HomeMy WebLinkAbout0963 . ~ _ 40'7901 ~ ~ ~ ~ ~l
MORTGAGE MODIFICATION AGREEMENT
THIS AGREEMENT made this 15th day of May , 1979, by and
between Bernie E. Loos and Nancy C. Loos hereinafter referred to
as "Mortgagor", and VENTURE OUT IN AMERICA, INC., a Delaware corpora-
tion, hereinafter referred to as "Mortgagee", and O. O. Snowden ,
hereinafter referred to as "Owner". i
W I T N E S S E T H:
WHEREAS, on May 15, 1975 Mortgagor purchased from Mort-
gagee the following described real property in St. Lucie County,
Florida, more particularly described as follows:
Commencing at the Southwest Corner of Section 12, Township
37S, Range 41E, thence North 89°55'14" E along the South
line of said Section 12-774.41 feet- to a Point on the
centerline of the 100 foot right-of-way of SR-AlA; thence ;
N 23°49'31" W along the centerline of the right-of-way '
2,921.33 feet; thence S 66°10'29" W-290.01 feet; thence
N 87°33'17" W-393.12 feet; thence S 89°57'13" W-133.40
feet; thence S 00°02'43" E-20 feet; thence~S 89°47'13"
W-210.32 feet; thence S 00°06'11" E-386.82 feet to the
Point of Be innin thence N 48°22'17" E-40.50 feet;
thence N 89~56'50~ E-82.15 feet; thence S 00°08'46"
E-26.86 feet to a Point intersecting a Curve having a '
Radius of 112.49 feet and0 =28°19'28" along the Arc of
said Curve to the right-55.61 feet; thence run N 61°47'03"
W-112.49 feet to the Point of Beginning. Subject to a
road access and utility easement over that portion of
Block A Lot 7 described as follows: Point of Beginning being
the same P.O.B. fo_r Block A Lot 7; thence N 48°22'17" E-
40.50 feet; thence along a curve to the right, R=40.50
feet ~ A-69°50'40" an arc distance of 49.37 feet; thence
S 67° 47' 03" W-40.50 feet to the Point of Beginning.
and
WHEREAS, Owner acquired the said real property by Warranty
Deed dated June 15, 1978 and Owner has assumed the obligations of
Mortgagor under the promissory note and the first purchase money mort-
~ gage referred to below,
and
f WHEREAS, in evidence of payment of a portion of the purchase
price for said real property, Mortgagor executed and delivered to
Mortgagee his promissory note dated May 15, 1975, in the amount of
U.S. $20,240.00 payable on May 15, 1976 and bearing interest at the
rate of ten (10) percent per annum; and
W;iEREAS, the indeb~edness evidenced by the aforementioned
promissory note is secured by.a first purchase money mortgage given
Mort a or to
by/Mortc~a~ee on the above-described real property, which first pur-
chase money mortgage dated May 15, 1975 was recorded on August 12,
1975 in Official Record Book 242 at Page 1991 of the Public Records
of St. Lucie County, Florida; and
. .
4JHEREAS, Owner is the present owner of the above-described
real property; and
WHEREAS, the Mortgagor and Owner have executed a Replacement
~ Promissory Note of even date herewith in order to modify the terms
of payment of the indebtedness evidenced by the aforementioned promis-
sory note of Mortgagor so as to requirement payment thereof ir. accord- -
ance with the provisions of the Replacement Promissory L:ote.
s
NOW, THEREFORE, in consideration of the premises and r*,utual ;
covenants hereinafter set forth, the par~t]ies her(e~to agree as follows:
. . s! ~ ennR~/_~ DIIG~