HomeMy WebLinkAbout1310 2. A certain note, e~cecuted by the partiee of the first part, of even date
hanrwith in the principal amount of ~ 5`~,~0.0c~ p~able on demand, which note ie
aecu~ed by a mortgage al.ao of even date herewith and delivered aimultaneou~~r here-
wlth eu~d to 'be recorded in ~he office ot' the Clerk oi the Circuit Cowrt of ~t,. Lucie
County, Florida khi.ch said mortgage ie alao a pre~ent valid lien upon the premi~es
hersinbafore described, ~ub~oct only to the lien of the mortgage aforasaid; and
6~li~REAS, Tf~ PRUDF~TIAL INSUR.ANCE COMPANY OF AMF,RICA, the party of the eecond
part, upan request of the underaigned, has agreed to tbe coneolidation and coordi-
nation of said mortgages ao aa to fnrm a aingle valid first lien on the premiaes
therein described, and to the extension of the time of pa~rment of said nates and to
t~ie nnodifit~ation of ths t,artna thereoP.
NOW, TI~REF'ORE, THIS IND~iTURE WITNESSETH: That the underai~ed, for and in
con~ideration of the agreement o~ THE PRUD~ITIAL INSURA?1CE COMPANY OF Ai~1~SCA, the
party oP the aecond part, to canaoli.date and coordinate aaid mortgagea $s a~oresaid
and ta modii'y and eo~tend tha tex~ea o! aaid nQtes aa atoresaid, snd in ~irther con-
sideration of the awn oi TIIH DOLLARS and other valuable considerationa to each of
the undereigned paid by the said party of +he eecond part at or before the enscaling
and delivery of bbeae presertt.~, the receipt whereoP is hereb~ aclmrnrledgad, do
hereby covenant and agrae to and xith said garty of the sec ond part aa~ follo~,re :
FIRST: The aforesaid t~o mortgages are hereby made coordinate and equal and
are her~e
y combined ~nd consolidated, so that tagether they constitute in law and
i.n ~quity but one ~mortgage, a aingle vali3 first lien upan the premi8es hereinL~~fcre
deacri.bed, xith the aa~ne effect as thDugh they Were one mortgage; and that the
riareinbePore described premises are aub~ect to the paramaunt lien of auc h consol-
idated mortgages and sre to atand se ~ecurity for the pay~en~ thereof.
~ SEO()ND: ~'he aforesaid pri.ncipal balan^es of said t~ro notea, aggregating the
princ pg aum of ~ 2,000,000.00 , With interest thereon from J~~ ,
19 65, at the rate of Six (b~) per cent. per annum, shall b~ paid
upon the dates and fn the motlified and combined amounts se fall~ws:
ille sum of ~100,000.U~ on December 1~~ 1~bE~~ and a liha sam
annu~ly thereafter o:~ t%~e 15th day of ~ecember of each an~
~very y~ax, to and includin~; the 15th day of December, 1984~
and the reMainin, principal balance and interest thereon at
t!-~e above rate Sfl~.l bBCG`?6 due an~ payable on tne ~_day
of June, 158b„
both principal and int~rest~ being pa~sY~le at the Home Office of sai.d T~ PRUDEN', ~AL
]NSURANCE CQMPAN3C OF AMERICA, in Newrark, Nenr Jersey, or ~t euch other place as the
Aolder of said notea may designate in writi.ng, ~n l~r~+f"ul. mnnery of the IInited 5tates
of America.
THI1~1J: The prep~ment privilegea noW in effect shall b~ modiYied and that here-
after
e~`ective ae of arid from the date of thie ~greement, the folloxing prepa~yment
privilege, applicable to the preaent prinaipal amaunt of the inriebtednesa atoresaid,
ahall b~ enforcea~le:
:'rivile~e is ~ive:, tc ,,a~.e adc~itional pa-;~ments on t:e ,~ri.nci,~al of
t~:is indeijtedness in sluns of r~l~ or nultiplPs t neraof on sny aate
:.i_an ~*.;~erest beco,<<~s du~: and payable; provided, ho;~e-rer, that ~he
a~o~~~t so n~.id t3ta:rit.~; a.ny year endin~; at an a.r~ai~ versary oi the date
fr<~;1 which interest accrues her~~~;.n~ier, added ~o c,bli;;atory principal
narments, if any, fallin~ dle ~,~tiLin s_~ch one-~ear p~riod~ siiall no~
B~CPC;~a C~II~'-tl i~~1 O.f i,ti~? princl; SLL'7; paya}.:18 wider L'!t : t?I'l15 Uf t!1].S
irsLr~v~en~.
*n ev~nt ol ~ i»na fide s~l~ ~f ~'rie ~ro;aarty sec.~rin;; tiiis inde~ted-
ness~ ,~a;~:nent in fu1.1 or in part o° ti~e indebtedri~ss may be i:ads
uA on ar within ~:zirty days after delivary oi the deed iri connection
.~-ith szic}l sale if ~hera is also paid a;~re~~y^?ent consideration ef
3` of "GC13~ p3rt o~ such payment ~ich axceeds t'~e a:no~i~?~ t.?~at may be
c~aid, at the time o~' suc~-i pavrnent, witiloat prepayr:Pnt consideration~
~"i~e aption in tnY.s paragraph shall apply only to a bana fide sale by
the undersi~ned and not to any sale by a~uhsequetit owner ~~l sR_~~1
-_•o~~Er~y or by r p~rt;; ~~c ~:~;ir~~ t,his indebtectn~ss. c~ ~,OQ
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