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MORTGAGB MODIFICATION AGREEMENT
AGREEMENT made this 22nd day of October, 1979, by
William H. Hileon and Daura H. Nilson, his wife, hereinafter
called the Mortgagor and Florida Bank at Fort Pierce, a banking
corporation existing under the laws of the State of Florida, herein-
after called the Mortgagee, for and in consideration of the sum of ;
$10.00 and other good and valuable considerations, and also in
consideration of the promises and covenants contained herein, and
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WHEREAS, the Mortgagor did on the 11th day of August, 1977, f
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execute and give to the Mortgagee a certain promissory note and thereby
promise to pay to the Mortgagee $50,000.00 with interest at the rate
of 8.75X per annum, due and payable on demand as follows:
Interest due quarterly beginning October 1, 1977.
WHEREAS, the Mortgagor did on the 11th day of August, 1977,
to secure the payQ?ent of the aforesaid promissory note, exec~:te and
deliver unto the Mortgagee a mortgage-deed on certain lands situated
in St. Lucie County, Florida described as follows:
Lots 9 ~ 10 and the West 32 feet of Lots 7 ~ 8
Block 6, of Fort Pierce Heights, as per the plat
there of on file in Plat Book 1 at Page 39 of the
public records of St. Lucie County, Florida.
which Mortgage was recorded on August 11, 1977 in the Public Records -
of St. Lucie County, Florida at O.R. Book 272, Pages 2056, 2057, 2058,
and 2059 and
WHEREAS, the parties disire to make certain modifications
and changes in the payment of said promissory note anc: in the mortgage
securing the payment of said note;
NOW, THEREFORE, it is hereby agreed by and between the
parties hereto that a new promissary note from Mortgagor to Mortgagee,
shall be secured by mortgage dated August 11, 1977, and recorded in~
0. R. Book 272, Pages 205b, 2057, 2058, and 2059, of the Public Records }
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of St. Lucie County, Florida, is modified as follows:
(1) Anew promissary note dated October 22, 1979, in the
amount of $44,500.00 with an interest rate of above prime, this
will be on a demand basis. Interest will be paid quarterly with
' the first interest payment due January 1, 1980.
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