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MODIFICATION AND EXTENSION AGREEMENT
THIS AGREEMENT made and entered into this 12 day of
January, 1979, by and between IDEAL HOLDING COMPANY, a Florida
corporation, Party of the First Part, hereinafter sometimes
referred to as "Mortgagor", and THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES, a New York corporation, Party of
the Second Part, hereinafter sometimes referred to as the "Society",
~WITNESSETH:
- WHEREAS, the Society is the owner and holder of the following
mortgages and of the notes secured thereby, to wit:
(a) The note of Paul H. Leffmann and Theo H.
Leffmann, his wife, to the Society, in the
principal sum of $550,000.00, dated June 30,
1977, secured by a first mortgage of even
date therewith from Paul H. Leffmann joined
by his wife, Theo H. Leffmann, to the Society
covering lands and personal property situate
in St. Lucie County, Florida, which mortgage
was duly recorded in the off ice of the Clerk
of the Circuit Court in and for St. Lucie
County, Florida, in O. R. Book 270 at page
1941, and there being. presently owing on
said note the principal balance
of Five Hundred Fifty Thousand Dollars
($550,000..00), with interest paid thereon
to the date of this agreement; and
(b) The note of -Ideal Holding Company, a Florida
corporation, to the Society in the principal
sum of Three Hundred Fifty Thousand. Dollars
($350,000.00) of even date herewith secured
by a second mortgage in like amount also of
even date herewith from Ideal Holding Company,
~ a Florida corporation, to the Society covering
the same security described in the aforesaid
g first mortgage, which said second mortgage is to
f be recorded in St. Lucie County, Florida,
g immediately prior to the recording of this
agreement, and there-being presently owing on,
~ said note the entire principal balance of
( Three Hundred Fifty Thousand Dollars
( ($350,000.00); -
and
~ WHEREAS, the Society, the owner and holder of said notes
~ - -
and mortgages securing them, Ideal Holding Company, a Florida
' corporation, the owner in fee simple of the property described
in said mortgages, are desirous of modifying, coordinating and
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~ FEE. KOBLEGARD & TEEL. P. A.
t ATTORNEYS AT LAW
POST OFFICE BOX 1000 R 3 1('67
FORT PIERCES FLORIDA 83480 BGCr U1 V~ !!''VV~~
T[LirMON [i 0061 461-8020
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