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MORTGAGE MODIFICATION AGREEMENT -
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THIS AGREEMENT made and entered into by and between.T..
WAYNE SKINNER and RALPH H. FOGG, First Parties, hereafter called ~
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Buyers, and GEORGE SALEEBY, JR., and MAE B. SALEEBY, his wife, Sec-
and Parties, hereafter called Sellers,
FOR AND IN CONSIDERATION of the sum of ONE DOLLAR ($1.00)
and other valuable aonsi,derations, agree as follows:
WHEREAS, Sellers and Buyers have entered into a contract
to purchase the following described property: Lots 3, 4 and 27, Block
5, TUCKER TERRACE, and improvements-thereon, located at 1807-=0kee-
chobee Road, St. Lucie County, Florida; and
WHEREAS, Buyers' attorney has rejected as unmarketable Lot
27 aforesaid; • and -
WHEREAS, Buyers, per agreement at closing, have executed
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and delivered a purchase money second mortgage and note in the amount -
of $24,000.00, a copy of which is attached hereto and made a part
ti..,..•.,..~ F..,- rofcaror+t~o _ 7 ~'1tP_nd1nQ that this Agreement shall supersede ~
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the contract and surva.ve closing and shall be considered a mortgage
e modification agreement in the following particulars:
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1. That closing shall proceed per the original contract
on all three (3) ,lots covered by Contract, including
execution and delivery of the cash at closing; assump-
tion of first mortgage at Sun Bank of St. Lucie
County; and execution and delivery of purchase money
second mortgage, and ttbte .
2. That Sellers agree to initiate appropriate legal action
to,qu~.et title and/or judicially declare the restrictive
covenants, together with reverter clause thereon present- s
~ ly clouding title to Lot 27, all as contained in that
certain Deed, recorded in O.R. Book , page of
the public records of St. Lucie County, Florida, where-
- by a court of appropriate jurisdiction declares null
-and void the deed restrictions and right of reverter
thereunder, contained in the above-described conveyance.
3. IT IS AGREED AND UNDERSTOOD that until such judicial
s due under the purchase money
declaration, all payment
_ second mortgage shall be abated and shall not be due
and payable until such judicial declaration and any
appeal time thereunder has run,
4. a in t e event Sellers, after due diligence, are
unable to accomplish the judicial action herein des-
y cribed within eighteen X18) months, the Buyers shall
be .entitled to a reduction in the principal balance
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~ {1Jt11LD t. dAMXR. ATTORNiY AT LAW. rOXT OK/IOS ROX iOXX. 'ORT rICRCt. rLORIDA af.lf0. Tp.s?NONL sOFMf,i~00
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