HomeMy WebLinkAbout1715~bo~ 3 .44i
~ T, lUClE COUNTY. FIA.
l~[OSTGAGE AND NOTE
y[ODIFICATION AGRELrk[ENT
THIS AGREEIriENT made in duplicate on thi~~day of January,
A. D. 1961, by and between JOSEPH P. CIIRRY, Trustee, as mortgagee
and party of the first part, hereinafter referred to as "Trustee", and
NORTH BEACH DEYELOPl[ENT COl~[?PANY, a Florida corporation, erith
principal place of business at Fort Pierce, Florida, as party of the second
part and mortgagor and hereinafter referred to as "Company";
WHEREAS, Trustee is the owner and holder by assignment of
mortgage executed by Company unto Martin Curry bearing date of June
1, 1946, recorded in Mortgage Book 60, at page 89 of the public records
of St. Lucie County, Florida, to secure the payment of a promissory note
therein described in the original principal sum of X90, 000.00, payabic
with interest at the rate of five (5'~i) per cent per annum in semi-annual
installments of ;5, 000. 00 principal together with the interest on the un-
paid balance on the first days of June and December, each and every,
until the total principal is paid in full; and
WHEREAS, said mortgage deed prescribes a formula by which
individual lots could be and have been released from the lien and operation
of said mortgage; however, subsequent to the execution of said mortgage
deed, the Florida Real Estate Commission has promulgated certain rules
and reguiatioil% ins eff@a:t a,f waii~h i. t^v ~a.r ~~mpany Pram en±ering intn
contracts of sale with prospective purchasers of individual lots unless and
until the scope of the provision for partial releases of individual lots is ao
broadened and enlarged as to permit such releases up to a point in time