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CONSOLIDATION. M(~IFICATION'AIID EIQ'~NSIOA AGREffi~NT
'iSls At~ffi~1T made thie 25t d~r o~f Av~guet, 1977. bY and betveen ~
• T~ PRUDEI~IAL I1~SORAI~ CQSPeI~IY OF AMERICA, a Ae~w Jersey oorporation hereinafter -
called "PR(~ENTIAL" and TTN I~IILE CRE&K GROYffi, II~C. , e? Florids corporation here-
inafter aalled "BORfl01~18R": -
WITIiSSSETS, TSAT PR~II~'1'IAL is the or+ner and holder of the ~
folloving Hotes and Mortgagea, to-r?its
l. A Note ezeouted by TEN I~III~s CRBEK G80iVE5, IAC. dated December ].1~,
19?2 in the original prfnoipal amount of ;2,750,000.00 upon which t2iere ia noW
oving, ~rithout defenaee, set-offa or counter-claims, the principal sum of _
=2,337~544•00, vith interest, Nhich 8ote ie eeaured by a Mortgag~e of even date
ezeauted by BORROWPR, recorded Deaember 1l~, 1972 in St. I,ucie Couaty, Florida
in O.R. Book 209, page 100, vhich Mortgage ie now a valid firet lien upon the
lands aad property deacribed therein, vhiah deecription ie inclu~ded herein by
reference ae thou~ eet out at length. ~
2. A Note ezeauted~by BORROWER, of even date hereMith in the prinaipal _
amount oY =1,162,500.00, p~yable on demand~ whioh Fote is secured by a I~ortgag~e .
also of even date, delivered eimultaaeously herevith arid recorded in the Offiae
of the Clerk of the Circuit Court of St. Lucie Couaty, Florida ae Clerk's File
?j7~~ 5/3 , which Mortgag+e ie aleo a prea~t valid lien upon the lsnde
eet out by reference in Paragragh 1, eub~eat only to the lie~ of the Mortgagre ~
. aforessid; aad
_~AS, PR~ENTIAL aad BORROI~SR have agreed to the consolidation aad
aoordin,ation of theae Mortgages so as to Yorm a eingle valid firet lien on the
lsrids aad personel property thereia described, and to the modification aad ezten-
eion of the teims of theee Aotea; aad ~
8aM1i1, ~'0~, in Ea~eider~tion of the covena~te and agreemente herein
aad other g~ood arid valuable aoneideration, the partiea hereby eovenaut and agree.
as follor?e:
. FIRST: The t~ro Mortgag~es are hereby made aoordinate and equal aad are
hereby co~bined arld coneolidated, eo that tog+ether they conetitute one Mortga~e,
; a single valid firat lien upan the larbde deacribed by reference in Paragraph 1,
~ rrith the eame ef~ect as thou~ they were one Mortgag+e; aad t~2iat the lar~ds a~ud
property are sub3ect to the paramount lien of the coneolidated Mortgag~ee.
,
SSCOND: '1'he principal balaacea of the t~ro Aotes agg~cegate the prinaipal
eum of ~3,~000.00 with intere8t thereon from Auguet 2Sth , 1977 at the rate of
FIAS (996) per eent, per aanum, ahall be paid upon the datee aad in the modified
a~d Qombined amounta as folloWS:
Interest ehall be p~rable on August 1, 19?8. Beginning on
August i, 1979 sud on the first d~q of August eaah year
thereafter, there ehall be paid a prinoipal sum of ;1l~0,000
plue accrned intereet. All unpaid principal aad interest
sha11 be due aa~d p~rable, r?ithout notice, on Auguat L,
1992. -
Both principal sad interest are peyable at the Home Offioe of PB~ENTIAL, Newark, ,
~ Aex Jeraey, or at euch other plaae se the holder may designate in ~rriting, in
~ larf'ul money of the IInited Statee of Aoerica. ~
~ TSIRD: The pre~ps~yment privilega ie se folloxs:
~
,
Privileg+e ie reserved to make additional p~yments on the
prinaipal of thia indebtedneee in eums of ~;100 or multiples
thereof on a~r date vhen intereet becomes due az~d p~rable;
provided, hoxever, that the amouat so paid during ar~r year r
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TNiS INSTRUMENT WAS PREPAR~O 8Y:
fiALP~I WHFJITLY. ATTORNEY AT LAW
P. O. BOX 34-1129
~ DpRAL' CaABLES, FLA. 33134 R
~oQx 273 PA~~ 61.3