HomeMy WebLinkAbout0625 t~~~
. .
THIS :NSTT.UMENT PRE°/1RED BY 21,F.~Op '
HE~~RY T. OGtE. Ai~'J::,1.Y
;
~o~ w. n~ntu STc~~-' ~
1(hbXV iLif. TEl~lNES~EE
~
i
MODIFICATION AGREEMIIdT - ~
~
THIS MODIFICATION AGREEMENT, made this 16~ day of
June, 1971, between ANDREW ELLISON, a resident of Broward County,
Florida, Successor Trustee (herein "Ellison"), and HOLIDAY OUT
IN AMERICA AT ST. LUCIE, INC., a Florida corporation (herein ~
"Holiday Out");
,
,
W I T N E S S E T H:
WHEREAS, on the 25th day of July, 1967, Holiday Out
executed two mortgages encumbering properties it had on the same
~
day purchased from A. Paul Young, as__Trustee, which said mort- ~
gages are of record in Off icial Records of St. Lucie County in
Book 167 at Page 2238 a~d Book 167 at Page 2243, both of which
are incorgorated herein by reference, and as incorporated, made
a part hereof; and .
I WHEREAS, in each of the martgages aforesaid, the par-
~ .
i ties agreed that properties therein encumbered would be released
~
~ r---from the lien of the mortgages upon the payment of certain sums
~ ~
as set farth therein, and with respect thereto, monies have been
paid by Holiday Out to Ellison's predecessor in trust, A. Paul
Young, Trustee, and releases pursuant thereto have been executed,
~
t
delivered and recorded with the consequent result that the ~
instrument recorded beginning at Page 2243 contains property
~ insufficient in dollar value to secure the payment of the balance
~
~ due on the notes which the mortgage secures and the parties now
~ ~
~ wish to restructure the release clauses so as to assur~ Ellison '
~
~ th~t the entire balance owing to his trust will be.fully paid,
~ -
~ or if not paid, will be fully secured in the ~vent of an act
~
~ of foreclosure.
BVV, ~'i/~ '~r ~
~ #
~ ~
~ t
~ - ~
c
.'r'