HomeMy WebLinkAbout2720 ~ ~V '
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MODIFICATION AGREEMENT ~ ~
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~j THIS MODIFICATION AGREEMENT, made this 8th day of September. ~ ;
1975~ between INDI~1 RIVER FEDERAL SAVIlVGS AND LOAN AS80CLATION, ~
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formerly FIRST FEDERAL SAVIlVGS AND LOAN AS90CIATION OF INDIAN s
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RIVER COUNTY, a United States oorporation, hereinafter designated as the
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Mortgagee, and LAWRENCE J. WEAVER and BARBARA ANN WEAVER, his
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wife, hereinafter designated as the Mo~tgagors, WITNESSETH: ~
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WHEREAS, Mortgagors executed a mortgage to Mortgagee on property
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~i described in said mortgage, which mortgage was dated June 22, 1973, and ;
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reoorded in Official Record Book 215, page 2243, public records of St. Lucie i
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County, Florida, and which mortgage provides monthly payments of $223. 29 j
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~;and interest at the rate of 8.25 per cent per annum, and, z
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. WHEREAS, there now remains unpaid on said note and mortgage the ~
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! ; balance of $ 27,517.76 , and, ;
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WHEREAS, Mortgagors desire to obtain a-future advance under said ;
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mortgage dated June 22, 1973, by Open End Note dated. September 5, 1975, in ;
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the amount of $3, 000.00, with interest at the rate of 8.25 per cent per annum i
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~ { and monthly payments of $24. 30. and, !
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~ WHEREAS, Mortgagee declines to loan said future advance unless and i
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« a' o ~'until the interest rate is increased on the original note and mortgage dated ~
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i c Z- ~ o June 22, 1973, and Open End Note dated Se.ptember 5, 1975, from 8. 25 per oent ;
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! Z"; ;;per annum to 8.75 per cent per annum, and that in the event any payment is not;
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; made prior to the 20th day of the month when due, then these notes shall bear ~
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~ interest at the rate of 9. 75 per cent from the date any such payment became ~
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~ ';due and throughout the period of such delinquency, and unless and until the '
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~ total monthly payment due on the original note and mortgage and said Open End i
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~ ~Note is increased to a total of $257.96 per month. ~
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~ NOW, THEREFORE, in consideration of the premises and the granting ;
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~ 'of the future advance the Mortgagors covenant and agree to pay interest on the `
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~ ;balanae of said mortgage and note dated June 22, 1973, and said Open End Note '
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~ ~ ,;dated September 5, 1975, at the rate of 8.75 per cent per annum, oommencing ~
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~ ~on the , Rt day of SP=tP711t1PT , 1975, and further covenant and ;
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~ seR..243 P~r. ~7~
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~ Smith, Heath 8 Smith, Attomeys At Law, P_ O. Box 1030. Vero Beach, Florida 32960 ~
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