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HomeMy WebLinkAbout0575 ~ ~3~~()521 MORTGAGE MODIFICATION AGREEMENT This Note and Mortgage Modification Agreement entered into on this the 19th day of July, A.D. 1976, by and betwe~n EUGENE SUTTON and JOAN SUTTON his wife, hereinafter referred to as the parties of the first part, and ROBERT L. DUNPHY and SALLY A. DUNPHY, his wife, hereinafter referred to.as the parties of the second part; WITNE~SETH: That for and in conaideration of ONE DOLLAR AND OTHER VALUABLE CONSIDERATIONS, exchanged between the parties hereto, the. receipt of r+hich is acknowledged the aforesaid parties agree as follows, to~wit: 1. That the parties of the second part is the owner and holder of the mortgage dated June 14, 1973 between RICHARD L. HARMAN and LINDA H. HARMAN, his Wife to ROBERT L. DUNPHY and SALLY A. DUNPHY, his wife recorded in Official Record Book 216 at page 936 of the public records of St. Lucie County, Florida and the Note to which it refers encumbering the following described ~ro~erty, to-wit: KC. ~ ~ B~~~DO~rd~ •ncr • Point of beginning is a concr~ete monwnent in the South~rest corner of Mary Ann Subdivision; from said point of beginning run Easterly along the South aide of Mary Ann Subdivision a distance of 148.78 feet to a stake; thence with a back angle of 81°23' to the right a distance of 198.73 feet to a stake on the Se:$th side of a proposed street; thence Westerly along the South side of said street a distance of 140.47 feet to a one-half inch galvanized iron pipe on the East side of Indian River Drive; thence Southerly along the - East side o~~~~ndian River Drive a distance of 176~.22 feet to polnt of beginning. Mary Anne Subdivision above mentioned is according to plat thereof.on file in Plat Book 7 page 37 of the public records of St. Lucie ~ County, Florida. Less and Excepting therefrom that f port~ion conveyed by Eva L. Whiteman to Milford S. ; Purcel and Ida Copland Purcel by deed dated October 5, ~ 1967 recorded in 0. R. Book 168, at page 2210 of the ~ public records of St. Lucie County, Florida. ; together with the note that said mortgage secures in the ~ original principal amount of ~12,500.00, leaving a balance ~ due thereon as of June 15, 1976 of ,Q ~g . [ ~ 2. That the said parties of the first part are the owners ~ of the aforesaid property as of this date. The parties hereto agree ~ to modify the aforesaid mortgage by adding the following paragraph p therein, to-wit: ~ ~ "The owners of the encumbered property for themselves their ~ heirs, successors and assignees hereby agree that in the event ~ - the lands encumbered by this mortgage are transferred in any way ~ ~ from the ownership of EUGENE SUTTON and JOAN SUTTON, his wife, ~ to any other party constitutes an acceleration of said note and mortage in full without notice on the part of the mortage owner. ; Sbould this occur the owner further agrees to pay off the unpaid ~ balance of said note and mortage in full within 10 days after the ~ransfer of the title occurs, but in the event such a pay off ' does not occur it is agreed between the parties hereto that the ~ mortage may be immediately foreclosed for the full unpaid balance ~ of principal, 3nterest and costs. ~ 3• That all other provisions of said note and mortage ; not in conflict herewith shall remain in full force and effect ~ : ~ ~ ,3 ~ _ ~ ~ ~ ~55 PAGE 573 ~ ~e~ . - _