HomeMy WebLinkAbout0167 . 461'753
MORTGAGE MODIFICATION AGREEMENT
AGREEMENT made this 20th day of September, 1979, by
Gerald S. James, hereinafter called the Mortgagor, and Florida Bank
ai. Furt 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 t
considerations, and also in consideration of the promises and covenants
contained herein, and
WHEREAS, the Mortgagor did on the 6th day of April, 1978,
execute and give to the Mortgagee a certain promissory note and
thereby promise to pay to the Mortgagee $95,500.00 with interest
at the rate of 9.SOX per annum, due and payable in five (5) quarterly
installments as follows:
This note shall be payable in five (5) equal quarterly
installments of $2,500.00 plus interest with a balloon
balance of $83,000.00 plus 9.50X interest due on the
6th quarterly payment at the end of eighteen months.
WHEREAS, the Mortgagor did on the 6th day of April, 1978,
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:
Commencing at a concrete monument located at the intersection
€ of the Northeast corner of Lot 27 of a subdivision of Section
29, Township 35 South, Range 39 East as recoreded in Plat
Book 3, page 23, public records of St. Lucie County, Florida,
and the West right-of-way of Canal No. 53 for Point of
Beginning. Thence run West along the North boundary of
~ Lot 27 aforesaid 500 feet to a concrete monument; thence
• run South parallel to the East boundary of Lot 27 aforesaid
265 feet to a concrete monument; thence run East parallel
~ to the P7orth boundary of Lot 27 aforesaid 500 feet to a
~ concrete monument; thence run North along the West boundary
of Canal No. 53, 265 feet to Point of Beginning.
LESS AND EXCEPT right-of-way for drainage Canal No. 53,
~ and further EXCEPT the North 65 feet and the West 50 feet
of the above described parcel.
A
which Mortgage was recorded on April 11, 1978, in the Public Records
of St. Lucie County, Florida at C~. R. Book 284, Page 2894; and
WHEREAS, the parties desire to make certain modifications
~ and changes in the payment of said promissory note and in the
i
mortgage securing the payment of said note;
~ f
F ~.~Y . 4~~~ 67
'~F 318 1 '