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Florida (Second Street real property). The Second Street part-
nership agreement provided that each of its eight partners was to
contribute capital, own partnership assets, and share in part-
nership profits and losses in equal proportions.
On April 12, 1985, Second Street borrowed $625,000 from the
National Bank of Sarasota, which was evidenced by a note (1985
note). As security for that note, on the same date Second Street
mortgaged the Second Street real property (Second Street mort-
gage) to the National Bank of Sarasota. The Second Street
mortgage, which Mr. McDaniel signed, provided in pertinent part:
9. That the said Lender may, from time to time,
extend the time of payment of said Note to subsequent
owners of said lands and Premises, without notice to or
request from the makers of said Note, and any such
extension of time of payment shall not release the
makers from liability on said Note.
* * * * * * *
15. That any indulgence or departure at any time
by the Borrower, its successors or assigns from any of
the provisions hereof, or of any obligation hereby
secured, shall not modify the same or relate to the
future or waive future compliance therewith by the
Borrower. No act of omission or commission of Lender,
including, without limitation, any failure to exercise
any right, remedy or recourse, shall be deemed to be a
waiver, release or modification of the same, such
waiver, release or modification to be effected only
through a written document executed by Lender and then
only to the extent specifically recited therein.
* * * * * * *
Except for any notice required under applicable law to
be given in another manner, any notice, report, demand
or other instrument required or permitted to be given
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Last modified: May 25, 2011