HomeMy WebLinkAbout1720 2
the sums owed on the existing second mortgage granted by Beach
villas Associates, Ltd. to Senior Lender on the Property
NOW, THEREFORE, in consideration of the premises, and the
making of an additional advance on the loan by the Senior Lender
to Beach Villas Associates, Ltd., the Junior Lender and Senior
Lender hereby agree and covenant that:
1. The words "interest accrued but not unpaid" as set forth
in paragraph 1(a) of the Lender's Agreement shall be deemed to
include all funds advanced by Senior Lender to Beach Villas
Associates, Ltd. as required bl First American Bank and Trust,
; the first mortgagee, in order to reinstate and extend the first
E mortgage as more particularly set forth in its Commitment letter
ti of January 8, 1994, as amended, together with the fees and costs
~ directly related to Senior Lender's making said additional
4 advance and any other funds which may in the future be advanced
~ by Senior Lender for the purpose of maintaining said first mort-
i gage in good standing;
~
F
~ 2. "Advertising" as set forth in paragraph 1(d) of the
Lender's Agreement shall be deemed to also include the advertis-
ing and expenses related to the conduct of a professionally man-
~ aged auction sale of up to twelve (12) Beach Villas' condominium
~ units.
~ 3. Junior Lender and Senior Lender agrees to execute twelve
~ (12) partial releases of their respective second and third mort-
~ gages to be delivered and held in trust by Marsha Singer, Esq. ,
~ as closing attorr,ey, as second and third mortgages, respectively,
and in order to facilit3te the title closings for up to 12 unsold
~ Beach villas condQminium units.
a
~ 4. The Senior Lender and Junior Lender hereby confirm their
¢ respective priorities as second and third mortgagees, respec-
tively, and all other provisxons of the Lender's Agreement,not
inconsistent herewith shall remain in full force and effect. As
of January 15, 1990 the principal amount of the second mortgage
together with accruec3 interest as of this date is 5275,546 and
the principal amount of the t„~,i~~~nc~~~,~,qe is $~~_ppp,pp and the
accrued and unpaid interest/~F'iereon is`~a ~p~'73.56
~
~
~wK 67~ ?~~c~ 1720
~ _ ~ ~
= ~~~'~~'~'~_~'~a_~m ~