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• E~/ R. i~ SCOn M. KENkEY, f scu:le
' st?ite 200, Gtisu+s fede/a1 6~.
Iii00 S. Federal Hwy.
' FR Ii~'cK, fb. 3350
MODIFICATION AGREEMENT ^ ~
THIS AGREEMENT made this day of 1979, by
and between.JOHN W. LEACHMAN and HE IEAC s e, ereinafter
called First Parties) and VINCENT LINO, ANTHONY ALTINO, and MICHAEL ALTIPIO
(hereinafter called Second Parties).
WHEREAS, Patrick Donnelly and June C. Donnelly, his wife, did on
August 4, 1977, execute and deliver a Promissory Note in the principal aaaunt _
of 580,.000-:00 to First Parties, which Note has been accruing interest at the.
rate of nine percent per annum and called for monthly installment payments, -
including Interest, of :1,013.50, and which obligation was secured by a mortgage
of even date therewith recorded at Official Records Book 272, Page 197, of the
Public Records of St. Lucie County, Florida, encumbering the following described
real property situated in St. Lucie County, Florida, to wit: •
Beginning at a paint 1,538 feet North of the Southeast corner,
Section 22, Township 36 South, Range 40 East, running Southwesterly
on the South line of the parcel of land heretofore conveyed to
E. G. Beckman, et ux (as recorded 1n Deed Book 139, Page 67, of
the Public Records of St. Lucie County, Florida) to the East right
of way of U.S. Highway #1; thence running Southeasterly along said
right of way the distance of 175 feet to the point of beginning
of the tract herein conveyed; thence continuing Southeasterly along
said right of way a distance of 175 feet; thence running Northeasterly
and parallel to the said Beckman line a distance of-300 feet; thence
_ running Northwesterly and parallel to the Easterly right of way line
of said U.S. Highway #1 a distance of 175 feet, more or less, thence
running Southwesterly and parallel to the said Beckman line aforesaid
a distance of 300 feet to the point of beginning.
WHEREAS, by Warranty Deed dated the day of January,. 1979, the
aforesaid Patrick Donnelly and June C. Donnelly~ils wife, did convey the above-
described real property to Second Parties, which conveyance was subject to
the aforesaid Note and Mortgage held by First Parties and which obligation
the Second Parties assumed and agreed to pay; and
WHEREAS, First Parties have requested that~the above-referenced
obligation be modified by increasing the interest rate accruing on the unpaid
principal balance from nine percent per annum to nine and one~half percent
per annum and Second Parties are agreeable thereto;and
WHEREAS, First Parties are the owners and holders_of said Note and
~ Mortgage; and
WHEREAS, payments under the aforesaid Note and Mortgage are current
I to date being paid through and including January 4, 1979, leaving a principal
balance on said obligation of 572,532,50.
NOW, THEREFORE, in consideration of the foregoing, Ten Dollars -(510.00)
and other good and valuable considerations receipt of which are hereby acknowledged,
the parties agree as follows:
1. The aforesaid Promissory Note and Mortgage securing repayment of
it are hereby modified to be that the obligation :hail bear interest from this
date at the rate of nine and one-half percent .per annum on the balance from
-time to time remaining unpaid and the remaining principal and interest accruing
thereon shall be payaele 1n 103 monthly installments of 51,032.54, including
interest, commencing on February 4, 1979, and continuing thereafter until fully
paid, with the last such monthly installment adjusted from the sum set forth
- above, if necessary, to pay the obligation in full~.~
2. Privilege is hereby given to Second Parties and their successors
and assigns, to prepay this obligation, in whole or 1n part, at any time, without
penalty.
i
3. First Parties agree Lo subordinate from the mortgage securing repay-
ment of this obligation, as modified herein, any and all portions of the property
heretnabove described to any other mortgage placed on the property hereinabove
described for the purpose of construction and erection of any building or buildings,
- provided, however, such subordination shall not be to a then first mortgage in any
amount exceeding the actual costs of construction of any such building or buildings.
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slcDOtiALD. K[NNEY Q RUSSAKIS~~G!I I
?AOtlf[IONAL AtEOC1AT1ON ~ ATTORNETE AT LA.I '
SUIT[ 200. pT12[Nf FE OERAL •UILDINO. 1[00 fOVTN i[OERAL N16NWAT, FORt FlERCE. FLORIDA A345O -
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