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MODIFICATION AGREEMENT
This Modification Aqreement executed this Sth. day of
February , 1975, by TASIS, a Joint Venture, between HARDIN
FLORIDA, INC., a Florida corporation, and HARRISON LAND DEVELOP-
MENT, INC., a Florida corporation, and N. A. HARDIN, a former
Partner of TASIS, party of the first part, hereinafter called the
Mortgagor, to RASOLL GROVES, INC., a Florida corporation, party
of the second part hereinafter called the Mortgaqee.
WITNESSETH, That for good and valuable consideration the
parties hereto modify the mortgage between said parties dated,the .
15th day of December, 1972, and recorded in O. R. Book 209, at
pages 276 through 283 as same affects the mortgage payment due
December 14, 1974, and only as to that payment. Said mortgage is
modified as follows:
1: The~Mortgagee acknowledges receipt of the interest due
on December 15 in the amount of $59,640.00.
2. Payment of the principal in the amount of $142,000.00
due that date is deferred until on or before September 15, 1975, ~
together with interest on said amount at 9$ and is due and payable
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on September 15, 1975.
f 3. The Mortgagors agree to pay over to the Mortgagee ?1$
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~ of all funds received from I-95 condemnation or settlement cover-
E
i ing land subject to the mortgage to be applied to the last
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~ principal payments due. The Mortgagors further agree that the
~ remaining monies received shall be paid over to the Mortgagee
~ until said $142,000.00 principal payment has been paid. Said
~ funds shall be paid over upon receipt.
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g 4. This Modification affects only the payment due December 14,
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; 1974, and time is of the essence insofar as all terms of this
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~ Agreement are concerned. - No grace periods are applicable to any
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~ payments required hereunder.
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~ BOOK ~6 PAGE p 1'0
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