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sufficient to pay the principal of, and the premium (if any) and
interest on, the Bonds as and when due; and
WHEREAS, to secure payment of the principal of and interest
on the Bonds, and the purchase price of the Bonds, Mortgagor has
arranged for Bank to issue its irrevocable direct payment letter
of credit (togeth.er with all extensions, modifications and
replacements thereof, and all substitutions therefor, the "Letter
of Credit") in favor of Trustee and for the account of Mortgagor,
in the initial stated amount of FIVE MILLION FIVE HUNDRED TWENTY-
EIGHT THOUSAND SEVEN HUNDRED TWELVE AND 33/100 ($5,528,712.33)
D~llars, pursuant to a Reimbursement Agreement dated as of
December 1, 1987 (together with all amendments thereto and any
substitute therefor, the "Reimbursement Agreement") between
Mortgagor and Bank.
NOW, THEREFORE, IN CONSIDERATION of the sum of Ten and
No/100 ($10.00) Dollars and other good and valuable
consideration, the receipt and sufficiency whereof are hereby
acknowledged, and in order to secure the Secured Indebtedness (as
hereinafter defined) and other obligations hereinafter set forth,
Mortgagor does hereby mortgage, grant and convey unto Trustee and
Bank,-collectively as Mortgagee, and their respective successors,
successors-in-tit3e, assigns and successors-in-trust, ari assu,
all of the following described land and interests in land,
estates, easements, rights, improvements, personal property,
( fixtures, equipment, furniture, furnishings, appliances and
appurtenances to the following property:
THE MORTGAGED PROPERTY
The term "Mortgaged Property" as used herein shall be as
hereinafter defined.
(A) THE LAND. All that parcel and tract of land located in
the County of St. Lucie, State of Florida tthe "Land"), described
in Exhibit "A" attached hereto and made a part hereof;
(B) THE IMPROVEMENTS. TOGETHER WITH all buildings,
structures and improvements of every nature whatsoever now or
hereafter situated on the Land, and all fixtures, machinery,
appliances, equipment, and personal property of every nature
whatsoever now or hereafter owned by Mortgagor and located in or
on, or attached to, or used or intended to be used in connection
with or with the opera;.:ion of, the Land, buildings, structures or ,
other improvements, including all extensions, additions, I
improvements, betterments, renewals and replacements to any of '
the foregoing and all of the right, title and interest of
Mortgagor in and to any such pe?_-sonal property or fixtures
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gooK 573 PACE ~5~
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