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MORTGAGE MODIFICATION AGREEMENT
THIS AGREEMENT made this 17th day of February 19 79, by and
between Joe Capra and Carmella L. Capra , herein-
after referred to as "Mortgagor", and VENTURE OUT IN AMERICA, INC., a Delaware
corporation, hereinafter referred to as "Mortgagee";
WITNESSETH:
WHEREAS, on February 17, 1976 Mortgagor purchased from
Mortgagee 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-AIA; thence N 23° 49' 31" W along the centerline
of the right-of-way 2.921.33 foot; thence S 66° 10' 29" W-290.OI
feet; thence N 87° 31' 17" W-39.12 feet• thence S 89° 57' b3"
W-133.40 feet; thence S 00° 02 43" E-2b feet; thence S 89 57' 13"
W-451.56 feet; thence S 89° 55' S7" W-170.22 feet; thence S 60° 29' 31"
W-29.59 feet; thence S 00" OS' 05" E-105.34 feet to the Point of
Beginning; thence N 89° 53' 44" E-112:15 feet; thence S 00° 09' 27"
E-59.96 feet; thence S~89° 53' 44" W-112.22 feet; thence N 00° OS' 05"
W-59.96 feet to the Point of Beginning.
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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 Hate
dated February 17 , 19 76, i n the amount of U.S. $ 31, 680.00 payable
on February 17, 1977 and bearing interest at the rate of - '
10.0 0 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 Mortgage^c ^vi~
the above-described real property, which first purchase money mortgage dated
February 17, 1976 was recorded on March 11, 1976 in Officia~
~ Record Book 249 at Page 2365 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. tortgagor 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 mortgage and real estate taxes accruing
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. $ 16, 400.00
and accrued interest on said indebtedness has been paid through February 1 7
19 79•
3. The aforementioned indebtedness of Mortgagor shall be paid in accord-
ance with the terms of the Replacement Promissory N9te,.a copy of which is
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