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NOW , THFREFORE , said Parties do hereby agree as follows, to-wit:
1, That there is now due and owing from the Parties of the First Part
to the Party of the Second Part the sum of $100,000.00. The Parties of the
. First Part shall pay to the Party of the Second Part, upon the execution of this
agreement, the sum of ~10,000,00 towards the reduction of the principal amount
now outstanding, together with all interest due thereon, receipt of which payment
is hereby acknowledged by the Party of the Second Part by its execution of this
agreement .
2. That the maturity date of the promissory note is hereby extended as
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follow s: ~
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After the payment of the $10,000.00 as set forth in paragraph 1, the '
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unpaid balance of $90,000.00 shall be due and payable as follows:
, Nine (9) semi-annual installments of E10.000.00 each, commencing on
October 1. 1975, and continuing on each April lst and October lst there-
after unril paid in full. In addition to the principal payments, interest
shall be due and payable at the rate of 8~$ per annum on the unpaid
balance from time to time remaining and said interest payments shall -
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~ be due and payable on the same dates as the principal payments as set ~
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~ . forth in this paragraph . In the event of a default in any payment of `
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principal or interest which default shall not be corrected within 30 days
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~ thereafter, then the entire remaining unpaid balance shall immediately
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become due and payable at the option of the holder of this note. Any =
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payment or any part thereof may be made on or before its due date without ~
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~ penalty . -
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~ 3. That all of the terms and conditions of that certain mortgage and
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; promissory note herein referred to and not specifically modified shall remain in
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3 full force and effect.
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~ IN WITNF.SS WHEREOF, the Parties of the First Part have hereunto set
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~ their hands and seals and the Party of the Second Part has caused this agreement
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~ -2- boflK 238 PAGE 1350 . _
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~ lAW O~FICES JOMN H. SUTHERLAND VERO BEACH, FLORIDA
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