Exhibit 10.34
THIS INSTRUMENT PREPARED BY
AND RETURN TO:
Darrell D. Garvey, Esquire
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
450 South Orange Avenue, Suite 800
Orlando, Florida 32801
Borrower Name: MB Margate Lakewood I, L.L.C.
Project: Lakewood Mall, Margate, Florida
Loan No.: 00-1100240
THIS IS AN ASSUMPTION AND RATIFICATION OF THAT CERTAIN MORTGAGE AND SECURITY
AGREEMENT BY LAKEWOOD ASSOCIATES, LTD., A FLORIDA LIMITED PARTNERSHIP ("LAKEWOOD
ASSOCIATES") TO AND IN FAVOR OF NATIONWIDE LIFE INSURANCE COMPANY, AN OHIO
CORPORATION DATED MARCH 2, 2004 AND RECORDED MARCH 4, 2004, IN OFFICIAL RECORDS
BOOK 37010, PAGE 340 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA AND WHICH
SECURES THE NOTE EXECUTED BY LAKEWOOD ASSOCIATES, IN THE ORIGINAL PRINCIPAL
AMOUNT OF TWELVE MILLION ONE HUNDRED THOUSAND AND NO/100 DOLLARS
($12,100,000.00) TO AND IN FAVOR OF LENDER AND DATED MARCH 2, 2004 (THE "RENEWAL
NOTE").
FULL INTANGIBLE TAXES IN THE AGGREGATE AMOUNT OF TWENTY-FOUR THOUSAND TWO
HUNDRED AND NO/100 DOLLARS ($24,200.00) WERE PAID AT THE TIME SAID MORTGAGES
WERE RECORDED. THE CURRENT OUTSTANDING BALANCE OF THE NOTE SECURED BY THE
MORTGAGE IS ELEVEN MILLION SEVEN HUNDRED FOURTEEN THOUSAND NINE HUNDRED
SIXTY-THREE AND 33/100 DOLLARS ($11,714,963.33). DOCUMENTARY STAMP TAX ON SAID
OUTSTANDING AMOUNT IN THE SUM OF FORTY-ONE THOUSAND TWO AND 50/100 DOLLARS
($41,002.50) HAS BEEN PAID SIMULTANEOUSLY WITH THE RECORDING OF THIS ASSUMPTION
AND RATIFICATION INSTRUMENT.
ASSUMPTION AND RATIFICATION AGREEMENT
(Lakewood Shopping Center, Margate, Florida)
THIS ASSUMPTION AND RATIFICATION AGREEMENT (hereinafter referred to as the
"Agreement") is made and entered into as of this day of January, 2006, by and
between NATIONWIDE LIFE INSURANCE COMPANY, an Ohio corporation, having its
principal office at One Nationwide Plaza, Columbus, Ohio 43216, Attention: Real
Estate Investment Department, 34T (hereinafter referred to as "Lender"), and MB
MARGATE LAKEWOOD I, L.L.C., a Delaware limited liability company whose address
is c/o The Inland
1
Real Estate Group, Inc., 2901 Butterfield Road, Oak Brook, Illinois 60523
(hereinafter referred to as "Borrower").
WITNESSETH:
WHEREAS, Lender is the owner and holder of that certain Mortgage and Security
Agreement by Lakewood Associates, Ltd., a Florida limited partnership ("Lakewood
Associates") to and in favor of Lender dated as of March 2, 2004 and recorded
March 4, 2004 in Official Records Book 37010, Page 340, Public Records of
Broward County, Florida which encumbers certain real property located in Broward
County, Florida (the "Mortgage"), more particularly described on Exhibit A
attached hereto (hereinafter referred to as the "Property"); and
WHEREAS, the Mortgage secures that certain Note executed by Lakewood Associates
to and in favor of Lender in the original principal sum of TWELVE MILLION ONE
HUNDRED THOUSAND AND NO/100 DOLLARS ($12,100,000.00) dated March 2, 2004 (the
"Original Note"), as renewed by that certain Renewal Note executed by Borrower
to and in favor of Lender dated of even date herewith in the sum of ELEVEN
MILLION SEVEN HUNDRED FOURTEEN THOUSAND NINE HUNDRED SIXTY-THREE AND 33/100
DOLLARS ($11,714,963.33) (the Original Note as renewed is hereinafter referred
to as the "Note "); and
WHEREAS, the Note and the loan