HomeMy WebLinkAbout1857 covenants, condominium declarations and other documents or declarations properly
requiring joinder of mortgagees of record by any governmental agency oc body to
develop the property mortgaged hereunder as set forth herein and in accordance-
wlth the "Ocean Vlew Slte Plan " This Mortgage Is and shall be subject and
subordinate to any and all utility easements including, but not Qmited to, gas,
telephone, electric, sewer, water, drainage, lift stations and pumping stations, and
such easements for Ingress, egress, roadways and pathways which may hereafter be
granted by, MORTGAGOR or reserved to itself, Its successors or assigns, to all
declarations of restrictions.
Without limiting the self-operating subordination, MORTGAGEE
agrees, without cost to it, to execute, acknowledge and deliver such instruments
which may be required to effect such subordination.
23. This Purchase Money Mortgage is subject and inferior to the following
mortgages and the liens granted thereby insofar as such mortgage liens apply to the
same portion of the property mortgaged hereunder, and MORTGAGEE, by
acceptance of this Purchase Money Mortgage, covenants and agrees that, until the
following mortgages are satisfied of record In St. Lucie County, Florida, including
any renewals, modifications and extensions thereof, all obligations secured thereby
shall remain at all times a lien prior and superior to the lien or charge of this
Purchase Money Mortgage:
A. Mortgage from Lucille V. Costa and George A. Costa to
Bankers Trust Company, a New York banking corporation, dated May 13, 1974,
recorded in Official Records Book 227, Page 1694, and as modified and extended by
agreement dated June 8, 1977, and recorded in Official Records Book 271,
Page 626, of the Public Records of St. Lucie County, Florida, and modified
li concurrently herewith by Modification and Extension of Mortgage and Collateral
j Mortgage which mortgage as modified secures a total indebtedness of
~ $ 1,698,727.02 .
I
~ B. MORTGAGOR, in consideration of the latter modifications,
the reinstatement of the note secured by the mortgage in favor of BANKERS
TRUST COMPANY and other good and valuable considerations given by BANKERS
TRUST COMPANY, further expressly represents that neither MORTGAGOR nor
anyoneclaiming by or through or under MORTGAGOR has or claims any defenses or
offsets against the above-described mortgage and note held by BANKERS TRUST
COMPANY as modified, and acknowledges that the same is enforceable according
to its terms.
24. THE SANDS LAKE V1EW DEVELOPMENT, a Florida Partnership, has
simultaneously herewith purchased from OCEAN PARK ASSOCIATION, INC. a
parcel of real property situate in St. Lucie County, Florida, which is encumbered by
a mortgage to BANKERS TRUST COMPANY and secures the Same indebtedness
that is also secured by the mortgage to BANKERS TRUST COMPANY described in
Paragraph 23A above. The indebtedness of BANKERS TRUST COMPANY, which is
secured by both parcels of real estate, has not been allocated amongst the
properties. Thereforet the purchase money note given by the MORTGAGOR in
conjunction with the purchase of this property and the purchase money note given
by THE SANDS LAKE VIEW DEVELOPMENT, a Florida Partnership, are both net of
the $ 1,6981727.02 of indebtedness to BANKERS TRUST COMPANY as of the
date hereof. However, MORTGAGOR acknowledges that, if and to the extent THE
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