HomeMy WebLinkAbout2569 3
. ,
! ~
covenants and promises herein made and the sum of One Dollar
($1.00) each to the other paid, Mortagee and Mortgagor agree
as follows:
1. The principal amount of said dote is hereby
reduced to the sum of $300,000.00; and that the sum of
$205,000.00 of the original amount and all accrued interest
I up to and including August 31, 1979 is hereby forgiven;
2. The principal balance of $300,000.00 shall be
paid as follows:
a) The sum of $100,000.00 to be paid on or
before August 31, 1979, without interest. The sum of $50,000.00
plus interest of 9 1/2$ on the unpaid balance, shall be due
( and payable on September 1, 1980, September 1, 1981, September
` 1, 1982 and final payment on September 1, 1983.
b) Any default on that certain Mortgage
Deed and :cote, or any modification thereto, dated February
f
28, 1974, recorded in Official~Records Book 225, at Pages
1513-1517, Public Records of St. Lucie County, Florida,
shall constitute and be considered a default on the subject
Note and *irtgage.
3. 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.
4
IN WITNESS tVHEREOF, the parties hereto have caused
this 2dification Agreement to be executed in their respective
names, by their respective officers proper and duly authorized
-2-
SOMMER 8 FRASIER,
ATTOItlrEri AT Uw *4. It is agreed and understood by the parties that
~,~,~„x~,„ the mortgagee shall not release any of the sub3 ect
ST„A,~T. fL011b,?i7M. , property in return for the reduction to principal
being made herewith in accordance-with paragraph 1
and the first sentence of paragraph 2 a) herein.
g~~3~.5 P~f~i6~4 ~
a