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MORTGAGE MODIFICATION AGREEMENT -
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18th October 79 I
This agreematt made this day of . A. D., 19__,_, ~
by and atwean First National Bank of Ft. Pierce, Fort Pierce Ftorids,
ArrIL1ATt NAMt AND CITY 1
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a bsnking saocistion, ?arty of tM First Part, and
Nevada Tool and Die Company
. Part ~_of tM Second Part.
WITNESSETH:
WHEREAS, the party of the first pert is the owner and holder of that certain mortgage from the party of the seca~d put '
October 9 1978 295 2302
dated ~ .and recorded in Official Record Book - , Page_.,,_ of the Public Records of
St. Lucie County. Florida,
AND WHEREAS, the party of the first part is now the owner and holder of that certain promissory note for which said mort-
gage was given as security. said note being in the original prinapal amount of THIRTY TWO THOUSAND AND NO/100------
---------------------------------------------------.-----------------------($32,000.00)
AND WHEREAS, tha parties hereto have mutually agreed to modify the Leans of said note and rtwrLgage, ~
NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
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111 Upon the execution of this agreement, the total outstanding unpaid princip~ under said note and mortgage is the
THIRTY TWO THOUSAND AND NG/100----------------------------($32,000.00)
amount of .
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The parties hereto acknowledge that upon execution of this agreement the interest on said obligation shall have
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October 17 1979
been paid through ~
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121 Said note and mortgage is hereby amended ar•d modified to be payable as follows:
Quarterly payments of $1,250.00 plus interest beginning January 18, 1980
and on the 18th day of each quarter thereafter until October 18, 1981 at
which time a balloon payment of $23,250.00 plus interest shall be due.
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(3) From and a',-•r October 18, 1979 , ir,~Prest rate on said note anci mortgage shall be Fifteen and
one quarter percent ( 15~ 96) per annum, interest to be computed on *,he
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unpaid pr•.ncipal balance. 1
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14) This modification is made on the express agreement and understanding that all oti?er provisions of said original note•
and mortgage shall remain in full force and affect save and except as modified oy this agreement, and in :he av+.nt of
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default same shall at the election of the mor'Zagee operate to mature the full i+:debtedness to immediate coiiection •
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and foreclosure.
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S-MT(i-3l (11/7S) tit O6~S~-033
s~ ~ r~cE 443