HomeMy WebLinkAbout2624 4. The Renewal and Replacement Note and the Future
Advance Nate shall be paid in accordance with the provisions of
tr.e Consolidation Note. Interest on tr~e Consolidation Note shall
~ accrue at a variable rate equal to one (1$) percent per annum
above tt~e Prime Rate (as defined in the Consolidation Note).
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Accrued interest on the outstanding balance from time to time
shall be payable in consecutive monthly installments on the first
day of each month during the term of tr~e Consolidation Note. The ~
Consolidatior. Note shall mature on September 22, 1990. '
5. The Mortgage and related loan documents sr,all be
modified to substitute the terms, conditions and obligations of
~ the Consolidation Note for that of the Renewal and Replacement
Note and the Future Advance Note.
6. If tY.e terms and provisions contained in the
Mortgage in any way conflict with the terms and provisions
contained in this Agreement, the terms and provision r~erein
contained shall prevail. Tk~e Mortgage, as modified by this
Agreement is hereby ratified and confirmed. All terms of the
Mortgage and related loan documents not inconsistent with tY~e
~ provisions, covenants and agreements hereto, shall remain in full
~ force and effect.
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7. Eastport and PDI covenant and agree that PDI is
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i the fee simple owner of the Property; that there are no other
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~ liens or mortgages whicY~ encumber the subject property, except
~ for the Wrap-Around Mortgage, Wr~~~r. is subordinate to t2-.e
t
~ Mortgage as herein modified and which Eastport assigned to
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~ Mortgagee by Assignment of Mortgage recor~ed in tt:e Official
~ Records Book 619, page 360 of the Public Records of St. Lucie
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~ Count_y, Flarida.
8. Eastport and PDI covenant that tr~e Mortgage is a
valid first lien on the Property (as tY~e proceeds of the Future
Advance Note was used to satisfy the GDC Mortgage) and that there
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t are no defenses or offsets to tY~e Mortgage as modified Y~ereby.
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