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' MODIFICATION AND EXTENSION AGREEMENT
THIS AGREEMENT, made as of the 16th day of June, 1980,
between OCEAN HARBOUR OF NORTH BEACH DEVELOPMENT CORPORATION,
f/k/a OCEAN HARBOUR DEVELOPi!~N'r CORPORATION, a Florida corpora-
tion, having an office at 5151 State Road A-1-A, Fort Pierce, St.
Lucie County, Florida ("Mortgagor"), and INLAND MORTGAGE AND
INVESTMENT CORPORATION, a Florida corporation, having an office
at 466 N.E. 5th Avenue, Delray Beach, Florida 33444 ("Mortgagee").
W I T N E S S E T H
WHEREAS, Mortgagee is the holder of the following mortgage
and the note secured thereby (hereinafter collectively referred
to ws the "Mortgage"), which Mortgage covers premises therein
more particularly bounded and described, but briefly described as
situate in St. Lucie County, Florida:
Mortgage in the original principal amount of
$3,300,000.00 and interest from the Mortgagor
to Mortgagee, dated December 22, 1978, and
recorded on December 29, 1978, in the Office
of the Clerk of the Circuit Court of St.
Lucie County, Florida, in Official Records
Book 300, at Page 2029, which Mortgage was
modified by Mortgage Modification Agreement
(unrecorded) between Mortgagor and Mortgagee,
dated March 5, 1979;~and
WHEREAS, there is now outstanding on the Mortgage the prin-
cipal sum of $2,596,161 and interest; and
WHEREAS, the original maturity date of the Mortgage is June
22, 1980 and Mortgagor has requested Mortgagee to extend the time
.of payment until September 22, 1980, and Mortgagee is willing to
~ extend the maturity date until September 22, 1980 upon the terms
and conditions hereinafter set forth; and
y
WHEREAS, the parties hereto have mutually agreed to modify
and extend the terms of payment of the Mortgage in the manner
hereinafter set forth;
NOW, THEREFORE, in pursuance of said agreement and in con-
sideration of the sum of One Dollar ($1.00) and other good and
E valuable consideration, each to the other in hand paid, receipt
of which is hereby acknowledged, the parties hereto mutually
covenant and agree as follows: '
i 1. Each and all of the foregoing recitations are true and
I correct and are incorporated herein by reference, and made a part
hereof .
2. The time of payment of said principal sum of $2,596,161
is hereby modified and extended so that the said principal sum
and all other sums due and owing to Mortgagee shall be due and
payable on September 22, 1980 ("Extended Maturity Date"). .
3. It is acknowledged by the parties hereto that accrued
interest under the Mortgage has been paid through May 31, 1980,
at the rate provided in the Mortgage.
4. Interest on the outstanding principal balance of the
Mortgage shall continue to be computed on the outstanding princi-
pal indebtedness until the said principal sum is fully paid, on
Instrument prepared by:
Debra E . Cohen
Myers, Kaplan, Levinson, Kenin E
Richards
~iR. ~ ~ QAGEi482 ~aZ~ Brickeli Avenue
~P,nK Miami, Florida 33131
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