HomeMy WebLinkAbout0852 secured by said m~rtgages the principal sum of $88,828.23 plus in-
terest at 87, per annum from February 23 A.D., 1978, and
WHEREAS, Mortgagor desires Mortgagee to subordinate said m~rt-
. ~ pe ent
gages to a second uartgage position behind certain construction loans
to be placed on the property, and
WHEREAS, Mortgagee desires additional security and m~dification
of the terms of the mortgages, and
WHEREAS, Guarantor has agreed to grant to Irbrtgagee a mortgage
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on its property as additional security for the payment of the debt
of Mortgagor, and ~
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00)
each to the other in hand paid, the receipt whereof is hereby ack-
nowledged, and in further consideration of the respective promises,
covenants and agreements, by each to be kept and performed, I~brtgagor,
Mortgagee and Guarantor do, by these presents, covenant and agree as
follows:
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1. The lien and operation of the mortgage which is of record in
0. R. Book~ 282 at page 1 234, and that of the mortgage which is of ~
record in 0. R. Book 282 at page 1237, all of the Public Records of
St. Lucie County, Florida, be and they are each consolidated into a
single mortgage Iien encumbering the real prnperty, si~uate, located
! and being in St. Lucie County, Florida, m~re particularly described
as follows :
Lot 2, Blodc 3, NDUII. I~I~ID ~I~ANY SUBDIVISIUN, as per plat t~e~f aa
~ file in Plat Book 1. Page 41, of the P~lic Remrds of St. Lucie Canty,
, Florida, less and excepting therefram the mrth 100 feet t~raof.
E 2. The oon,olidated m~rtgage debt in the principal s~ of $88,828_23
~ with interest from February 23, 1978, at 8~ per annum shall be paid
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E as follows:
(a) $14,118.23 principal payment plus~ 8°~L interest oa said pri~i~al
~ payu~ait fmm FebruaY}r 23, 1978, due and pay~le vn Octiober 1, 1978.
~ (b) $37, 355. 00 principal payment plus 8°~ interest per arYam ua said
~ Principal paymezit fntim FebrtiaYy 23, 1978, due aid payable an
~ February 23, 1979, and
~ (c) Interest of 8% per am~m vn t~e principal s~m of $37.355_00
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~ shall be ci~e and payable on February 23, 1979, ar~
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(d) $37 , 355. 00 priricipal paymazt plus 8°I, interest per a~ an sa~d
~ principal paymait froqn February 23, 1979, is due ard' c~ri.r~g m
~ FebYVaxy 23, 1980.
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3. Guarantor for value received, does hereby join in this ~ ~
' Agreement for the purpose of guaranteeing the payment of the prom-
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~ issory notes secured by the mortgages consolidated hereby. The
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IIICNAl10 O. SNEED. J11. P~. • ATTOIINEII AT IAMI • 70p YIRGIMIA AVENYE. SINTE /0~ • i01[f HBICE. FlOlb~ 3~~ - 17~9 16ZI~
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