HomeMy WebLinkAbout1896 . 1
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~1IHS~t8~1.S, the said Lowe note and Lowe mortgage provides for
interest on said Lowe note and Lawe mortqaqe to be payable at the
rate af five percent (596) per annum on the unpaid balance, payable
annually, and
WIHSRSAS, the Martgagee and the Mortgagors have agreed to
revise the terms of said Lawe note and Lowe mortgage in euch a
way that the Mortgagors will pay to the Mortgagee interest at
the rate of seven percent (796) per annum on the unpaid balance,
from the date hereof, payable annually at the time of the said
principal payments on saf.d Lowe note and Lowe mortgage, and the
owners of said property do by the exe~Ltfon of this Loan lyodifi-
cation Aqreement personally guarantee payment of the aforesaid Lawe
note and Lawe mortgage, and further the parties hereto aqree that
in the event the Mortqagors do not ma3ce eac.~ respective annual
installment of interest or of principa~ or of both, on the note
secured by the mortgage held by CONNSCTICUT GBNSRAL LIF$ INSURANGS
, COMPANY, hereinafter referred to in paragraph 3 and give written
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} notice to Mortgagee thereof prior to the sixteenth day of December
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~ 3~° of each year said Connecticut General note and mortgage is out-
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i standing, the Mortgagee shall have the option-to declare said
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~ s a~ I.awe note and mortgage in default and iimiaediately due and payable.
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° ° NOW, THffitSFORE, in consideration of the sum of $1.00, the
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i agreement to subordinate the existing first mortgage to the
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Connecticut General Life Insurance Company in the principal sum
of $448,000, and othPr good and valuable considerations, receipt
whereof is hereby acknowledged, the parties hereto agree as follawsz
l. The Mortgagors shall pay the Mortgagee-interest on said ~
Lawe note at the rate of seven percent (796) per annum, on the
unpaid balance, from the date hereof, payable anaually at the time
of said principal payments call~d for in said Lowe note and I.awe
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mortgage. $
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ANOERSON, RuSM, OEwN 6 IOwNDES wnowwc~s wMO co~wscu,ows uur ORLwN00, RLORtDA
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