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MORTGAGE MODIFICATION AGREEMENT
AGREEMENT made this 24th day of July 1979; by L.C.R. Corporation , a Corpora- •
tion existing under the laws of Florida, hereinafter called the Mortgagor and FLORIDA
BANK AT FORT PIERCE, a banking corporation existing under the laws of the State~of
Florida, hereinafter called the Mortgagee, for and in consideration of the sum of
$10.00 and other good and valuable considerations, and also in consideration bf the
promises and covenants contained herein, and,
WHEREAS, the Mortgaggor did on the 28th day of May 1974 give to the Mortgagee
a certain promissory note and thereby promise to pay to the Mortgagee $20,000.00
with interest at :~*e•of 10.00% per annum, due and payabale in sixty instalments
as follows:
Fifty-Nine (59) monthly payments of $264.31 including interest,
with a balloon balance of $12,364.42 plus 10% interest due on
the 60th month at the end of the 5th year. The first monthly
payment under this note will be due and payable 30 days after •
date of same.
WHEREAS,the Mortgagor did on the 28th day of May 1974, to secure the payment
of the aforesaid promissory note , execute and deliver unto the Mortgagee a Mortgage
Deed on certain lands situated in St. Lucie County, Florida described as follows:
Lot 35 of MARAVILLA GARDENS, UNIT 1, according to a plat thereof
recorded in Plat Book 6, page 55, of the public records of St.
Lucie County, Florida, EXCEPTING THEREFROM, the Easterly 355.10
feet thereof, Also described as Lots 6 to 17, inclusibe of WERT
SUBDIVISION, an unrecorded plat.
which Mortgage Deed was recorded on the 28th day of May 1974, in the Public Records
of St. Lucie County, Florida at O.R. Book 228, pages 153,154 and 155; and
WHEREAS, the party desires to make certain modifications and changes in the
payment of said promissory note and in the mortgage securing the payment of said
note;
NOW, THEREFORE, it is .hereby agreed by the party-hereto .that the promissory
I~ rt a dated Ma 28 1 and.re-
note from Mortgagor to Mortgagee secured by Mo gag y , 97'4,
y corded in O.R. Book 228, Pages 153,154, and 155 of the Public .Records of St. Lucie
~
County, Florida, is modified as follows,
(1) Where said Promissory Note provides 59 monthly payments of $264.31 including
interest, with a balloon payment of $12,364.42 plus 10% interest due on the 60th
month at the end of the 5th year, the same is hereby amended to read,with a principal
balance of $12,317.43 still existing on July 24, 1979, all interest shall be brought
current and a monthly payment of $266.78, including interest will be due and pay-
able on the 24th day of August 1979, and a like sum on the 24th day of each month
thereafter for 58 months until a final payment of remaining principal and accrued
interest shall be due and payable on July 24, 1984.
(2) It is further agreed that said note shall furthur provide that on and
after the 24th of July 1979, it shall bear interest at the rate of ten and three-
quarters per cent (10.75%) per annum on the unpaid balance until maturity , rather
than 10% as provided in the original note.
(3) And it is further agreed by the party hereto that said promissory note
shall be further modified to read and include the following:
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A late charge of $13.31 shall be added to each instalment
remaining unpaid seven (7) days after its due date, which
sum shall be added to each and every instalment which re-
mains unpaid seven (7) days after the due date of each
succeeding instalment.
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