Exhibit 10.43
PREPARED BY/RETURN TO:
Xxxx X. Xxxxxx XX, Esquire
Nason, Yeager, Gerson, White & Xxxxx, P.A.
1645 Palm Beach Xxxxx Xxxxxxxxx
Xxxxx 0000
Xxxx Xxxx Xxxxx, Xxxxxxx 00000
NOTE AND MORTGAGE MODIFICATION AGREEMENT
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THIS AGREEMENT, made this 12 day of May, 2005, by and between SUNSTONE GOLF
RESORT, INC., a Florida corporation, n/k/a TIERRA DEL SOL RESORT INC., a Florida
corporation, the "Mortgagor", and RASTER INVESTMENTS, INC., a Cayman Islands
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Corporation, its successors and/or assigns, the "Mortgagee";
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W I T N E S S E T H:
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WHEREAS, Mortgagee is the owner and holder of that certain mortgage (the
"Mortgage") made by the Mortgagor to Mortgagee and recorded on February 8, 2000,
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in Official Records Book 4399, Page 753, in the Public Records of Polk County,
Florida, which Mortgage secures a debt evidenced by a promissory note dated
January 31, 2000, in the original amount of $985,000 and encumbers property more
particularly described in attached Exhibit "A"; and
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WHEREAS, Mortgagor has requested Mortgagee to modify the Note and Mortgage;
NOW, THEREFORE, in consideration of the premises hereof and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Mortgagor and Mortgagee agree as follows:
1. The foregoing recitals are true.
2. The terms of the Note and Mortgage are modified such that the Note
shall have a maturity date of June 1, 2006.
3. The Mortgagee acknowledges that the Mortgage and Note are in full
force and effect and that no defaults exist thereunder.
4. This Agreement shall be binding upon and shall inure to the benefit
of the heirs, executors, administrators and assigns, or successors and assigns
of the respective parties hereto.
5. This Agreement shall not create a novation or any merger nor impair,
diminish, prejudice or otherwise adversely affect the rights and priorities of
Mortgagee, its successors and assigns.
IN WITNESS WHEREOF, Mortgagor and Mortgagee have executed this Agreement on
the date first above written.
WITNESSES: MORTGAGOR: SUNSTONE GOLF RESORT,
INC., n/k/a TIERRA DEL SOL RESORT
INC., a Florida corporation
/s/ Xxxxx Xxxxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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(Print Name: Xxxxx Xxxxxxxxxx) Print Name: Xxxxxxx X. Xxxxxx
----------------- Its: President
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/s/ Xxxxxx X. Xxxxxxx
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(Print Name: Xxxxxx X. Xxxxxxx)
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MORTGAGEE: RASTER INVESTMENTS, INC.
By: /s/ Xxxxxx X. Xxxxxxxxxxxx
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(Print Name: Xxx Xxxxxx) Xxxxxx X. Xxxxxxxxxxxx
----------- Its: Director
/s/ Xxxxxxx X. Xxxxxx
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(Print Name: Xxxxxxx X. Xxxxxx) (CORPORATE SEAL)
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STATE OF FLORIDA )
) SS:
COUNTY OF ORANGE )
The foregoing Note and Mortgage Modification Agreement was acknowledged
before me this 12 day of May, 2005, by Xxxxxxx X. Xxxxxx, the
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President of Sunstone Golf Resort, Inc., n/k/a Tierra Del Sol Resort Inc., a
Florida corporation, on behalf of the corporation, (X) who is personally known
to me OR ( ) who produced
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as identification.
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/s/ Xxxxxx X. Xxxxxxx
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Notary Signature
Xxxxxx X. Xxxxxxx
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Print Notary Name
NOTARY PUBLIC
State of Florida at Large
My Commission Expires: August 2, 0000
XXXXX XX XXX XXXXXX )
) SS:
COUNTY OF BERGEN )
The foregoing Note and Mortgage Modification Agreement was acknowledged
before me this 13 day of May, 2005, by Xxxxxx X. Xxxxxxxxxxxx, Director of
RASTER INVESTMENTS, INC., a Cayman Islands Corporation, (X) who is personally
known to me OR ( ) who produced as
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identification.
/s/ Xxxxxxxx Xxxx
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Notary Signature
Xxxxxxxx Xxxx
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Print Notary Name
NOTARY PUBLIC
State of New Jersey at Large
My Commission Expires: November 3, 2005
