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MODIFICATION AND EXTENSION AGREEMENT
THIS AGREEMENT made and entered into this 12 day of
January, 1979, by and between JAMES. L. PAXSON, 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 $450,000.00, dated June 27,
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 office of the Clerk
• of the Circuit Court in and for St. Lucie
County,. Florida, in O. R. Book 270 at page
1936, and there being presently owing on
said note the principal balance of
Four Hundred Fifty Thousand Dollars ($450,000.00),
with interest paid thereon to the .date of
this agreement; and
(b) The note of James L. Paxson to the Society
in the principal sum of Four Hundred
Fifty Thousand Dollars ($450,000.00)
of even date herewith secured
by a second mortgage in like amount also of
even date herewith from James L. Paxson
to the Society covering the same security
~ described in the aforesaid first mortgage,
which said second mortgage is to
~ be recorded in St. Lucie County, Florida,
immediately prior to the recording of this
-agreement, and there being presently owing on
( said note the entire principal balance of
Four Hundred Fifty Thousand Dollars ($450,000.00);
and
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WHEREAS, the Society, the owner and holder of said notes
and mortgages securing them, and James L. Paxson, the owner
~ in fee simple of the property described in said mortgages.
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are desirous of modifying, coordinating and extending the terms
of said notes and'of the mortgages securing them in the manner
and form hereinafter appearing;
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FEE. KOBLEGARD 8c TEEL. P. A. U k ~(~1 ~~~Q~Q
ATTORNEYS AT LAW SLC!( Vl Fr V V
r. POST OFFICE BOX 1000
FORT PIERCES FLORIDA 33480
TE~t~NONG 13051 461-8020
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