HomeMy WebLinkAbout0821 WHEREAS, Cardenas did, on or about May 23, 1972, execute a Partial Release
of Mortgage thereby releasing the said South 100 feet from the operation and effect of
the said mortgage and M.R. Nelson, as Trustee, did cause the said Partiai Release of
Mortgage to be recorded in Official Records Book 203, page 269, St. Lucle County,
Florida Public Records; a~d
WHEREAS, Pardeick has paid t~ Cardenas as of the date of thls Modification
Agreement, the sum of ~152, 933. 00 in payments to principal of the above-described
mortgage, thereby entitling Pardeick to the release of an additional four hundred flfty
(450) feet of the above-described~ property from the Atlantic Ocean to the Indian River
as measured along State Road A-1-A; and
WHEREAS, the parties hereto have determl~ed that it is in their mutual interest
to modify the release provisions of the above-descrlbed purchase money second mortgage. _
NOW, THEREFORE, in consideration of the sum of TEN DOLLARS ($10.00) ar~d
other good and valuable consideration, Pardeick arx! Cardenas hereby agree to modify
and amend the release provisions of the above-descrlbed purchase money second
~ mortgage as foliows: ~
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~ 1. The Partial Release of Mortgage dated May 23, 1972, signed by,Cardenas
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~ and recorded in Official Records Book 203, page 269, St. Lucie County, Florida,
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~ Public Records, is hereby rescinded and otherwise rendered null and void ab initio.
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~ 2. It is agreed by and between the parties hereto that all releases to which
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~ M.R. Neison, as Trustee, and Pardeick may be entitled pursuant bo the terms of the
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~ above-described purchase money second mortgage shali commence at the North
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~ boundary of the subject property and proceed southerly, said release to be from the
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~ Atlantic Ocean to the Indian Rlver as measured along State Road A-1-A. All releases
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shall be continguous to the next previous release.
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3. Simultaneous with the execution of this Mortgage Modiflcation Agreement,
' Cardenas shall execute a Partiai Release of Mortgage for the North five hundred flfty
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(550j feet of the above-described property from the Atlantic Ocean to the Indian River
-t as measured along State Road A-1-A. Of this 550 feet to be released from the operation
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and effect of the above-described purchase money second mortgage, one hundred (100)
feet shal I be for the payment of $75, 000. 00 made by M. R. Nelson, as Trustee, on or
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