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4?XJ1V~ a R, 1„IcpONAID, JR., A~torasy
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MORTGAGE MODIFICATION AGREEMENT
The Mortgagor, RIALTO FOOD SERVICE, INC., a Florida corooration,
and ALEXANDER V. HOY and VIRGINIA L. HOY, his wife, enter into this
Mortgage Modification Agreement with the Mortgagee, C. R. McDONALD, JR.,
as Trustee for CORINNE McDONALD and CHRISTOPHER McDONALD, minors, to
modify that certain mortgage dated October 15, 1975, and recorded in O.R.
Book 244, at page 2419 of the St. Lucie County Public Records as follows:
1. This Mortgage Modification Agreement keeps the same priority
as the original mortgage and the purpose of this Modification Agreement
is to modify the terms and conditions of said mortgage and to provide for
monthly payments under said mortgage, rather than to continue said mort-
gage as a balloon mortgage and note. The mortgage and note is now due
and payable and the purpose of this Modification Agreement is to extend
the terms thereof and to modify the amount thereof to .conform with this
agreement.
2. That the Mortgagee, C. R. McDONALD, JR., retains full and com-
plete right to satisfy said mortgage and note, but shall pay the interest
due thereunder, along with the principal balance to CORINNE MICHELLE
McDONALD and CHRISTOPHER_JOHN McDONALD, his minor children, as a gift under
the Florida Gift to Minor's Act.
3. -That said mortgage is now in the principal amount of $10,000,
secured by a note executed therewith, providing for 6$ interest, with
monthly payments of $146.09, including principal and interest for seven
years, said payments to be made at the Law Office of C. R. McDONALD, JR.,
1600 South Federal Highway, Fort Pierce, Florida, commencing on May 1,
1979,and on the first day of each month thereafter until paid in full. All
payments not made on the date due shall be subject to a $2.00 late charge.
In all other respects the Mortgage Deed remains in full force
and effect, and covers the following-described real-property in St. Lucie
County, Florida, to-wit:.
Lot 4, in Revised Plat of HOME ACRES, No. 2,
recorded in Plat Book 7•, at Page 42, of the
Public Records of St. Lucie County, Florida.
The Mortgagors warrant that they have full authority to execute
- this mortgage on behalf of the corporation, as well as individually, and
that title to the property is vested in said corporation, and that the
corporate records will reflect their authority to execute this mortgage
and note, the Mortgagors also warrant that they agree to keep the first
j.
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