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MORTGAGE MODIFICATION AGREEMENT
This Mortgage Modification Agreement ("Agreement") is entered into
by FIRST AMERICAN BANK OF LAKE WORTH, N.A. ("Bank") and COMrIUNITIES FINANCIAL
CORPORATION ("Comnunities"), a Florida corporation.
This Agreement is made between Bank and Communities in consideration
of the following facts and circ~nstances:.
1. Camiunities is the successor in interest to MIAMI WEST DADE ACRES,
INC. ("West") and INTERSTATE HIGHWAY INVESTMENT CORPORATION ("Interstate").
2. On December 13, 1971, West and Interstate did execute and deliver t
Miami Nat,ional Bank a mortgage ("Mortgage") encwnbering certan lands in Qade
County, Florida, and St. Lucie County, Florida, more particularly described in
Exhibits "A" and "6" attached, to secure a debt owed Miami National Bank. The
Mortgage was executed in duplicate and was recorded on December 17, 1971, in
the Public Records of Dade County, Florida, in Official Record Book 7487 at Page
279, and was also recorded on December 23, 1971, in the Public Records of St.
~ Lucie County, Florida, in Official Record Book 198 at Page 725.
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3. The debt and the Mortgage, as modified by a modification agreement
dated Feburary 24, 1972, were subsequently assigned by Miami National Bank to
Bank in exchange for full consideration paid according to the Loan Assignment
Agreement of even date. .
I 4. The debt secured by the Mortgage now has an unpaid principal balanc
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~ f approximatel y~<< ~ 1 .~~J .
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5. ~Communities has requested Bank to increase the indebtedness secured
by the Mortgage to the principal sum of ~600,000.00.
~ THEREFORE, in consideration of the facts and circumstances set out
above and the mutual obligations undertaken by the parties hereafter set forth,
it is understood and agreed:
1. That the facts and circumstances outlined above are all true
and correct.
2. That the Mortgage dated.December 13, 1971, is hereby modified to
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~ secure a principal indebtedness of s600,000.00, plus interest,'as evidenced by
the promissory note of even date. "
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LAW OFFICEf
EDWiN W. LAMMI This instr~t was prepared by:
LAKE WORTH. FLORIDA QO
John E. Ma~cke
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