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HomeMy WebLinkAbout2215 date of the mortgage shall be construed between the parties, their successors or assigns, as the recording date of this Modification. First Parties, their successors or assiqns, agree that they shall be forever barred from claiming any loss of priority against this mortgage arisinq from modification hereunder. The second mortgaqe and the promissory note securing the sa~ shall be modified as follows: The promissory note,secpring the . G, ~r purchase money second mortqage herein modified, shall-b~ principal in- debtedness in the sum of $1,124,610.66, repayable as follows: Beginning June 20, 1975, the principal sum of $74,974.04, plus accrued interest at 7.58, and a like sum of principal, plus accrued interest, on June 20, 1976; beginning June 20, 1977, the principal sum of $121,832.82, plus accrued inter- est, and a like principal sum, plus accrued inter- est at 7.5$, each succeeding year thereafter until paid in full. That, other than the foregoing specified modifications, the terms of the existinq second purchase money mortgage and note and the rights thereunder held by Second Party, shall remain in full force and effect. - IT IS HEREBY AGREED by and between the Parties that this Modification shall not constitute a waiver, release, acquiescence or in any manner alter Second Party's rights, including priority under Secon ~ Party's second purchase money note and mortgage. ~ That, in the event the_Stipulation in Circuit Court Case No. t ; 74-495 in the Circuit Court of St. Lucie County, Florida, and ihe Con- f ~ - ~ ditions thereunder are not performed by First Parties and, in particu- ~ ~ ~ lar, Conditions 2, 3, 4 and 5, within the time specified in the herein referenced Stipulation which is incorporated herein by reference, by ~ ~ and between the parties, that Second Party shall have the option to ~ ~ proceed in accordance with Condition 18 of the aforesaid Stipulation ~ - ~ ~ under the terms of the existing second purchase money mortgage, intend- ' ~ = ing that this Modification shall not be effective and deemed delivered for recordation until compliance with the Conditions herein specified. ~ ti Upon compliance with said Conditions by First Parties this Modification ~ shall be deemed delivered and effective between the parties, and shall ~ ~ ~ ~ ~ ~ ~ ~ -2- BOOK~+JO PAGE~~~ " ~ ~ ~ f J~w63. ATTORNiY AT LAW. PO~T OF'ICi YOX 9WY. 'ORT r1~RC~. rL01110A i~f~0. T[L~rNONL ~06M~-ifA4 i`t~.~ '.'.T3p. y - y+ ~ .~`~.~,-~34 'sl t . ~.~.TXy'4 - ~~•v A;~ ~rM1 _ = ` ~ .s }9' .