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covenants and promises herein made and the sum of One Dollar
($1.00) each to the other paid, Mortgagee and Mortgagor
agree as follows:
1. The Mortgagor will, on or before August 31,
1979, pay to the Mortgagee,-the sum of $130,000.00, thereby
reducing the principal outstanding balance to the amount of
$138,500.00 (plus any accrued interest).
2. The Mortgagee hereby releases from encuriberance
of the Mortgage, all land described in said *iortgage except
the following described property:
"The North 300 feet of the South 900 feet of
Government Lot 1, Section 23, Township 34 South,
Range 40 East, lying East of State Road A-1-A".
3. The remaining principal amount of the Note,
in the sum of $138,500.00, shall be paid as follows:
a) On or before February 28, 1980, the
principal sum of $28,500.00 (plus accrued interest).
~ b) Interest in annual payments, on the
balance of $110,000.00 shall be paid on Feburary 28, 1981,
~ February 28, 1982, February 28, 1983. The entire unpaid
principal and any accrued interest shall be due and payable
~ in full on February 28, 1984.
4. That this Agreement shall not be deemed to
modify or amend said Mortgage except as specifically above
set forth; and that all other terms and conditions of said
Mortgage and the Promissory Note secured thereby shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused
I i
this Modification Agreement to be executed in their respect ve
SOMMERBFRASIER, names, by their respective officers properly and duly authorized
P. A.
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