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MODIFICATION AGREEMENT
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THIS MODIFICATION AGREEMENT, made this _~~~1V1 day of
1 1979, between INDIAN-RIVER FEDERAL NGS AND LOAN
S ATION, a corporation organized and existing under the laws
of the United States of America, hereinafter referred to as "Mortgagee"
Pad CHARLES E. REEVES and ETHEL L. REEVES, his wife, and JOHN PASCAL,
hereinafter referred to as "Mortgagors";
WITNESSETH:
WHEREAS, the Mortgagors on July 16, 1979, duly executed and
delivered a construction note and mortgage to the Mortgagee; said note ,
being in the original principal amount of S41,800.00, with interest at
the rate of 10.5$ per annum, principal and interest payable in con-
secutive monthly installments of 5386.46 beginning December 1, 1979,
and continuing until the entire indebtedness is fully paid, except that
any remaining indebtedness, if not sooner paid, shall be due and pay-
---ab-le--on--Navember--__1-,__2OQ_7;_-end_~_a~d__mortgage__s~curing_ s.a-i_d _note_ bein4__ _
recorded in Official Record Book 312, page 2526, public 're fiords of
St. Lucie County, Florida, and covering the following described
property,-to=wit: - -
Lot 1 and the Easterly one-half (#)of Lot 2, in
Block 41, as shown on Plat of SUNLAND GARDENS X13, said
plat having been. recorded in the .Office of the Clerk of
the Circuit Court, Ft. Pierce, Florida, on October 14, 1953,
in Plat Book 9, Page 67, of the public records of St. Lucie
County, Florida; and -
WHEREAS, there now remains unpaid on said note and mortgage
the balance of $41,800.00; and,
WHEREAS, said Mortgagors have been advised that in order to
meet certain St. Lucie County Building Code requirements in connection
with the improvements Mortgagors plan to construct on said property,
it is necessary to add the Westerly one-half of Lot 2, in Block 41,
of said Sunland Gardens ll3 to the building site and in turn the
Mortgagee requires such property to be added to the property described
in and covered by said mortgage; and,
WHEREAS, the Mortgagors warrant that they are now the owners
of the property covered by s-aid mortgage and the Westerly one-half
of Lot 2, in Block 41, of said Sunland Gardens ~3, and that the re-
maining unpaid balance in the sum of $41,800.00 is a valid first lien
on the property described in said mortgage and that they have no de-
fense, set-off or claim whatsoever against same;
NOW, THEREFORE, in consideration of the mutual covenants
between the said parties hereto, the said parties. agree that said
above-mentioned mortgage, recorded in 0. R. Book 312, page 2526, Public
Records of St. Lucie County, Florida, is hereby modified so that the
property described therein and covered thereby is, to-wit:
Lot 1 and Lot 2, in Block 41, as shown on Plat of
Sunland Gardens /3, said plat having been recorded in
the Office of the Clerk of the Circuit Court, Ft. Pierce, -
Florida, on Ocrober 14.,_1953, in Plat book 9, page 67,
of the public records of St. Lucie County, Florida,
and that said note and mortgage shall be a first lien on the immediately
above-described property; and,
a~3~6 P~~557 -