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MORTGAGS~CONSOLIDATION AND
EXTBNSION AGREEMSNT
AGREEMENT, made the~24th day of April, 19?0, between
WILLIAM C. SCHMIDT, Mortqagee, and ROGER L. TOFFOLON, as Trustee,
Mortqaqor.
W I T N E S S E T H:
WHERSAS, Mortgagee is the holder of the followinq mortgages and
of the notes secured thereby:
Mortqage dated March 24, 1969, from ROGER L.
TOFFOLON, as Tru~atee, to WILLIAM C. SCHIdIDT,
in the principal sum'of $270;000.00, and
recorded in the Office of the Clerk of the
Circuit Court of St. Lucie County, Florida,
in Official Records Boo~c 176, paqe 1286, etc.,
on March 27, 1969; and
Mortgaqe dated the 28th day of April, 1970,
given by ROG$R L. TOFFOLON, as Trustee, to
WILLIAM C. SCHI~lIDT~ and to be recorded in
the aforesaid Clerk's Office simultaneously .
wi th thi s Agreement ; riQOrd~d in O~t Bk. 184, p~. I176.
which said mortgaqes now encumber real estate described therein
and on which notes and mortgaqes there is now owing the aqgregate
pr~~cipal balance of $445,778.00 with interest thereon; and
WI~REAS, Mortgaqee, the holder of said notes and mortqages, and
the 1~lortqaqor, the owner in fee simple of the property described in
said mortgages, have mutually agreed to consolidate and coordinate
the liens of said mortqages, and to modify the terms thereof and of
the notes secured thereby in the manner hereinafter appearinq;
NOW,THEREFORE, in pursuance of said mutual Agreements, and in
~ consideration of the sum of ONE ($1.00) DOLLAR~ and other qood and
F valuable considerations, each to the other in hand paid, receipt
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~ of which is hereby acknowledged, the parties hereto mutually covenant
and aqree as follows:
~ That the liens of the mortqages hereinabove mentioned are hereby
consolidated and coordinated so that toqether they shall hereafter
constitute in law but one mortgage, a sinqle lien, securing the ~
principal sum of $445,778.00, together with interest thereon, from
the date hereof at the rate of six ~6~) percent per annunt;
That the time of payment of said principal sum secured by said
~ notes and ~aortgages, as hereby mod3fied by this Agreement, is
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extended so that the same, together with interest at the rate of
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six (6~) percent per annum on the unpaid balances until maturity,
~ shall be due and payable ~n equal semi-annual installments of
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$23,638.90 each, plus interest, the first such payment to be due
~ and payable six (6) months from the date hereof and subsequent f
~ payments to be~due and payable each and every six montha thereafter,
~ and continuing until April 28th , 1979, at which time the
~ last semi-annuat payment in the amount of $23,638.90 shall be paid,
- together with interest. Thereafter, two additional semi-annual
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