NOTE AND MORTGAGE MODIFICATION
Return
to:
Prepared
by:
Xxxx
X. Xxxx, Xx., P.A.
0000
XXX Xxxx., Xxx. 000-X
Xxxx
Xxxxx Xxxxxxx, XX 00000
File #
S09-909
THIS
AGREEMENT is made this 13th day of
April, 2010, by and between XXXXX PROPERTIES, LLC, a Delaware
corporation, as to an undivided 90% interest and XXXXXXXXX INVESTMENTS, LLC, a Florida
limited liability company, as to an undivided 10% interest (“Mortgagee”)
FLORIDA GAMING CENTERS, INC., a
Florida corporation, d/b/a MIAMI JAI-ALAI, d/b/a, W.J.A. REALTY and FLORIDA
GAMING CORPORATION, INC., a Delaware corporation and CITY NATIONAL BANK OF
FLORIDA, a Florida corporation; f/k/a CITY NATIONAL BANK OF MIAMI, a Florida
banking corporation as Trustee under its Land Trust #5003471, dated January 1,
1979, (“Borrower”) and CITY NATIONAL BANK OF FLORIDA, a Florida banking
corporation; f/k/a CITY NATIONAL BANK OF MIAMI, a Florida banking corporation as
Trustee under its Land Trust #5003471 dated January 1, 1979 and FLORIDA GAMING
CENTERS, INC., a Florida corporation, (“Mortgagor”)
WITNESSETH:
WHEREAS,
Mortgagor executed that certain Mortgage dated December 11, 2009, in favor
of XXXXX PROPERTIES, LLC and
XXXXXXXXX INVESTMENTS, LLC, which mortgage was
recorded on December 18, 2009,
in Official Records Book
27120, Page 2922,
as modified by that certain Note and Mortgage Modification Agreement dated
February 5, 2010, recorded March 22, 2010, in Official Records Book 27223, Page
0018, and as modified by that certain Note and Mortgage Modification Agreement
dated March 8, 2010 and recorded March 22, 2010, in Official Records
Book 27223, Page 0026 and as modified by that certain Note and
Mortgage Modification Agreement dated March 25, 2010 and recorded _________, in
Official Records Book _____, Page _____ (“Mortgage”), of the Public Records of
Miami-Dade County,
Florida, encumbering the property legally described as follows:
See
the attached Exhibit A
WHEREAS,
the Mortgage secured that certain Promissory Note (“Note”) from Borrower to
XXXXX PROPERTIES, LLC, a
Delaware corporation and XXXXXXXXX INVESTMENTS, LLC, a Florida
limited liability company dated December 11, 2009, in the original principal
sum of FIVE HUNDRED THOUSAND
and NO/100 Dollars ($500,000.00) as modified and
increased to $650,000.00
on February 5, 2010, $800,000.00 on March 8, 2010,
and $835,000.00 on March
25, 2010;
WHEREAS, the Promissory Note,
Mortgage, Collateral Assignment of Agreements Affecting Real Estate, Security
Agreement, Guaranty and all other collateral and loan documents executed in
connection with the Loan are collectively referred to in this Agreement as the
“Loan Documents”, and
WHEREAS, Borrower has requested a
Future Advance in the sum of SEVENTY FIVE THOUSAND and 00/100
Dollars (U.S. $75,000.00) pursuant to Paragraph 19 of the
Mortgage;
NOW,
THEREFORE, in consideration of TEN and 00/100 DOLLARS ($10.00) and other
valuable consideration, the receipt of which is hereby acknowledged, Mortgagor
and Mortgagee hereby agree as follows:
**Documentary stamps are being paid on the future
advance of $75,000.00.
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1.
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Each
of the Statements made in the Recitals of this Agreement is true and
correct.
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2.
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That
Lender agrees to fund a Future Advance in the amount of SEVENTY FIVE THOUSAND and
00/100 Dollars (U.S. $75,000.00) to
Borrower.
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3.
