HomeMy WebLinkAbout2262 • ~
WHEREAS, immediately prior to executing and deliver-
ing said mortgage, Mortgagor entered into a Construction ~
t
Loan Agreement with Mortgagee wt;ich among other things pro-
vided in Article 14 thereof that after completion of con-
struction, Mortgagee would extend the maturity date of the
aforementioned promissory-note until March 1, 1990 and to
modify the terms thereof to provide for payment in One
Hundred Nineteen (119) consecutive equal monthly installments
and a final payment on maturity date of the then outstanding
principal balance, plus accrued interest, with monthly in-
stallments to be in the amount necessary to amortize the then
outstanding principal balance of said promissory note and
accrued interest at the rate of ten (10$) percent per annum
in Two Hundred Forty (240) equal monthly installments; and
WHEREAS, the terms of the aforesaid Construction Loan
Agreement were incorporated by reference in the aforesaid
mortgage; and
WHEREAS, construction of the improvements more parti-
cularly described in the aforesaid Construction Loan Agree-
.
went have been completed; and
f
[ WHEREAS, Mortgagor is the present owner of the above
~ described real property; and
WHEREAS, the parties hereto desire to modify the
terms of payment of the indebtedness evidenced by the afore-
. mentioned promissory note of Borrower in accordance with the
provisions of Article 14 of the aforesaid Construction Loan
Agreement.
NOW, THEREFORE,;~n consideration of the premises and
mutual covenants hereinafter set forth, the parties hereto
agree as follows:
1. Mortgagor represents and warrants that it is the )
owner of the above described real property and that there are ~
no liens or encumbrances against said-real property other
-2-
Nuu oRlrriN ~crrRlca : ~~oro
CHARTERED
P. O. BOX 1270. FORT PIERCE. iLORID~ 33450 - TELEPHONE (305) 464-0200 1 .