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Pierce, Florida, also kno-~n as Coral Cover, Beach Section One,
Tract Q, and ~or~monly referred to in these proceedings as the
Beach Club on ~vhich there is presently a first mortgage to the
Sun Bank of St. Lucie County, on which there is due not more
than $220,000.00.
6. In the event that the Bergen Bank of Commerce
receives, out of the proceeds of the Conder~nation Award, in
excess of $S0,000.00 on account of its lien thereon, then the
Bergen Bank~~af Commerce agrees to release the mortgage des~ribed
in paragraph S hereof. In the event that the Bergen Bank of
Comnierce does not receive, out of the proceeds of the Condemnation
Azrard, in excess of $S0,000.00, then it shall continue to have
all of its rights under the mortgage described in paragraph S ~
hereof to secure the repayment of the full amount of its lien on
the Condemnation A-~ard. . _ ~
7. The Aebtors and their attorneys agree to execute
and deliver to the attorneys for the Bergen Bank of Commerce
any and all documents, instruments, including -vithout limitation,
mortgages and assignments thereof, deemed necessary to carry
out the terms and conditions of this Order.
8. That the lien notwithstanding all the terms and
conditions set forth above, Bergen Bank of Commerce's interest
in and to the security as set forth above
to that of the Ramapo Bank. r
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-ve hereby consent for the form
and entry of the tirithin Order.
LEH~i~y~ ~, hfASSER`-ta?J, P. C.
Attor for Debtors
,:
By 1 ~' --
,i-1~{rdn S . Lehman
COLE, BERi~IA;'i ~ BELSKY, ESQS. a
Attorne}• for Re e' r
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