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ij MODIFICATION AGREEMENT ~
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THIS MODIFICATION AGREEMENT made this 25th day of April, ~
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~i 1975, between INDIAN RIVER FEDERAL SAVINGS AND LOAN ASSOCIATION, ;
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formerly FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF INDIAN ; ~
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RIVER COUNTY, a United States corporation, hereinafter designated ~ ~
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as the Mortgagee, and EDGAR H. KLUEPPELBERG, JR. and SHARON ~
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KLUEPPELBERG, his wife, hereinafter designated as the Mortgagors, ~ 3
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WITNESSETH: " ; ~
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WHEREAS, Mortgagors executed a mortgage to Mortgagee on ~ ?
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property described in said mortgage, which mortgage was dated Apri~
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26, 1973, and recorded in Official Record Book 213, page 2564, ' S
, public records of St. Lucie County, Florida, and which mortgage `
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secured the original principal amount of $22,500.00; which said
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mortgage provides monthly payments of $169.95 and interest at the ; i
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, rate of 7.75 per cent per annum, and, ; r
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WHEREAS, there now remains unpaid on said note and mortgagei
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~ the balance of $ 22 , 031. 29 , and,
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WHEREAS, Mortgagors desire to obtain a future advance under; _
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said mortgage dated April 26, 1973, by Open End Note dated April ; ;
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~?~°o i`: 23, 1975, in the amount of $6,OOO.QO, with interest at the rate of~
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<m ~ 7.75 per cent per annum and monthly payments of $46.65, and,
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~Y~nm WHERFAS, Mortgagee declines to loan said future advance ;
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y ' ' unless and until the interest rate is increased on the original ~
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; note and mortgage dated April 26, 1973, and Open End Note dated ~ ~
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A ril 23, 1975, from 7.75 {
p per cent per annum to 8.25 per cent per ; ~
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annum, and that in the event any payment is not made prior to the ~
' 20th day of the month when due, then these notes shall bear inter-;
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est at the rate of 9.25 per cent from the date any such payment '
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became due and throughout the period of such delinquency, and, ;
bv WHEREAS, Mortgagee declines to loan said future advance
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unless and until the total monthly payment due on the original ,
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note and mortgage and said Open End Note is increased to a total ~
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~ ' of-$226.72 per month. ; ~
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~ • NOW, THEREFORE, in consideration of the premises and the
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granting of the future advance the Mortgagors covenant and agree ;
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Smith. Heath 8 Smith, Attomeys At Law, P. O. Box 1030, Vero Beach, Florida 32960 ;
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