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MODIFICATION AGREEMENT
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~ THIS MODIFICATION AGREEMENT made this 12th day of December,
1973, between FIRST FEDERAL SAVINGS AND LOAN ASSOCIA`~ION OF INDIAN
RIVER COUNTY, a United States corporation, party of the first part,
and WILLIAM E. COLLISON and MELICENT J. COLLISON, his wife, partieS
of the second part, WITNESSETH:
WHEREAS, parties of the second part executed a mortgage to -
the party of the first part on property described in said mortgage,
~which mortgage was dated April 22, 1970, and recorded in Official
Record Book 184, page 996, public records of Saint Lucie County,
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Florida, and which mortgage secured the original principal amount -
of $13,200.00; which said mortgage provides monthly payments of
$116.69, and interest at the rate of 8.75 per cent per annum, and,
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= ~ WHEREAS~, there now remains unpaid on said note and mortgage.
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n o o the balance of . 12,163.3.6__ , and
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__Jm WHEREAS, parties of the second part desire to obtain a fu-
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='~am ture advance under said mortgage dated April 22, 1970, by Open End
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Note dated November 16, 1973, in the amount of $5,500.00, with
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{ F interest at the rate of 8.75 per cent per annum, and monthly pay-
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s ments of $51.90, and
;
5 WHEREAS, party of the first part declines to loan said fu- -
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Z ture advance unless and until the interest rate is increased on the
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~ original note and mortgage dated April 22, 1970, and Open End Note
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~ dated tlovember 16, 1973, from 8.75 per cent per annum to 9.0 per
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~ cent per annum, and that in the event any payment is not made prior
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~ to the 20th day of the month when due, then these notes shall bear
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~ interest at the rate of 10 per cent from the date any such payment
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~ became due and throughout the period of such delinquency, and
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~ WHEREAS, party of the first part declines to loan said
~ future advance unless and until the monthly payments on the origi-
_ t
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nal note and mortgage dated April 22, 1970 are increased to $118.80
- per month;
NOW, THEREFORE, in consideration of the premises and the
~ granting of the future advance the parties of the second part cove-
nant and agree to pay interest on the balance of said mortgage
~4 f: 224 f~ac~ 2246
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Smith, Heath. Smith 8 O'Haire, Attomeys At Law. P. O. Box 518, Vero Beach, Florida 32960
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