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CONSENT TO MODIFICATION OF PRIOR MORTGAGE
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, This Consent to Modification of Prior Mortgaqe is
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_,u qiven by CAM LAND DEVELOPMENT, INC. (Cam Land) for the benefit
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of COLUMHIA BANKING SAVING AND LOAN ASSOCIATION and INVESTOR'S
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, Cam Land is the owner and holder of a certain mortgaqe
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recorded in Official Records Book 244, page 1219, Public Records
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of St. Lucie County, Florida. Property described in said mortgag ,
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v m` which by its t~rms is a third mortgage, is also encumbered by a
''`"`'~tt mortgage held by Columbia Banking Saving and Loan Association
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M which is recorded in OffiCial Records Book 221, page 447, Public
Records of St. Lucie Count , Florida.- Said
y prior mortgage is
; presently in default. The holder of said prior mortgage and the
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; rit obligation thereby secured and the Mortgagor-owner of the propert
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~f'~~' therein described (Investor's Realty Trust) have agreed upon a
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~ modification of the terms of said nate which is secured by said
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prior mortgage whereby certain delinquent interest will be Y
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capitalized and existing defaults will be remedied. The absence
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of foreclost~re of the prior mortgage by virtue of the existing
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defaults is of material benefit to Cam Land. t
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NOW THEREFORE in consideration of the receitals and of >
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i~ the actions taken in reliance hereon by Columbia Banking Saving =
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and Loan Association and Investor's Realty Trust, Cam Land agrees
as follows: " ~
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1. Zt hereby consents to modification of the terms of
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• said promissory note which is secured by said prior mortgage so ~
, ~ as to increase the principal amount due as of February 29, 1976 ~
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{ to $1,961,389.78, which principal sum will be discharged by ~
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Q ~ payments of $17,162.17 each beginning April 1, 1976 and continuin f
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_ - _ Due On Cfass ••C•. ~r?M~piblsPwfOnNPfOpNly.
- . p„•Qva~+ To Chapter 71. 134. A~Oti 011~1.
~ _ . ACIGER POtTRAS
_ Y cie?t Cucuq COuR, St. I.YCh. CO.. ?
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~ 0 R 203 PAGE 7 ~
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