HomeMy WebLinkAbout1813 11. Mortgagee shall not have recourse for payment of the Modified
Replacement Note No. 1 or any other sums payable under the Mortgage or (allure
to satisfy each and every covenant or undertaking of the Mortgage modliled hereby
against Developer or any of Its principals, agents, whether disclosed or undisclosed,
and stockholckcs. However, nothing herein contained shall constitute a waiver of
any indebtedness evidenced by the Modified Replacement Note No. 1 secured by
the Mortgage or shall be taken to prevent recourse to or the enforcement against
security for Modified Replacement Note No. 1 and .all obligations contained In
Modified Replacement Note No. 1 and the Mortgage. Upon occurrence of an event
of default under the Mortgage or Renewal Replacement Note No. 1, Mortgagee
shall have the right to recover judgment against OCEAN PARK ASSOCIATION,
INC., LUCILLE V. COSTA, 1NC., GEORGE COSTA and LUCILLE V. COSTA,
jointly and severally, and the foreclosure of the Mortgage shall not constitute a
waiver by Mortgagee of Its right against Mortgagor.
12. The Mortgage, to the extent it encumbers the real property
designated Parcel No. 1 on Exhibit "A" hereto, is subordinate in priority to the lien
of:
(a) The Mortgage executed by LUCILLE V. COSTA, INC. to NEW
JERSEY REALTY MORTGAGE COMPANY, dated September 28, 1972, recorded on
October 3, 1972 in Official Records Book 206, Page 2585 of the Public Records of
St. Lucie County; Florida, and the Mortgage executed by GEORGE A. COSTA-and
LUCILLE V. COSTA, husband and wife, to NEW JERSEY REALTY MORTGAGE
COMPANY, dated October 17, 1973,_ recorded October 17, 1973 in Official Records
Book 220, Page 2870, and re-recorded on November 30, 1973 in Official Records -
Book 221, Page 1149 of the Public Records of St. Lucie County, Florida, assigned to
NATIONAL NEWARK do ESSEX BANK and corrected in Official Records Book 261,
Page 1484, and further assigned to NEW 3ERSEY REALTY COMPANY in Official
Records Book 274, Page 2295, and further assigned to MIDLANTIC NATIONAL
BANK in Official Records Book 277, Page 818, of the Public Records of St. Lucie
County, Florida; such mortgages having ~ been modified and consolidated by
Mortgage Modification, Consolidation and Extension Agreement dated as of June
10, 1977 and recorded September 23, 1977 in Official Records Book 274, Page 2297
of the Public Records of St. Lucie County, Florida, and modified concurrently
herewith by Restatement, Modification and Supplement to Mortgage.
' (b) The Mortgage dated March 20, 1974, from LUCILLE V. COSTA,
INC. to BANKERS TRUST COMPANY recorded on March 22, 1974, in Official
Records Book 225, at Page S70 of the Public Records of St. Lucie County, Florida,
as modified and extended by Modification and Extension of Mortgage and Collateral
Mortgage dated June 8, 1977, recorded July 19, 1977 in Official Records Book 271,
Page b26 of the Public Records of St. Lucie County, Florida, and modified
concurrently herewith by Modification and Extension of Mortgage and Collateral
Mortgage.
Mortgagee covenants and agrees that until the foregoing mortgages to MIDLANTIC
NATIONAL BANK and BANKERS TRUST COMPANY, respectively, are satisfied of
record in St. Lucie County, Florida, including any renewals, modifications, and
extensions thereof, all the obligations secured thereby shall remain at all times a
lien prior and superior to the lien or charge of the Mortgage in favor of
SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE.
13. ~ All notices required to be given under this Agreement shall be given
by registered or certified mail, return receipt requested, as follows:
~ If to Mortgagor: GEORGE A. COSTA
854 River Road
C New Milford, New Jersey 07646
3
With a copy to: SCOTT M. KENNEY, ESQ.
S15 South Indian River Drive
Fort Pierce, Florida 33450
If to Developer: THE SANDS LAKE VIEW DEVELOPMENT
~ S00 N. W. 16S Street Road
~ Miami, Florida 33169
- S - sa~342 P~E1812 4
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