by the Promissory Note and secured by the Mortgage, and
~ A n
O
J ~ ~ Mortgagee has consented thereto pursuant to the terms and conditions as hereinafter
a
~ set forth; and
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' ~ ~ WHEREAS, Mortgagor, Assuming Mortgagor and Mortgagee have agreed to
_ make certain changes in the terms of the Mortgage and desire to reflect the fact such
~ r
- ~ ~ changes have been made in an instrument of record; and /
WHEREAS, Assuming Mortgagor has applied to Mortgagee to assume the
1
obligation of the Mortgagor as evidenced by the Promissory Note as a condition of said
purchase, and Mortgagor has requested that the Mortgagee release the Mortgagor from
the indebtedness evidenced by the Promissory Note and secured by the Mortgage; and
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