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MO~If'ICATION OF M~RTGI~GE, _ASSIGNMENT OF RFNTS ANp
SF;CURITY AGREEhiENT
This Modification of Mortgage~ Assignment of Rents and Security
Ag,reemerit made this Z?iid day of July, 1988, by and between ElEATtiER WAY '
AYARTMENTS, I.TD., a Florida limited partnership (hereinafter "Borrower") and
CARDINAL INDUSTRIF.S MORTGACE COMPANY~ an Ohio corporation (hereinafter
„Lender").
W I T N E S S E T H:
WtiEREAS~ Sorrower executed a certain Mortgage, Assigrunent of Rents
and Security Agreement (hereinafter "Mortgage") in favor of Lender on the ~~]L~
day of April~ 1988; and
Ht{EREAS, said Mortgage was recorded on April Z'_, 1988, in Official
Record Volune , Qage 1_4y8_, Clerk of Circuit Court's Office, St.
I.ucie County, Florida; and
HtiEREAS~ Borrorrer and Lender are desirous of amending certain terms
of said Mortgage.
NOW~ TI{EEtEF'ORE~ in consideration of the mutual covenants herein
contained BorroWer and Lender, for themselves, their successors and assigns,
hereby agree as follows:
; 1. The second paragraph on the first page of the Mort~age is hereby
~ deleted in its entirety and the following is hereby substituted therefor:
G1tiEREAS~ Borror+er is indebted to Lender in the principal
! sum of Two Million Five Hundred Seventeen Thousand Five Hundred
Dollars (~2,517,500.00), vhich indebtedness is evidenced by
~ Borroaer's note dated of even date herevith (herein "Note"),
; providing for monthly installments of interest, r+ith the balance
; of the indebtedness~ if not sooner paid, due and payable on
~ August 1g90.
s
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F 2. The foliowing Paragraph 32 is hereby added to and made a part of
R the Mortgage:
i
[ 32. HA7.RRUOUS SUBSTANCES. Borrover (a) has no actual
knosriedge of the permanent placement, burial or disposal of
~ any tiazardous Substances (as hereinafter defined) on the
~ Project~ of any spills, releases~ discharges~ leaks, or
~ disposal of tiazardous Substances that have occurred or are
! presently occurring on, under~ or onto the Pro~ject, or of
~ any spills, releases, discharges, leaks or disposal of
~ F~azardous Substances that have occurred or are occurring
€ off of [he Pro,ject as a result of B~rror+er's improvement,
t operation, or use of the Pro,ject vhich r+ould result in
~ nan-compliance vith any of the Environmental Laws (as
~ hereinafter defined); (b) is and has been in compliance
~ r+ith all applicable F.nvironmental Laus; (c) knovs of no
pending or threatened environmental civil, criminal or
adminis[ratfve proceedings against Borrower relating to
~ E{szardous Substances; (d) knaws of no facts or
` circumstances that vould give riae to any future eivil,
criminal or administrative proceedfng against Borrover
relating to F~azardous Substances; and (e) will not permit
any of its employees, agents~ contractors~ subconcractors,
or ar~y other person occupying or present on the Project to
generate, manufacLure, store, tiispose or releasc on, ebout
or un~er the Project any tiazardous Substances vhich Would
result in the Project no[ c~mplying vith the Environmental
I.avs .
As used herein~ "Nazardous Substances" shall ~ean and
!nclude a?1 haz~rdous and taxic substances, rrastes~
*?ateri3ls, com~ounds, pollutants and contaminants
.
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