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5. Whereas, the parties to the mortgage agree that
there shall be no modification as to the terms of repayment
or otherwise no modification or amendment to the original
promissory note by this agreement, and that the sole purpose
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of this agreement is to substitute collateral for the original :
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indebtedness.
NOW, THEREFORE, it is hereby agreed as follows:
1. That the mortgagors shall furnish substitute
collateral in the form of U. S. Government obligations or
certificates of deposit of local banks to be held in the
account of the mortgagee, SYBIL LEVITA CULVERHOUSE, as Trustee
under the Last Will and Testament of B. A. BROWN, deceased.
That such shall be purchased and payable to the account of the
above described party in a sum equal to or greater than the
present principal balance of the promissorY note. That interest
shall be pro-rated and brought current at date of closing and
~ substitution herein. That interest from said obligation up to
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~ the sum of six percent (6$), shall be payable to mortgagee and
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~ any interest derived under and above six percent (6$), shall
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~ inure to the benefit of mortgagors to be held by First National
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~ Bank of Fort Pierce and a sum sufficient to make annual payment
~ redeemed each year. A portion of the United States obligations
sufficient to cover the annual payments shall be redeemable as
the annual payments of principal and interest under the above
original executed promissory note comes due, i.e., annual pay-
~ ments of 54,771.02 plus six percent (6$? on the unpaid balance,
~ payable October 16, 1973, and a like~sum, plus accrued interest
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payable on the 16th day of the tenth month of each year there-
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after, i.e., through 1978, until.paid in full. It is hereby
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~y specifically agreed upon and provided by the parties as a con-
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dition to this agreement and the mortgagee hereby directs First
National Bank of Fort Pierce, its designated agent hereunder
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;
and said agent does hereby accept the terms hereof and enter
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~ ~ - 2 - ~ ~ 2~a FacE2665
~er NEILL ORIFIIN J6FFRIEB L LLOTD aU~A
CHARTERED
~ P O BOX ~270. FOIiT PIERCE. FlOR10A 33450 - TEIEPHONE f3051 464-8200
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