HomeMy WebLinkAbout1834 Bank of Fort Pierce, recorded In Mortgage Book 243, Page 1442 and as modified in
Official Records Book 293, Page 1563, of the Public Records of St. Lucie County,
Florida, and Is concurrently herewith being modified by Restated Mortgage
Modification Agreement which mortgage as modified secures a total Indebtedness
of $ 261,049.32
D. MORTGAGOR, In consideration of the latter modifications, .
the reinstatement of the notes secured by the respective mortgages in favor of
Midlantlc National Bank, Bankers Trust Company, and Southeast First National
Bank of Ft. Pierce, and other good and valuable cocuiderations given by L'!idlantic
National Bank, Bankers 'Trust Company, and Southeast- First National Bank of
Ft. Pierce, further expressly represents that neither MORTGAGOR nor anyone
claiming by or through or under MORTGAGOR has or claims any defenses or
offsets against the above-described mortgage and note held by Midlantic National
Bank, Bankers Trust Company, and Southeast First National Bank of Ft. Pierce, as
modified, and acknowledges that the same are enforceable according to their
terms. ~
24. THE SANDS QCEAN VIEW DEVELOPMENT, a Florida Partnership,
has simultaneously herewith purchased from LUCILLE V. COSTA a parcel of real ,
a
property situate in St. Lucie County, which is encumbered by a mortgage to
BANKERS TRUST COMPANY and secures the samre indebtedness that is also
secured by the mortgage to BANKERS TRUST COMPANY described in
Paragraph 23 B above. The indebtedness of BANKERS TRUST COMPANY, which is
secured by both parcels of real estate, has not been allocated amongst the
~ ro cties. Therefore the rchase mone note iven b the MORTGAGOR in
P Pe ~ Pu Y 8 Y
conjunction with the purchase of this property and the purchase money note given
by THE SANDS OCEAN VIEW DEVELOPMENT, a Florida Partnership, are both net
of the $ 1,698,727.02 of indebtedness to BANKERS TRUST COMPANY as of
the date hereof. However, MORTGAGOR acknowledges that, if and to the extent
( THE SANDS OCEAN VIEW DEVELOPMENT pays the indebtedness to BANKERS
TRUST COMPANY, the property encumbered hereby is relieved of liability for that
~ indebtedness. Therefore, to the extent payments are made by THE SANDS OCEAN s
i
YIEW DEVELOPMENT in reduction of the indebtedness to BANKERS TRUST
COMPANY as aforesaid, MORTGAGOR's obligation to MORTGAGEE under the
~ purchase money note secured hereby shall increase dollar for dollar for each dollar
that the aforesaid BANKERS TRUST COMPANY indebtedness is reduced.
MORTGAGOR further agrees to evidence any additional sums which are owing as a
result of said payments by THE SANDS OCEAN VIEW DEVELOPMENT by executing ±
such additional promissory notes as may be required from time to time to reflect
the increased obligation.
~ ~
F
This Purchase M oney Mortgage shall secure payment of the purchase money
promissory note and all increases thereof as contemplated by this paragraph.
25. All payments that are made by MORTGAGOR arising from and as a
result of the modification of the BANKERS TRUST COMPANY mortgage,
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