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MORTGAGE MODIFICATION
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WHEREAS, Rene L. Paradis nad Nary A. Paradis, his wife
as mortgagors, hereinafter referred to as First Party, di6 on December 22, 1978
make, execute and deliver a certain mortgage deed to Security Federal Savings
' and Loan Association of Indian River County, a corporation organized and exist-
ing under the laws of the United States of America, as mortgagee, which mortgagq
;was recorded in Official Record Book 300 Page 2493 Public Records of
St. Lucie County Florida, and which mortgage deed encumbered a certain
;tract of land in St. Lucie County Florida, described as follows:
lot 16, Driftwood Manor Subdivision, Section one according to
the plat thereof•recor~ded in Plat Book 18, Page 6 Public
Records of St. Lucie County, Florida.
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as security for an original principal debt of $ 45,000.00 evidenced by a
promissory note, which promissory note was set out in said mortgage deed; and
WHEREAS, said mortgage and'note provides for payment of interest at the
rate of 9.0 $ per annum for a term of 18 months with a maturity
j~ date of June 22, 1980 and
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i WHEREAS, First Party and Security Federal Savings and Loan Association of `
~ Indian River County have agreed to amend and modify said note and mortgage so
(j as to provide for an increase of the interest rate due there under to 12.5 $
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per annum and to modify and amend the term to 30 months from the_ original
li _ date of said note with a maturity date of June 22, 1981 and
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WHEREAS, as of June 22, 1980 the principal balance due under .
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i; the said note and mortgage was 23,000.00 and - ~ i
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NOW, THEREFORE,. in consideration of the foregoing and the mutual covenants=
and promises herein made, the First Party and Security Federal Savings and Loan
!i Association of Indian River County hereby agree as follows: ~
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1. That the mortgage deed dated December 22, 1978 and recorded in
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Official Record Book 300 Page 2493 Public Records of St. Lucie
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Florida, and .the note secured thereby, which note and mortgage had a '
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principal balance remaining unpaid in the amount of $ 23,000.00 on !
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f ;June 22, 19~~ha11 be and are hereby modified and amended so as to provide for
interest from June 23, 1980 at the rate of 12.5 $ per annum,
~ ~ commencin June 23, 1980
g and continuing on the correspogding day of each+
iii month thereafter until paid in full, except that the final payment of the entire
• indebtedness evidenced hereb if not sooner aid shall be due and
Y. P payable on
~~the 22 day of June ~ 19 81 j
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