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WHEREAS, HOBE GROVES, INCORPORATED, a Florida corporation,
is the owner of forty-nine per cent (49$) of the outstanding voting
capital stock of EGAN, FICKETT FT. PIERCE, INC., and is desirous r
of joining in and becoming a party to this Modificat~on Aqreement
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in a limited manner, and ~
WHEREAS, the parties hereto have agreed to a modification ;
of the terms of said note and mortgage by modifying the principal, i
interest and manner of payment of said Note, and
WHEREAS, the owner and holder of the said Promissory
Note, FLORIDA NATIONAL BANK AT TITUSVILLE, is desirous of cons~nting
to the mutliple transactions between the parties to this
Modification Agreement, as well as consenting to the Agreement ~
itself, and .
WHEREAS, the parties to the original mortgage herein have
requested fram FLORIDA NATIONAL BANK AT TITUSVILLE a release of
certain real and personal property lacated and situated in
Brevard County, Florida, and
WHEREAS, FLORIllA NATIONAL BANK AT TITUSVILLE has agreed
to the release of the Brevard County, Florida, property, conditioned ±
upon the endorsement and quarantee of the mvdified obligation by
all of the parties hereunder.
NOW, THEREFORE, in consideration of the above and foregoing,
as well as the sums paid hereunder, and the promises and covenants
herein contained, as well as other good and valuable considerafions,
receipt whereof is hereby acknowledged by all of the parties, it
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is agreed as roilows:
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i 1. There is due trom and after November 19, 1976, the
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~ total sum of SIX HUNDRED THOUSAND AND NO/I00 DOLLARS ($600,0~0.0~),
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` and FLORIDA NATIONAL BANK AT TITUSVILLE agrees that the obligation,
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` as of the date of this Modification Agreement, is not in default, -
! and is in good standing. j
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2. EC,AN, FICKETT FT. PIERCE, INC. hereby assumes alI of
the obligations of the maker of said note and irtortgage as fully and
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completely as though it originally executed the same and it agrees
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~ to perform each and every of the covenants set forth in said note
~ and mortgage as herein modified. ~
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