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HomeMy WebLinkAbout2375 d/b/a INDIANOLA GROVES agreed to assume said mortgage as modifiRd; NOW TF~REFORE in consideration of the above, and the sum of S10.00 and other valuable consideration paid to MISSION GROVES, INC., a Florida corporatiAn, receipt of which is hereby acknowledged, MISSION ~ GROVES, INC., a Florida corporation, hereby agrees as follows: t ~ 1. The unpaid principal balance due to MISSION GROVES, INC., ; , a Florida corporation, on the mortgage recorded in O. R. Book 70, Page 182, of the Public Records of St. Lucie County, Florida, is hereby de- termined to be $175,000.00. This unpaid principal balance of $175,000.00 shall hereafter be payable in eight (8) equal annual installments which shall include both principal and accrued interest at the rate of 6 per f cent per annum. The first annual installment of principal and interest shall be due one year from the date of closing of the sale from CARL V. RICE to O. R. MINTON and SHIRLEY ANN MINTON, d/b/a INDIANOLA GROVES. The remaining installments shall be due on the same date of each year thereafter until the remaining balance is paid in full. Privilege of prepayment and a 30 day grace period are allowed. 2. O. R. MINTON and SHIRLEY ANN MINTON, d/b/a INDIANOLA GROVES, by assumption of this mort5age as modified shall agree to cultivate, ; ~ ; fertilize, prune, spray and maintain the citrus grove located on the ( - ~ i above described property in as good state of cultivation and fertilization ~ ~ as customarily provided by owners of citrus groves ir? St. Lucie County, ~ ~ Florida. If in any year during the remaining term of this modified and ~ ~ extended mortgage, fifty (50i6) per cent or more of the citrus fruit crop Q ~ ~ growing on the above described property is lost as a result of freeze, ~ ~ hurricane, storm, or any other "act of God", then in that event, at the ~ option of O. R. MINTON and SHIRLEY ANN MINTON, d/b/a INDIANOLA GROVES, ~ only accrued interest will be due and payable that year, the term of the ~ ~ ~ mortgage being extended an additional year to allow for the payment of ~ " principal. In the event of default by O. R. MINTON and SHIRLEY ANN ~ ~ MINTON, d/b/a INDIANOLA GROVES, under the terms of this modified and ex- ~ ~ ~ tended mortgage,the remedy of the mortgagee ahall be limited to foreclosure ~ Y ~ 40m( 1~6E~~ ~ a~ ~ .F_.,