HomeMy WebLinkAbout2826 ~ Loan ~Y991
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MORTGAGE MODIFICATION
W~REAS, MARTIN C. HERNDON and MARTHA S. HERNDON, his wife~ as
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mortgagors, hereinafter referred to as First Party, did on May 31, 1972, make,
execute and deliver a certain mortgage deed to Security Federal Savings and
Loan Association of Indian River County, a corporat+on organized and existing
under the laws of the United States of America, as mortgagee, which mortgage
was recorded in Official Record Book 202, page 2783. Public Records of St.
Lucie County, Florida, and which mortgage deed encumbered a certain tract of
land in St. Lucie County, Florida, described as follows:
Lots 5, 6, 7, 8, 9, 23, 24, 25, 26 and 27 of OLEANDER PARK,
according to the plat thereof on file i~ Plat Book 9, page 76,
af the Public Records of St. lucie County, Florida.
as security for an original principal debt of $103,000.00 evidenced by a
promissory note, which promissory note was set out in sa+d mortgage deed; and
WNEREAS, said mortgage and note provides for payment of principal
and interest at the rate of 7.75$ per annum in equal monthly installments
of $845.63 each, and
WHEREAS, First Party and Security Federal Savings and Loan
Association of Indian River County have agreed to amend and modify said note
and mortgage so as to provide for an increase of interest due thereunder to
8.75$ per annum and an increase of the monthly payments due thereunder to
$890.80 per month, and
WHEREAS, as of June l, 1973, the principal balance due under the
` said note and mortgage was $100,756.33, and
~ NOW, THEREFORE, in consideration of the foregoing and the mutual
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; covenants and promises herein made, the First Party and:Security Federal
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; Savings and Loan Association of tndian River County hereby agree as follows:
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l. That the rr~ortgage deed dated May 31, 1972 and recorded in
_ Official Record Book 202, page 2783, Public Records of St. Lucie County,
; Florida, and the note secured thereby, which note and mortgage had a principal
; balance remaining unpaid in the amount of $100,75b•33 on June 1, 1973, shall
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be anci are hereby r.~odified and amended so as to provide for interest from
August l, 1973 at the rate of 8.75~ per annum and equal monthly installments
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