HomeMy WebLinkAbout1030 .
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MODIFICATION AGREEMENT
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~ THIS MODIFICATION AGREEMENT made this 27th day of December,!
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~;1974, between INDIAN RIVER FEDERAL SAVINGS AND LOAN ASSOCIATION, a;
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1~~United states corporation, hereinafter called Mortgagee, and BETTY{
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~:JEAN CONVILLE, a singie adult, hereinafter called Mortgagor, ?
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',:WITNESSETH: ;
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WHEREAS, Mortgagor executed a mortgage to Mortgagee on s
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~~property described in said mortgage, which mortgage was dated ;
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;;February 28, 1974, and recorded in Official Record Book 224, page f
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~'1680, public records of St. Lucie County, Florida, and which mort-;
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~gage secures a note in the oriqinal principal amount of $7,500.00;;
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:~which said note provides monthly payments of $60.40 and interest M
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~at the rate of 8.5 per cent per annum, and further provides that '
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`any remaining indebtedness, if not sooner paid, shali be due and y
~.~~payable on the lst day of March, 1999, and,
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> WHEREAS, there now remains unpaid on said note and mortgag~ ~
< _ ~ the balance of $7 389.24 and, ;
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WHEREAS, Mortgagor desires to obtain a future advance !
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; Z~Zm= under said mortgage dated February 28, 1974, by Open End Note date~
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~ Z;p~~ December 12, 1974, in the amount of $1,000.00, with interest at
~ ~ ~ ` the rate of 8.5 per cent per annum, and monthly payments of $8.27,~.
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~ WHEREAS, Mortgagee declines to loan said future advance
; unless and until the interest rate is increased on the original '
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~ note and mortgage dated February 28, 1974, and Open End Note dated~
December 12, 1974, from 8.5 per cent per annum to 9.5 per cent per'
~ annum, and that in the event any payment is not made prior to the
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~ 20th day of the month when due, then these notes shall bear inter-~
est at the rate of 10.0 per cent from the date any such payment '
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~ became due and throughout the period of such delinquency. ~
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~ ~ NOW, THEREFORE, in consideration of the premises and the
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~ ~ granting of the future advance the Mortgagor covenants and agrees ~
~ to a interest on the balance of said mortgage dated February 28,;
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~ 1974, and Open End Note dated December 12, 1974, at the rate of ~ ~
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~ 9. 5 per cent per annum, commencing on the lst day of January
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~ Smith, Heath & Smith, Attorneys At Law, P. O. Bor. 1030. Vero Beach, Florida 32960 ~
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