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MORTGAGE MODIFICATION AGREEMENT ~
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K~i~.~i~.i3-i~ maae c~i~s p~~
ciay of Ma?y, I~ib, netween ~
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~RSKINE CONTRACTING CORP., an Ohio corporation, hereinafter called j
"Mortgagor", and M.R.~ NELSON, as Trustee, hereinafter called "Mort- ~
gagee"; ~
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WHEREAS Mortgagor did, on September 4, 1974, execute, ~
acknowledge and deliver to Mortgagee a promissory note in the amount ~
of $493,533.34 secured by a mortgage dated September 4, 1974, which
mortgage was recorded ~n Official Records Book 232, page 195, of
the public records of St. Lucie ~~mty, Florida, and which mortgage
is now a lien on the premises lying and being in St. Lucie County,
Florida, more particularly described in said mortgage; and
WHEREAS Mortgagor has agreed to allow Mortgagee a twenty-
five per cent discount on the aforesaid principal balance, thereby
reducing the amount of the promissory note from $493,533.34 to
$370,150. 00; and ~ 3~3.~ - ~„l3~ -
wE t~ur ~ G oo ~ O
WHEREAS, Mortgagor has heretofore received from Mortgagee
principal payments aggregating $74,030.00, thereby reducing the
adjusted unpaid balance of id note from $370,150.00 to $296,120.00; and
WHEREAS interest aceruing on said unpaid balance of
$296,120.00 from September 4, 1975, at the rate of nine per cent per
annum;
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NOW, THEREFORE, in consideration of the sum of $1.00 in hand
paid. by the parties one to the other, and in consideration of the
premises and the mutual agreements of the Mortgagor and the Mortgagee,
it is hereby agreed as follows:
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F 1. The present unpaid principal balance of the aforesaid
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E note and mortgage, being the sum of $296,120.00 shall b~ paid tc i
~ Mortgagor according to the following schedule:. ~
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(a) $98,706.67 of rincipal together with interest
5 on t~ie sum of ~296,120 . 60 !
~ at nine per cent per annum from September 4, 1975, _
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t shall be due and payable on April 23, 1977. ~
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; (b) $98,706.67 of principal, together with interest at `
~ nine er cent ~
p per annum on the sum of $197,413.33
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from April 23, 1977, shall be due and payable on
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- April 23, 1978. ;
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(c) $98,706.66 of principal together with interest at ~
nine per cent per annum on the sum of $98,706.66 ~
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~ 11ris 1~ a?+is Dr~p°red b~ ~
~ ~ii.'~t~S T!'.~!P.lQW~ JR. ~
~ g EXECUTIVE PLAZA ~
; P. O. dw~ 1K. Stuart. Flori~ ~M ~
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