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MORTGAGE MODIFICATION AND EXTENSION
WHEREAS, Donald J. Willems and Joan C. Willems, his wife and Henry N.
Washington and Gladys C. Washington, his wife as mortgagors, hereinafter referred
to as First Party, did on March'18, 1977, make, execute and deliver a certain mortgage
deed to Security Federal Savings and Loan~Association of Indian River County, Florida,
a corporation organized and existing under the laws of the United States of America,
~as mortgagee, which mortgage was recorded in Official Record Book 265, page 1353
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Public Records of St. Lucie County, Florida, and which mortgage deed encumbered a
certain tract of land in St. Lucie County, Florida-, described as follows:
All of Hartman Heights, Unit One, according to the plat thereof
as recorded in Plat Book l7, Page 22, of. the Public Records of
St. Lucie County, Florida; and
Lots One (1) through Seven (7) inclusive Hartman Heights, Unit
Two (2) according to the plat thereof as recorded in Plat Book 17, ~
Page 25 of the Public Records of St. Lucie County, Florida. ~
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as security for an original principal debt of $75,000.00 evidenced by a promissory
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note, which was set out in said mortgage deed; and
WHEREAS, said mortgage note provides for payment of interest at the rate of
8.5 per annum payable semiannually commencing on the above date. Said Note to be pay-
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able in its entirety Two (2) years from the above. Note date.
WHEREAS, First Party and Security Federal Savings and Loan Association of €
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Indian River County have agreed to amend and modify said note and mortgage so as to
provide for an increase of interest due and there under to 10.5 per annum and an exten-
sion of the time for payment for an additional six (6) months. Interest shall be paid
~ to date through March l7, 1979, at~execution of this agreement. The principal balance
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due under the said note and mortgage is $18,500.00, and }
NOW THEREFORE, in consideration of the foregoing and the mutual covenants and
promises herein made, the First Party and Security Federal Savings and Loan Association
of Indian River County hereby agree as follows:
1. That the mortgage deed dated March 18, 1977 and recorded in Official
Record Book 265, page 1353, public records of St. Lucie County, Florida, and the note
secured thereby, which note and mortgage had a principal balance remaining unpaid in the
amount of $18,500.00 on March 17, 1979, shall be and are hereby modified and amended
so as to provide for interest from March 18, 1979 at the rate of 10.5 per annum pay-
=
ti able together with the outstanding principal balance, September 17, 1979 if not sooner
paid, and ;
2. That this agreement shall not be deemed to modify or amend said mortgage
~ and note except specifically set forth herein.
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