HomeMy WebLinkAbout1771 ~ ` f
•
1
Y!
1
~a
. ,
r
• . ~}t
Oceanview Property that is not subject to a construction #
mortgage and provided further that Bankers is able to receive a
1
favorable opinion from~its legal counsel to the effect that the
I
failure to foreclose against the entire property will not
jeopardize or impair Bankers rights under the Mortgages to
fully realize all security for the Note including specifically
the right to successfully foreclose against the remainaing
property separately and no other defaults exist or arise or
i
events occur with which the passage~of time or the giving of
notice or both result in a default under the Oceanview
mortgage.
11. Bankers will release the recreational complex,
being part of the Lakeview Property, when it has received at
least $200,000.00 in release and/or subordination payments with
I'I
respect to the Lakeview Property and all other mortgages or
i
i encumbrances (except approved encumbrances) now or hereafter .
affecting the title to said recreational complex shall also be
i
~ released .and it is further agreed as a condition hereof that `
i
thereafter the recreational complex shall be and remain not
i
subject to any mortgages. Bankers shall have .the right to
i
f insist that all mortgages affecting the recreational complex be
f released prior to or concurrently with the release of its
i mortgage. Concurrently with the granting of such release by
i
-40- bOflK~4~ PdCE~7 / V
~ M[RBNON, BAWTER, JONNSTON, OUNWOOT 6 GOLF, Id00 SOUTNGST /IRST NATIONAL SANK OUIlO1N0, MIAM1, rWR10A 11111
~ ~ry 1 ~ -