HomeMy WebLinkAbout0968 V
• '.TGAGE MODIFICATION AGREEMENT ~ 40'7902
THIS AGREEMENT made this 1st day of April 19 79, by and
between k & Trust Com an , Land Trust #77-LT-19- herein-
after refer~e~~~t~a~ ~~or~°gagor ,~an~8 I~T e~UT IN AMERICA, INC., a Delaware
corporation, hereinafter referred to as "Mortgagee";
WITNESSETH:
WHEREAS on She win R. ~c1as m n
• n~n~ i i 977 JOAHOC purchase ~`rom
Mortgagee the following described real property in St. Lucie County,
Florida, more particularly described as follows:
Condominium Parcel: Lot #927 of VENTURE OUT AT INDIAN RIVER, INC.,
a Condominium, according to the Declaration of Condominium thereof, re-
corded in Official Records Book 201 at Fage 1402, et. seq., of the pub-
lic records of St. Lucie County, Florida and Amendments thereto recorded
in O.R. Book 225 at Page 809, et seq., and O.R. Book 226 at Page 393, et
se~C., of said records. As provided for by the Condominium Act. of the
Statutes of the State of Florida (Chapter 711, Section 711.01, et seq.,
1965, as amended) said description in this conveyance includes, but is
not limited to all appurtenances to the condominium parcel above in-
cluding an undivided interest in the common elements of said Condominium.
and
WHEREAS, said Sherwin R. Klassman, and Roberta B. Klassman, his wife,
conveyed ownership of said real property to Mortgagor by Warranty Deed
dated March 28, 1977 and recorded on September 2, 1977 in Official
Record Book 273 at Page 2021 of the Public Records of St. Lucie County,
Florida;
and
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 Anri ~ 19~, in the aniount of U.S. $ 19,795.60 payable
on Anr~i
l
l , 1978 and bearing interest at the rate of
APT ri n~ percent per annum; and
WHEREAS, the indebtedness evidenced by the aforementioned promissory note
~ is secured by a first purchase money mortgage given by Mortgagor to Mortgagee on
l
~ the above-described real property, which first purchase money mortgage dated
A}~ril 1, ~ 977 was recorded on June 30, 1977 in Official
~ Record Book 77n at Page 1109 of the Public Records of St. Lucie
County, Florida; and
WHEREAS, Mortgagor is the present owner of the above-described real pro-
perty; and
WHEREAS, the Mortgagor has executed a Replacement Promissory Note of even
date herewith in order to modify the terms of payment of the indebtedness evidenced
by the aforementioned promissory note of Mortgagor so as to require payment
thereof in accordance with the provisions of the Replacement Promissory Note.
NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter set forth, the parties hereto agree as follows:
1. Mortgagor represents and warrants that he is the owner of the above-
described real property and that there are no .liens or encumbrances against said
property other than the aforementioned mort aae and real estate taxes accruin4_
9_
subsequent to December 31, 1978.
2. The current principal balance of the indebtedness evidenced by the
aforementioned promissory note is in the amount of U.S. 13.495.60
and accrued interest on said indebtedness has been I?aid through April 1 ,
19 79.
3. The aforementioned indebtedness of Mortgagor-shall be paid in accord-
ance with the terms of the Replacement Prcriissory Note, a copy of which is