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to the remaininq parties, receipt of which fs hereby acknow-
2edged, and in fu~ther consideration of the mutual covenants
hereinafter contained, the parties hereto do hereby agree
as follows: ~
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I. ACICNOWLEDC~IENT OF YNDEBTEDNESS ~ ~
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FIARZSTS CI.EARING NETFIORR, INC., does hereby acknowledqe
that the unpaid principal balance now due the MORTGAGEE under
the t~rms of a certain promi.ssory note dated June 28~, 1977,
(more particularly described and identified in the "MODIFICATION
AND EXTENSION AGREF.I~NT AND MORTGAGS" dated April 10, 1978) is
$450,000.00, that accrued interest thereon has been paid to
Septennber 20, 1978, and that FIARISTS CLEARING NETWORR, INC.,
has no defenses, countercl~Lua, a1~ riqnts of oiis~z cuii~~zi~ir:c~
its~obligation to pay the indebtedness.
II. MODIFICATION OF TIME FOR PAYMENT
. The parties hereto do hereby agree that the time for _
payment of the unpaid principal balance now due the MORTGAGEE
in the amount of $450,000.00, together with interest thereon
at the MODIFIED rate of eleven per cent (11$) per annum from
September 20, 1978, be and the same is hereby modified and - ~
extended so that the unpaid principal balance toqether with
interest shall be due and payable in the manner hereinafter
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set forth, to wit:
~ ~ Accrued interest shall be due and payable
i
! on the 25th day of each month, beginning on
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the 25th day of October, 1978, and continuing '
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i on the ~Stn day of each and every ~n~ch the~e- `
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~ after until the principal balance on the said ~
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~ ~ promissorv note dated June 2~, 1977, is paid
~ in full, . ~
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? . $50,000.00 shall be paid toward the principal ~
a - ~
~ balance of said promissory note dated June 28,
3 •
~ 1977, on or before October 25, 1978; baiance ~
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~ of principal after such payment, that is
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5
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~ ROBERT E. Ol/B4M, PJ1., ATTOFiiEY AT IAIf, 611 EAST DNVlA BEACH BLVD., DANIA. FIORIDA 33004 •(306) 925~d228 9
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