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Corp. ("Unik") executed and delivered a Purchase and Sale
Agreement (the "Purchase Agreement") dated January 11, 1980
pursuant to which Unik agreed to purchase, and Ocean agreed
to sell, the Premises for the aggregate sum of $4,500,000.
The rights of Unik under the Purchase Agreement have been
assigned to Developer. Concurrently with the execution artd
-delivery of this Restated Mortgage, Ocean is conveying-fee
title to the Premises to Developer, subject to the lien of
the Consolidated Mortgage, as restated, modified and sup-
plemented by this Restated Mortgage, and the lien of the
Subordinate Mortgages hereinafter described.
- The Premises are presently subject to certain
mortgages which are subordinate in priority to the lien
of the Consolidated Mortgage, as restated, modified and
supplemented by this Restated Mortgage, to wit, (i) mortgage
dated March 20, 1974, from Costa Inc. to Bankers Trust
Company (the "Banker's Mortgage"), recorded on March 22,
1974, in Official Records Book 225, page 570, of the Public
Records of St. Lucie County, Florida, as modified arld
extended by Modification and Extension of Mortgage and
Collateral Mortgage dated June 8, 1977, recorded on July 19, -
1977, in Official Records Book 271, page 626, of the Public
Records of St. Lucie County, Florida, securing as of the
date hereof, the principal sum of 51,300,000 plus accrued
interest thereon through June 30, 1980 in the amount of
5 3q9~ ?~7.0~ , and ( ii) mortgage dated November 7, 1975,
from the Costas and Costa Inc. to Southeast First National
Bank of Fort Pierce (formerly First National Bank of Fort
Pierce) (the "Fort Pierce Mortgage"); recorded on November 7,
1975, in Official Records Book 245, page 1776, of the Public
' Records of St.• Lucie County, Florida, as modified by Mort-
, gage Modification Agreement dated June 30, 1978, recorded
September 1, 1978 in Official Records Book 293, page 1563,
of the Public Records of St. Lucie County, Florida, securing
as of the date hereof, the principal sum of 5225,000 plus
' accrued interest thereon through June 30, 1980 in the amount
of 5 3G, 4~,f~ 3.'t Concurrently herewith, Developer is ~
executing and delivering to Ocean a mortgage (the "Purchase- ~
Money Mortgage" ) in original principal amount of $~,~~~3~3~2, ~
as security for the payment of a portion of the purchase
price for the Premises. The Banker's Mortgage, the Fort
Pierce Mortgage and the Purchase Money Mortgage are herein
referred to collectively as the "Subordinate Mortgages".
Developer, to induce Mortgagee to execute and
deliver this Restated Mortgage, has agreed to subdivide the
Premises into seven (7) separate parcels of land, to develop
five (5) such parcels by constructing thereon residential !
condominium units and other improvements, to develop
-one such parcel by constructing thereon recreational ~
facilities (the "Club Facilities") to be enjoyed by owners '
and occupants of the residential condominium units and to
( improve the existing sewage treatment plant situated on the
~ remaining parcel (the "Sewer Plant"),• all as shown on the
~ Preliminary Site Plans (the "Project"). In order to develop -
~ and market the Project, the Mortgagors and Developer have
requested Mortgagee to (i) restate, modify and supplement ~
the Consolidated Mortgage to provide, among other things,
for subordination to a mortgage or mortgages securing #
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