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MORTGAGE EXTENSION AGRFEMENT
THIS AGREEMENT made this 13th day of January, A. D. 1970, by and
between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE,
a corporation organized under the laws of the United States, as party of the first
part, and hereinafter referred to as ASSOCLATION; and LOMA LINDA UNIVERSITY,
a non-profit corporation organized under the laws of the State of California and
duly authorized and qualified to do business in the State of Florida, as party of
the second part, hereinafter referred to as LOMA LINDA;
WHEREAS, LOMA LINDA, by Mortgage Consolidation, Modification and
Extension Agreement, dated November 20, 1967, and recorded in Official Record
Book 1004, at page 892 of the public records of Brevard County, Florida, mort-
gaged unto ASSOCIATION two parcels of land by it owned in Section 23, Township
24 South, Range 3? East, Brevard County, Florida, as therein more particularly
described to secure an indebtedness owed by LOMA LINDA to ASSOCIATION in the
then principal sum of $571, 0?8. 58 with interest after November 10, 1967, at the
rate of 6. 5% per annum which indebtedness was pa4yable in monthly installments
as follow s :
$9, 800. 00 on the lOth day of December, 1967, and a like sum
on the corresponding day of each month thereafter until the
whole sum named, with interest, be fully paid, w~h each
installment being first applied in payment of interest on the
unpaid balance then due and the '~alance remaining of such
installment to be applied in reducti~n of the principal sum.
AND WHEREAS, as of the date hereof, the unpaid principal sum is
$392, 051. 79 with interest due thereon at the stated rate from December 10, 1969
in the amount of $2, 222. 89; and,
i WHEREAS LOMA LINDA is tendering on account of said indebtedness
~ the sum of $183, 044. 23 to be first applied to the accumulated interest and the
~ balance in reduction of the principal sum due, (the aggregate of such payment
being treated as the last installments maturing), ar~d I,OMA LINDA having further
tendered the installment due January 10, 19?0 in the amount of $9, 800. QO to be
applied in direct reduction of principal, and does, by these presents, request
ASSOCIATION to reduce in amount hereafter maturing monthly installments
from $9, 800. 00 to $6, 660. 00; and
WHEREAS, ASSOCIATION is desirous of accepting the tenders above
stated and is agreeable to the requested reduction in amount of future monthly
installments;
NOW, THEREFORE, the premise stated, and in consideration of the sum
of $1. 00 and other valuable considerations each to the other in hand paid, the
receipt whereof is hereby acknowledged, it is mutually understood and agreed
as follow s :
1. ASSOCIATION hereby evidences its acceptance of the tenders of
money by LOMA LINDA to this Association made, and the principal debt
rem.aining due ASSOCIATION by LOMA LINDA is $201, 430. 45 as of this date.
2. That the Mortgage Consolidation Modification and Extension Agreement
dated November 20, 1967 is hereby amended only so that the principal debt, with
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