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. ~ PARTIAL RELEASE, MORTGAGE MODIFICATION, AND SPREADING AGREEMENT
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THIS AGREEMENT made and entered into by and between INDIAN PINES GOLF
CLUB, INC., a Florida Corporation, as Mortgagor, and NORTH TRAIL GOLF CLUB,
!INC., a Florida Corporation, as Mortgagee;
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WITNESSETH.
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~ WHEREAS the parties hereto, on the 15th day of September 1978, entered
j;into a certain Mortgage instrument securing a note in the principal sum ?
~~of $600,000.00, which Mortgage was recorded in Official Records Book 291
!Page 1152, Public Records of St. Lucie County, Florida, encumbering the
~~lands as described therein; and,
1 WHEREAS, the parties hereto desire to Partially Release certain of that
~~property from the lien of said Mortgage, and in its place to substitute
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other a.~ditional property to be encumbered by the lien of-said Mortgage;
NOW THEREFORE, in consideration of these premises and the further
;'consideration of Ten Dollars, paid by the Mortgagor to the Mortgagee, the i
rreceipt of which is hereby acknowledged, it is hereby agreed as follows: j
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s`• That the property described as Parcels 1 and 2 in Schedule "A" (attached
jhereto and made a part hereof) is hereby released and discharged from the
;Mien of said Mortgage as set forth and described above; and, 1
{ That the property described as set forth in Schedule "B" (attached
hereto and made a part hereof) is hereby given as additional 3I>Did
~~(q(D(~(1(X1C4U(~( security for said Mortgage, and the lien of said Mortgage is
' ;hereby spread to the premises set forth in Schedule "B" as if the same had been
~ ~ ;set forth in said original Mortgage; ,
Except as hereby expressly modified, all the terms, covenants, conditions,
~hnd provisions of the hereinabove described Mortgage shall remain in full
:;force and effect. This agreement shall be binding upon and enure to the
;benefit of the parties hereto, their respective successors, heirs and 1
assigns, t
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IN WITNESS WHEREOF the arties have hereunto set their hands f
P _ s,- ~ ~ I
'this a.~~ day of July, 1980. w=L..~-;
Jam,,' .s;.s,. .Ci
INDI PINES GOLF CLUB INC~k`- ~'-rrw;~:• i i
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ESS : OR TRAIL OLF CL INC -
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A ~P.
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4 t'r cY"` `
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C. Lawrence Plank
n~i ~r~?E?it saEVw~EO er•
ABSTRACT • TITLE c;ORP. QF FLA.
~ i. a1D ~ FORT /1iRCi,. FLORiOA ,
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8334 P~E1019