HomeMy WebLinkAbout1677 l
t
i
Recreational Parcel: the portion of the Premises
upon which the C ub Fac lities will be constructed identi-
fied on the Preliminary Site Plans as the Recreational
Complex.
Residential Phase: each of the five (5) Phases
of the deve opment o the Premises identified on the Pre-
liminary Site Plans as Phases I through V inclusive, upon ,
which the residential condominium units will be constructed.
Second~Replacement Note: the promissory note
dated even date herewith from the Mortgagors to the Mort-
gagee in original principal amount of $1,089,817.31.
Sewer Plant: the sewage treatment plant now
constructed an the Sewer Plant Parcel.
.Sewer Plant Parcel: the portion of the Premises
upon which t e Sewer Plant is constructed identified on the
Preliminary Site Plans as the Utility Area.
Subordinate Mortgages: collectively the mortgages
held by Bankers Trust Company, Southeast First National Bank
of Fort Pierce and Ocean described in the Preliminary
Statement, together with any amendments and modifications
thereto. .
1.02. Other Definitions. All terms of this
Restated Mortgage which are not defined above have the
meaning set forth in this Restated Mortgage..
ARTICLE II
TAE SECOND REPLACEMENT NOTE
2.01. Description of Indebtedness. The indebted-
' Hess evidenced by the Second Replacement Note, and any {
renewals or extensions thereof, and all indebtedness or
liabilities incurred by Mortgagee for the protection of the ~
security afforded by the Mortgage or for the collection of ~
amounts due under the Second Replacement Note or the Mort-
gage, shall be secured by the Mortgage. The Second Re- ~
placement Note shall be issued in the aggregate principal
amount of _$1,089,817.31, shall be entitled "Second Replace-
ment Note", shall be substantially in the form of note set
forth as Schedule "B" annexed, hereto, shall be dated the
date of issuance and shall lie payable as to principal and
~ interest as therein and herein provided. The Mortgagors and
Developer represent and warrant to Mortgagee that the
indebtedness evidenced by the Second Replacement Note is the
same indebtedness evidenced by the Replacement Note and that
there are no offsets, defenses, or deductions-to the payment
of such indebtedness.
2.02. Definition of Note. Each reference to the
"Note", the "Replacement Note", the "indebtedness" or'terms {
of similar import in the Original Mortgage, the Collateral
4 Mortgage, the Consolidated Mortgage and this Restated
Mortgage shall be deemed to refer to and include the Second. ~
Replacement Note.
-7-
t
80~O1R(J`~2 PAGE1616
-