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45132 1°
MORTGAGE MODIFICATION AND EXTENSION AGREEMENT
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KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, there remains unpaid as of April 6, 1980,
the principal sum of Fifty Thousand and 00/100 ($50,000.00)
Dollars to FLORIDA FIRST NATIONAL BANK OF JACKSONVILLE, a
national banking corporation, hereinafter referred to as
"the Bank", by SHELDON A. MORRIS and NANCY H. MORRIS, being
secured by a Mortgage executed by SHELDON A. MORRIS, and
NANCY H. MORRIS and KENNETH ALEXANDER MORRIS, JR., herein-
after referred to as "Mortgagors", and which said. mortgage
is recorded in Official Records Book 274, page 1123, of the
public records of St. Lucie County, Florida, encumbering
certain property in said county as more particularly describ-
ed therein as:
The Southwest 1/4 of the Southwest 1/4
of Section 24, Township 35 South,
Range 38 East, public records of
St. Lucie County, Florida
WHEREAS, the said mortgagors have requested the Bank
not to demand immediate payment of said indebtednesses and-the
Bank has consented to forego making demand at the present time
in consideration of raising the interest rate payable on the -
outstanding indebtednesses.
NOW THEREFORE, in consideration of the premises and
the sum of ten ($10.00) Dollars, the receipt of which is here-
by acknowledged, it is covenanted and agreed as follows:
1) The outstanding principal balance of Fifty Thous-
and and 00/100 ($50,000.00) Dollars as of April 6, 1980, secured
N by the mortgage recorded in Official Records Book 274, page 1123,
• ~ of the public records of St. Lucie County, Florida, together with
i W o interest thereon shall be due and payable on demand. The-rate of
o interest shall be one percent (1%) per annum higher than the prime
~ ° ~ W rate of interest established from time to time by the Mortgagee,
- ~ adjusted at the time of such change, but in no event to exceed
j ?Y ~ eighteen percent .(18%) per annum.
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r Z Y
-``=x 2) Kenneth Alexander Morris, Jr. warrants that he is the
[ sole owner of the mortgaged property and that said mortgage shall
`X. constitute and remain a first lien on-said property.
3) The parties to this agreement agree that said wort-
! gage and the notes secured thereby shall-remain in full force and
effect except as modified in agreement recorded in Official Re-
cords Book 288, page 542, of said public records and subsequently
modified herein. - -
_ IN WITNESS WHEREOF, the parties to this Agrnt hsve~:;
hereunto set their hands and seals this do?-~..fLday of~lpril~', ~~8o-
V ~ ~ 1 N
FLORIDA FIRST NATIONAI.v~33ANK•-,
OF JACKSOIY~V LLE, a ati •'1.:;..
3 banking,~o pora 'o ~ ~ tI
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ATTEST ~ By: I "
ITS sistant Cas r ITS Sr. Vice Pres d
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8i1(~t~ PI~f=~
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