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I~ORTGAGE MODIFICATION AGREEMF1dT
THIS MiORTGAGE MODIFICATIOH AGREII~lENT, made this 6` day of
April , 1973, by and betWeen CHARLFS W. HOSTf+TICK, WILLIAM
C. BOSTFIICK , and I.AMAR SARRA, as F~cecutors of the Estate of Nell
L. Cowan Bostwick, deceased (hereinafter referred to as "Execu-
tors"), and STUART ST. LUCIE ESTATES, IIdC., a Florida corporation
(hereinafter referred to as "Stuart"),
W I T N E S S E T H: °
}
W1iEREAS, by Executors' Deed dated April 17, 1972 (hereinafter
referred to as "deed"), E7~CVrORS conveqed certain real property
situate in Martin and St. Lucie Counties, Florida, to STUART,
which deed was duly recorded in Official Records Book 338, .
page 1414 of the current public records of Martin County,
Florida, and in Officisl Records Book 201 , page 2065 of the
current public recorda of St. Lucie County, Florida, aad
WEIERFAS, concurrent with the dellvery of the deed by EXECU-
TORS, STUAItT delivered to E7~CUTORS a Promissory~Note in the i
amouat of $1,452,648.25, as evidence of the balance due on, and '
the method of the remaining portion of the purchase price of said
~
propertq, and ~
WHERFAS, said Promissory Note was secured bq a Purchase
Money Mortgage (hereinafter referred to as "hwrtgage"), duly
executed by STUART as Mortgagor and naaiing E~CUTORS as the Mort-
gagee therein, recorded in Officia2 Records Book 338 , page 1825
current public records of Martin County, Florida, and Official - ~
Records Book 202 , page 205 , current public records of St.
Lucie Countq, Florida, and ~
~
~ iitiERFAS, said caortgage contains the following ].anguage in '
y: ~ M paragraph 5, at page 3 of Fa~hibit 2, thereof :
c_, ~ ~
~ "5. Notwithstanding any other provisions con-
"
s; tained in this Purchase-Money Irbrtgage to the con- ~
-`=-""a trary, the Murtgagor and Mortgagee agree that the
amount of this Mortgage has been based upon 920.77
~i ~ acres in St. Lucie County and 707.84 acres in :
~=~a o Martin County being sold by Mortgagee to Mortgagor_ ~
G=-~Q ~ and that said number of acres in each County is ;
y~~ subject to final determinatfon and certification~ ~
s:: by the surveying firm of Stafford and Brock,
; Stuart, Florida, (the surveyors jointlp emploqed
` by the Mortgagor and Mortgagee). Upon such final
; w o~ determination and certification * acreage so sold,
~ N but uot later than sia (6) months after the date ;
d~ n hereof, this"Purchase M~oney Murtgage shall be sub-
ject to madification by separate Mortgage Modifi-
~W ~~~[j
;m Z~1:~ catiou Agreement to adjust the amount of the
3. ~~D~ indebtedness secured hereby bq debit or credit based
a~~~; u oa such final determination and certification of ~
~z ~ Z~ the acreage sold ia accordance with the acreage
~ g~ i prices and terms of the contract dated December 8, _
z, Q o 0 1 9 7 1, between t he M
~
or tgagee an d ~
I i l l iam F.
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