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MORTGAGE MODIFICATION AGREEMENT
WHEREAS, QUEEN'S COVE PROPERTIES, INC., a Florida corporation
having mailing address of 404 Colorado Ave., Stuart, Florida 33494, ;
did on February 28, 1974 make, execute and deliver a certain martgage ~
deed to LUCIE PROPERTIES, INC., a Florida corporation, which mortgaqe
was recorded in O. R. Book 225, at pages 1513-1517 of the public records
of St. Lucie County, Florida, and which mortgage deed encumbered cer-
tain real property in St. Lucie County, Florida, as more particularly
described in said mortgage deed as security for original principal
debt of $756,000.00 evidenced by a promissory note, which promissory
note was set out in said mortgage deed; and ~
WHEREAS, said mortgage deed made provision therein for Partial ;
Releases for subdivided lots in Queen's Cove, Unit 1, as per plat ;
thereof on file in Plat Book 11, pages 12A, 12B and 12C of the public !
records of St. Lucie County, Florida, on the proviso that no less
than ten (10) lots be released on a single occasion; and Mortgagor
and Mortgagee having mutually agreed to so modify the release clause
as to authorize Partial Releases of no less than two (2) lots on any
single occasion; -
NOW, THEREFORE, in consideration of the foregoing and other
good and valuable considerations and the mutual covenants and promises
herein made and the sum of One Dollar ($1.00) each to the other paid,
Mortgagee and Mortgagor agree as follows:
1. That the Release Clause of the first above described
mortgage deed shall be and the same is hereby modif ied and amended_
so as to permit Mortgagor to release no less than two (2) lots on }
any single occasion.
2. That this agreement shall not be deemed to modify or
amend said mortgage except as specifically above set forth; and that
i all other terms and conditions of said mortgage and the promissory
~ note secured thereby shall remain in full force and effect.
~
t IN WITNESS WHEREOF, the parties hereto have caused this
~ Modification Agreement to be executed in their respective corporate
names, by their respective officers proper and duly authorized
and their respective corpo ~te seals to be hereunto affixed on
this, the ~ day of , 1974.
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Signed, sealed and delivered LUCIE PROPERTIES, INC. ~
in the presence of :
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~~~fZ-~~~ ,~ll ~t~i~c- - BY • ' : , : C
Bennett B um, Executive' L~ Pries-
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"MORTGAGE~-"~b~! p ~ ~3`~~',`~-
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~ ~ ~ QUEEN'S COVE PROPERTIES'f;~~kt~j.~~~'~~
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Z~yjtzt.. BY ~ "
~ A ex B. Cardenas, Pres• ~tt, 1'~a,
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"MORTGAGOR"" ~ _
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;3 FEE. PARKER & FEE. P. A.
ATfOR NEYS AT LAW ,
POST OFFIGE BOX 1000
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~ FORT PIERGE. FLORIDA 33430 Q~~ '
TELEPMONE: 1305) 461-3020 a~ ~r~-~~
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