HomeMy WebLinkAbout1810 D• ~ December .1979. Mortgagor conveyed title to a portion of the
Real Property which is designated Parcel No. 1 on Exhibit "A" to Ocean Park
Association, Inc. by Instrument recorded In Official Record Book 327 Page 2729 of
the Public Records of St. Lucie County, Florida, and on ~nlhjnf»r~_T/y'Pr~
Mortgagor conveyed the remainder of the Real Property, which is designated
Parcel No. 2 on Exhibit "A" to Ocean Park Association by instrument recorded in
Official Record Book~~ Page of the Public Records of St. Lucie County,
Florida, both of which conveyances were subject to the lien of the Mortgage. (The
defined terms Mortgagor as used hereafter shall also include Ocean Park
Association, Inc.)
E. Ocean Park Association, inc. and Developer entered into a Purchase
and Sale Agreement dated January 11, 1980, (the Purchase Agreement) pursuant to
which Developer agreed to purchase and Ocean Park Association, Inc. agreed to sell
certain-real estate including the Real Property encumbered by the Mortgage.
F. Developer, to induce Ocean Park Association, Inc. to execute the
Purchase Agreement and further to induce Mortgagee to execute and deliver this
Restated Mortgage Modification Agreement, proposes to develop the property
including Parcel No. 1 in a manner substantially similar to that as shown on the site
plans (Site Plans dated April 2S, 1980, and prepared by Buigas and Associates
Architects, Inc.
G. In order to develop and market the Real Property, Mortgago,~ and
Developer have requested Mortgagee to restate the Mortgage Modification
Agreement and supplement the Mortgage to provide among other things for
subordination to a mortgage or mortgages securing construction financing, provide
for release of individual residential condominium units from the lien of the
mortgage, provide for release of Parcel No. 2 from the lien of the Mortgage, and to
recast the indebtedness evidenced by Replacement Note No. 1 of the Mortgage in
` the manner provided herein.
NOW, THEREFORE, in consideration of mutual covenants, promises and
understandings hereinafter set forth, the parties agree as follows:
1. That the above recitations are true and correct and are incorporated
herein by reference as set forth in detail.
2. That the Mortgagor acknowledges and confirms that they are jointly
and severally indebted to Mortgagee in the principal sum of $225,000.00 on
Replacement Note No. 1 plus accrued interest froth June 30, 1978 to June 30, 1980
in the sum of $ 36,049.32 ,totalling $ 261,049.32 to the
date hereof, free and clear of any defense, set-off or counterclaim.
3. Mortgagor and Mortgagee covenant and agree that the terms and
provisions of Replacement Note No. 1 is modified in the manner hereinafter
provided and that Mortgagor shall execute a Modified Replacement Note No. 1
E substantially in the form of the Note set forth as Exhibit "C", dated as of June 30,
1978, and shall be payable as to principal and interest as therein and herein
provided:
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go~342 P~E180.9