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interest to October 31, 1979, on the above-described note
.and mortgage.
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3. Further, upon execution of this Modification Agreement,
Mortgagor shall pay to the Bank the sum of $747.75 in late charges ,
due and owed the Bank for failure of the Mortgagor to make timely
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interest payments on the above-described note and mortgage as
agreed.
4. Further, upon execution of this Modification Agreement,
Mortgagor shall pay to the Bank the sum of $16,452.00, said sum
to be prepaid interest for a period of six (6) months from date
hereof (based on an interest rate of 18$ per annum) pursuant to
the terms and conditions of that certain Renewal Mortgage Note
of even date herewith to be executed by Mortgagor simultaneously
with the execution of this Modification Agreement, a copy of said
Renewal Note being attached hereto and made a part hereof as
Exhibit "B".
5. In consideration of the foregoing, the Bank shall, upon
execution of this Modification Agreement and the Renewal Mortgage
Note by Mortgagor, release from the operation and effect of the
existing mortgage, lots 32, 33, 34, 35, 36, 37, 38, 39, and 40,
Vikings Lookout, Phase One, according to the amended plat thereof
recorded in Plat Book 19, Page 5, Public Records of St. Lucie
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County, Florida.
F 6. Mortgagor shall pay the cost of the preparation of
~ this Mortgage Modification Agreement, the Renewal Mortgage Note,
and the recording of this Modification Agreement.
7. It is further understood and agreed by the parties
hereto that no part of the above-described mortgage and note it
secures, except as hereinabove set forth, is in any way altered,
amended or changed, and the parties hereto do hereby reaffirm
and revalidate with full force and effect the said note and
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~ mortgage as modified by this Agreement.
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8. This Agreement shall bind and inure to the benefit of
the parties hereto and their grantees, successors, administrators
and assigns.
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_2_ 33?10 ~E 918