HomeMy WebLinkAbout0123 3.,,~~ .
~
' MORTGAGB MODIFICATTON AGREBMSNT _
. ~
T~iIS AGRSBIr[@NT made this ~dey of August, 1975, by and
between ARNCON, INC. OF FORT PIBRCB, Fort Pierce, Florida, hereinafter
referred to as I~tortgsgee, and BDBN PARK MANAGBMBNT, INC•, of Albany,
New York, hereinafter referred to as Mortgagor,
W I T N S S S$ T H:
_ _ - - - ~y~~-
That Mortgagee is the oWner and holder of a certain
promissory note maae and entered into by Mortgagor, dated •
Iiay 1, 1912, which promissory note is secured bq a Mortgage recorded
in O.R.Book 202, Page 918, Public Records of St. Lucie County,
Florida (a copy of which promissorp note is attached to said recorded
Mortgage), and which said l~iortgage is now a lien upon the premises
described therein, said ~premises being situate in St. Lucie County,
Florida,
NOi~I, THEREFORE, in consideration of the sum of Ten ($10.00)
3
Dollars and other valuable consideration, the receipt where~sf iA
hereby acknowledged, Mortgagee and I~Iortgagor herebq covenant and
agree that said promissory note and Mortgage, hereinabove referred
to, shall be modified as followa, to-wit: ~ i
1. That at such time as the nursing and convalescent
home operated bq l~tortgagor (foYmerly operated by Mortgagee) reaches
~percentage occupancy of a total of One Hundred Seventy-one (171)
; beds, then the sum of Six Thousand ($6,000.00) Dollara shall be
; _
E
~ added to the annual installment set forth in said promissory note
f
~ (as subsequently modified by letter), and said annual paqment shall
C
4 ~
~ be payable in equal monthly installments, plus interest at eight (8x)
k
~ percent per annum on the unpaid principal balance, the first of said
r
s
~
4 monthly installments to be due and payable on the lst day of the month
~ .
following the attainment of the ~f`''F=~'percentage bed occupancy.
` 2. That except as herein provided, the terms and conditions
E
i of said promiasorp note and ?iortgage from Mortgagor to Mortgagee shall
i
i '
~ remain unchanged.
~
~
~
~
s
~
g
~ - ~oo~ 2~ P~
~
~
~ .
~
:
~ ~eb~ya
x. ~ ~'~`~y- '~Yy . _ _ _ . . . . _ _ ' - . x
'~~'~.-"s~~'
--s~.-~"° ~ -
°1'.r. ~~a,~~ -3
2.R ,7~~~
_ _ - _ _ ~.F~':3" -