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458593 ~ ~
BXTEN$ION F.GREEMENT
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THIS AGREEMENT, made the ,petween
.the SUN OANIt 0~' 9~. LUCIE COUNTY, a F orida 8 nq pQrakiA~,
party of ~hA ~i~tst part, and PATRICK 8. LALLY
Parties o! the second part=
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WITNESSETH, WHEREAS, the said parties of the second part executed
a certain promissory note dated May 13, 1974 , whereby
they promised to pay to the SUN HANK OF ST. LUCIE COUNTY, party
of the first part, on order tt-~a s~~ of
r`O ~V^fivr~ Tkn»~anA end No/100 (545.000.00) _ _ t.
the first payment coming due May 13, 1975
Interest at 8 1/~a per annum '
WHEREAS, the parties of the second part executed to the party of the
first part, to secure the above mentioned note, a mortgage on the-
following described premises, to-wit: '
From the Northwest corner of Lot 1, MARAVILLA SUBDIVISION, as recorded in Plat
Book 7, page 31, public records of St. Lucie County, Florida, run Bast along the
North line of said Lot 1 a distance of 155.00 feet to the point of beginning of
the land herein described:
From said point of beginning continue East along the North line of Lot 1 a -
distance of 195.00 feet; thence run §outh-65.20 feet; thence run West 9
feet; thence run North 65.20 feet to the North line of Lot land the point of
beginning; said land comprising the property upon which the Inlet House Condo-
miniums Recreational Area is situated.
SUBJECT TO those certain long term leases and amendments thereto from Inlet
House Condominium Management Corporation, now Atlantic Condoms^iums Management
Corporation, as Lessor, to Inlet House Condominium Apartments, Inc., as Lessee,
dated and recorded respectively as follows: February 26, 1970, O. R. Book 183,
page 424; February 16, 1971, O.R. Book 190, page 911; February 16, 1971, O. R.
Book 190, page 997; and January 28, 1972, recorded in O.R. Book 199, page 602;
TOGETHER WITH the rents, issues, profits, revenues, royalties, rights and benefits,
as they shall become due, which shall be collectible by the mortgagee in the event
of a default in the payment of the indebtedness secured hereby.
Mortgage dated May 13, 1974, recorded May 17, 1974 in O. R. Book 227, page 1816, ~
as extended by Extension Agreement dated July 6, 1976, recorded July 6, 1976
in O. R. Book 254, page 1264 and further extended by Extension Agreement dated -
May 8, 1978, recorded May 8, 1978 in O. R. Book 286, page 1367, all recorded in
the Public Records of St. Lucie County, Florida.
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AND WHEREAS, the said party of the first part is now the holder of said
note and mortgage and the said parties of the second part are now the
owners of the said mortgaged premises,
NOW THEREFORE, the said parties hereto, for themselves and their assign
' hereby mutually agree that the time for the payment of the unpaid
balance of 531, 500. oo ~ due on said note be,
and the same is hereby extended to be paid in the following manner:
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$4,500.00 plus interest payable annually, beginning May 13, ~,98Q_and
each year thereafter until paid in full.
T1SIS ICSf.4'i:a^.~T P::E?A~EO 31
Interest rate 11$ FSer annum. SJF: s;`:;i;t G ST. !_l;Cl~= C?isi~lTY
(P~rc~:rry S» L::c:'e Ccua;y ~.:n;;)
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