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This instrument was prepared by:
Robert C. Lewinson
Powell, Goldstein, Frazer & Murphy
35 Broad Street, N.W., llth F~oor
Atlanta, Georgia 30335
STATE OF FLORIDA
COUNTY OF ST. LUCIE
MORTGAGE AND SECURITY AGREEMENT
THIS MORTGAGE AND SECURITY AGREEMENT is made as of the lst
day of January, 1988, by FLORID~ CONVALESCENT CENTERS, INC., a
Florida corporation~ whose address is 1111 Mockingbird Lane,
Suite 1111, Dallas, Texas 75247 ("Mortgagor"), in favor of THIRD
NATIONAL BANK IN NASHVILLE, a national banking association
organized and existing under the laws of the United States of
America, whose address is 424 Church Street, Nashville, Tennessee
37244 ("Trustee"), and THE TORONTO-DOMINION BANK, acting through
its Chicago Branch, whose address is Three First National Plaza,
Suite 1~900, Chicaga, Illinois 60602 ("Bank") (Trustee and Bank
being sometimes hereinafter collectively referred to as the
"Mortgagea"); - ;
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W I T N E S S E T H: ~
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WHEREAS, St. Lucie County, Florida (the "Issue.") has ,
issued, or will issue, FIVE MILLION FOUR HUNDRED THOUSAND
($5,400,OQ0,00) Dollars in aggregate principal amount of its
Variable Rate Demand/Fixed Rate Industrial Development Revenue
Refunding Bonds (Florida Convalescent Centers, Inc. Project),
S~ries 1988A (the "Bonds") under an Indenture of Trust of even
date herewith tas amended and supplemented from time to time, the
"Indentur~") between the I~suer and Trustee, as trustee for the
registered owners from time to time of the Bonds; and ~
WHEREAS, pursuant to that certain Loan Agreement of even
date herewith (as amended and supplemented from-time to time, the
. "Loan Agreement") between the Issuer and Mortgagor, and that
certain Promissory Note dated as of January 1, 1988 (as amended
and supp2emented from time to time, the "Note") from Mortgagor to
the Issuer in the principal amount of $5,4Q0,000.00 (as endorsed,
without recourse, by the Issuer to Trustee), Mortgagor has agreed
to make payments to Trustee, for the account of the Issuer,
F 573 ~acE 950
600K