HomeMy WebLinkAbout2622 1988 in Official Records Book 604, at Page 2772 of the Public
Records of St. Lucie County, Florida; and
WHEREAS, the said Mortgage and Security Agreement was '
, further modified by that certain Fourth Modification of Mortgage
Ac~reement ("Fourth Modification") execute~3 by Mortgagor and
Mortgagee dated as of September 25, 1988 and reco~ded December
22, 1988 in Official Records Book 516, Page 1253 of tr,e Public
Records of St. Lucie County, Florida (said Mortgage and Security ~
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Agreement, as modified by the Modification, Second Modification, ±
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Third Modification, and Fourth Modification being hereinafter
referred to as "~iortgage"); and ;
WHEREAS, the Mortgage presently encumbers that certain
real property situate, lying and being in St. Lucie County, ;
Florida, more particularly described on Exhibit "A" ("Property") ~
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attached hereto and incorporated herein by reference; and
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' WHEREAS, on September 22, 1988, Eastp~rt sold tY~e ~
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Property as well as additional property adjacent to the Property ~
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to PDI and PDI executed a Wraparound Note ("Wraparaund Note") in ~
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favor of Eastport dated September 22, 1988, in tr~e original ;
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principal sum of THREE MILLION FIVE HUNDRED TWENTY-FIVE TNOUSAND ~
AND NO/100 ($3,525,000.00) DOLLARS and secured by a Wraparound
Mortgage and Security Agreement ("Wraparound Mortgage") dated
September 22, I988, which Wraparound Mortgage is recorded in
Official Records Book 604, page 2805, of tt~e Public Records of
St. Lucie County, Florida; and
WHEREAS, PDI purchased the Property s~abject to a
mortgage in favor of General Development Carporation ("GDC
Mortgage") dated September 25, 1986 and recorded in Official
Records Book 515, page 1883, and dated ::arch 3~, 1988, and
recorded in Official Records Book 580, page 2222, and subject to
t~~e Mortgage, but tY~e GDC Mortgage and the Mortgage are nonre-
course as to PGI and its partners and any share}-~olders, direc-
tors, officers or affiliates of sucY, partners; and
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BOGK 6~~ PAGF ~700
BOGK675 PAGE~62~
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