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r10RTGAGE OF REAL ESTATE
AND SECURITY AGREEMENT
~ STATE OF FLORIDA
COUNTY OF ST. LUCIE
TO ALL jVHOM THESE PRESENTS MAY CONCERN:
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This Instrument 7 ~
Prepared by:
IRA S. LEF'TON, ESQ.
REED, SMITH, SHAW &
McCLAY
747 Union Trust Bldg.
Pittsburgh, PA 15219
SZ5~5
WHEREAS ,~ OCEAN HARBOUR OF NORTH ~BEAC~i DEVELOPMENT
CORPORATIlDN (hereinafter called the "Mortgagor"), is justly indebted
to MELLON BANK, N.A. (hereinafter called the "Mortgagee"), a
national banking association, in and by its certain Mortgage Note
(the "t~ote") in writing, of even date herewith, in the full and
just sum of Nine Million Seven Hundred Twenty Five Thousand Dollars
($9,725,000.00), together with interest thereon at the rate pro-
vided in the Note, payable in the manner and at the times set forth
in the Note and finally maturing on August 1, 1982.
It is understood and agreed that any interest or bther
sum not paid when due hereunder or under the Note shall become a
nart of the principal debt and bear interest at the same rate.
And if any portion of principal or interest be at ariy
time past due and unpaid for the space of 10 days or if default
be made and continue for the space of 10 days after written
notice in respect to any condition, agreement or covenant
contained herein, or if a default be declared by Mortgagee under
the Construction Loan Agreement mentioned in Eleventh of Article
I hereof, then the whole amount evidenced by the Note shall
become immediately due, at the option of the holder thereof, who
may sue thereon and foreclose this Mortgage; and in case the
Note, after its maturity, should be placed in the hands of an
attorney for suit or collection, or if before its maturity, it
should be deemed by the holder thereof necessary for the
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