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HomeMy WebLinkAbout0836 ~ ' This instrument prepared by: 3 ` ~ tiarshall B. Wood, Jr. ~•~~O WOOD, COaB ~ ROBINSON P. 0. Box 2549 West Palm Beach, Florida .33402 + CONSOLIDATION, MODIFICATION AND EXTENSION AGREEt~IENT 4 ~ THIS AGREEMENT made this G aay of ~day, i972 by and between ~ FORT PIERCE FIELDS PLAZA, a~oint venture of MELVIN F. SEMBLER, FRED A. ~ BESHARA, a single man, ALBERT DANGLER and NICNOLAS MANOS ~oined by ~ HETTY S. SEMBLER, CHARLOTTE DANGLER and DOROTHY A. MANOS, the wives, ~ respectively, of the said MELVIN F. SEMBLER, ALBERT DANGLER and NICHOLAS MANOS, hereinafter referred to as "Mortgagor" and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE PALM BEACHES, a corpora- tion existing under the laws of the United States of America, herein- after referred to as "Martgagee", WITNESSETH THAT: WHEREAS, Mortgagee is now the owner and holder of the following two certain Mortgages and of the Notes secured thereby: 1. First Mortgage dated February 27, 19?1, executed by FORT PIERCE FIELDS PLAZA, a~oint venture of MELVIN F. SEMBLER, ~ FRED A. BESHARA, a single man, ALBERT DANGLEF and NICHOLAS MANOS ~oined by BETTY S. SEMBLER, CHARLOTTE DANGLER and DOROTHY A. MANOS, the wives, respectively, of the said MELVIN F. SEMBLER, ALBERT DANGLER and NICHOLAS MANOS, to FRASER MORTGAGE COMPANY, an Ohio corporation, securing a Note of even date therewith in the principal sum of $2,750,000.00, said First Mortgage being recorded on March 18, 1971, in Official Record Book 191, at page 109 of the Public Records of St. Lucie County, Florida. 2. Second Mortgage dated hlay ~i , 1972, executed by the Mortgagor to the Mortgagee securing a Note of even date . therewith in the principal sum of $325,000.00, said Second i~ortgage to be recorded concurrently herewith under Clerk's File No. 229299; and OR Book 202 page 829 ~ St.Lucie Co.Fl WHEREAS, no part of the principal of either said Notes has been paid and there is now due an unpaid on said i3otes and Mortgages a total principal sum of $3,075,000.00 interest thereon having been paid to date; and . WHEREAS, the Mortgagor is now the owner of all of the property sub~ect to said Mortgages, and t+Iortgagor covenants that such property is not sub~ect to any liens, except the liens of the above described itortgages; and _ WHEREAS, there are no defenses or offsets to any of said tlotes i or ~dortgages; and ! . ~ WHEREAS, it has been agreed by and between the parties hereto t that the two said ~otes and l~tortgages shall be consolidated as to ; both debt and lien and modified and extended as hereinafter set forth. 110W, THEREFORE, it is agreed by and between tt~~ ~arties hereta as follows: That for and in consideration of the sum of $10.00 and other good and valuable considerations paid by each of the parties here~o to the othes, the receipt of which by each of the parties hereto is hereby acknowledged, and further, in consideration of the agreements and provisions herein set f~orth, t}~e parties hereto do hereby agree as follows: eoo,c~~ Pacf 8~ ~ . l - ~_:n ~ - .