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That
the terms, provisions, and covenants of the Note and Mortgage, are hereby
modified to include and secure this Future Advance so that the total
amount due under the Note and Mortgage is NINE HUNDRED TEN
THOUSAND and
00/100 Dollars (U.S. $910,000.00);
and
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4.
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Mortgagor
certifies that the Loan Documents are in full force and effect and are
valid and enforceable obligations and agreements of Mortgagor and in
accordance with the terms and provisions thereof, and that there are no
existing claims, defenses, and rights of set off that Mortgagor may have
against Mortgagee or which may affect the enforceability by the Mortgagee
of its security and its rights and remedies under the Note and the Loan
Documents.
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5.
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The
Borrower and Mortgagor hereby reaffirm the Mortgage and Note as modified
herein.
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6.
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Borrower,
Mortgagor and Mortgagee agree that the terms set forth in this Mortgage
Modification do not represent a novation, and the terms of this Mortgage
Modification do not affect the priority of the Mortgage. The
Note, Mortgage and the Loan Documents remain fully binding upon and valid
and enforceable against Borrower and
Mortgagor.
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7.
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All
other terms and conditions of the Note and Mortgage shall remain
unchanged.
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IN
WITNESS WHEREOF, Mortgagor has executed this Note and Mortgage
Modification.
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MORTGAGOR/BORROWER:
CITY
NATIONAL BANK OF FLORIDA, a
a
Florida banking corporation as Trustee
under
its Land Trust #5003471, dated
January
1, 1979
By:______________________________
Print
Name:_______________________
Title:_____________________________
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STATE OF
FLORIDA )
COUNTY OF
PALM
BEACH )
The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by _________________________, as
____________________ of CITY NATIONAL BANK OF FLORIDA, a
Florida banking corporation as Trustee under its Land Trust #5003471, dated
January 1, 1979, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.
WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.
Notary
Public
Printed
Name:
Commission
Expires:
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BORROWER:
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MORTGAGOR/BORROWER:
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FLORIDA
GAMING CORPORATION, a
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FLORIDA
GAMING CENTERS, INC., a
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Delaware
corporation
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Florida
corporation
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By
_______________________________
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By:
_______________________________
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X.
XXXXXXX XXXXXXX, CEO
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X.
XXXXXXX XXXXXXX, CEO
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STATE OF
FLORIDA )
)
ss.:
COUNTY OF
PALM
BEACH )
The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by X. XXXXXXX XXXXXXX, as
CEO of FLORIDA GAMING
CENTERS, INC., a Florida corporation and FLORIDA GAMING CORPORATION, a Delaware
corporation, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.
WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.
| __________________________________________ | |
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Notary
Public
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Printed
Name:
_______________________________
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Commission
Expires: __________________________
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MORTGAGEE:
XXXXX
PROPERTIES, LLC, a Delaware
limited
liability company
By:
X.
XXXXXXX XXXXXXX, JR. Manager
XXXXXXXXX
INVESTMENTS, LLC, a
Florida
limited liability company
By:
_____________________________
XXXXXX
X. XXXXX, Managing Member
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STATE OF
_____________ )
)
ss.:
COUNTY OF
___________ )
The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by M XXXXXXX XXXXXXX, XX.,
as Manager of XXXXX
PROPERTIES, LLC, a Delaware limited liability company, who is personally
known to me or who produced _______________________ as identification and who
did not take an oath.
WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.
| __________________________________________ | |
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Notary
Public
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Printed
Name:
_______________________________
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Commission
Expires: __________________________
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STATE OF
FLORIDA )
)
ss.:
COUNTY OF
PALM
BEACH )
The
foregoing instrument was acknowledged before me this ____ day of _____________,
2010 by XXXXXX X. XXXXX, as
Managing Member of XXXXXXXXX INVESTMENTS, LLC, a Florida
limited liability company, who is personally known to me or who produced
_______________________ as identification and who did not take an
oath.
WITNESS
MY HAND AND OFFICIAL SEAL OF OFFICE.
| __________________________________________ | |
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Notary
Public
|
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Printed
Name:
_______________________________
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Commission
Expires: __________________________
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