HomeMy WebLinkAbout1476 i
!
JS ~ I
-
. 493956
.~,5° ~
i ~ r~~ MouIFlcAZZa~, n~~sla~, .
• I ~ AND ADDI'PIC[~IAL AWAN(T A
AG~~ made this 16 day of July , 1980,
i ? and between SRVAIIT NATIC~L BAS a Nati association with
its principal place of business in Martin Oounty, Florida, hereinafter
referred to as "M~rtgagee", and OCF~~i GATE BiJIIDE<iS, INC. , a Florida
j! corporation, and AND~3~ A. HFIJItSC and AIB~i D. I~IJRY, c~/b/a T1~CN BAY
VILLAS, a Florida ~ p, hereinafter referred to as '~brbgagor". .
~ ~1
~ ~ ~ i ~ •
o ~
~ ~ ! ~ Wi~`O~, Nbrtgagee is the owner and holder of a certain note
' ~ dated July 6, 1979, secured by a mortgage executed by I~brtgagor in fawr
" ~ of Mortgagee dated July 6, 1979, and reoor'ded July 11, 1979 in Official
S yJ f d '
Pecords Book 312, page 1311, St. Lucie Oon~nty, Florida, public records
" in the original principal sum of $500,000.00 encu~ering the following
described property, to wit
~x
- ~ BDGIl~I at the Southeast wrner of Section 15, -
r+~ ~ ? Zbamship 37 South, Range 40 Eastd St. Lucie
w;;~ ~ - Dowlty, Florida; thence run S 89 57'52" W,
~ ~ along the South line of said Sectirn 158 a
yi~~
°G " j ; distance of 522.00 feet; thence run N 0 Il' Sg" !
W a distance of-320.04 feet; thence run•N 89 I
56'55" E a distance of 522.00 feet to the lbint
of Intersection with the East line of said i
Section 15, also being the centerline of
Pruitt Ibad; thence run S 0 11'50" E, along ~ -
said East line, a distance of 320.18 feet to ~ -
the POII~ CF' BDGIl~YdIl~1G.
I~S.S and excepting the Easterly 50.00 feet -
thereof for Right of Way. Ocmtaining 3.469 acres.
_ }
I'~ arid, - 1
i
WOI~, Nbrtgagor now requests the Nbrtgagee to extend the
due date and advance additional suns on said note and mortgage; and, i
-
i '
. '1' ~~'ORE, Mortgagee is willing tD extend the due date and }
advance additional sums provided that-the interest rate on said note and ~
i ~ mcrbgage is increased fran t~ and one-half (10.50 percent per annum to
~ ~ fifteen (15.0$) percent per annum, and provided further that the property ~
by said mortgage is spread t~ include certain additional
Property owned by rbrtgagor and located in St. Lucie donmty, Florida, as ?
/ - ~ - hereinafter more pa*-+-; cularly described. ~
F
NUW, ~'O~, for and in oansi deration of the sun of Ter?
Dollars ($10.00) in hand paid and other good and valuable considerations.
the receipt of which is hereby acknowledged, and in further consideration
~ of the premises and of the covenants hereinafter ems, the Mortgagor
and Nbrtgagee agree as follows: '
~
Z ~ 1. Increase of interest rate and ~sion of Maturity
date. mat the aforesaid mortgage and Hate it secures, with {
_ an outstanding principal balance of $469,954.10 on July 6, 1980, shall
_ be modified by increasing the interest rate from ten and one-half
(10.5$) percent per anntan to fifteen (15.0$) percent per annun, and by
extending the maturity due date from July 6, 1980 to January 6, 1981, at i
which time the entire balance of principal plus accn~ed interest shall
~ be due and payable in full. In the interim, regular monthly.payntents of i•
interest only shall continue to be made.
2. Additional advance. Zfiat an additional available amount
~ of $125,000.00, receipt o 'ch is hereby acknowledged,-shall be `
added to the present available balance of $500,000.00 on the aforesaid '
PREPARED BY:
! SAM T. 3TiGL'i:
McROBERTS ~ STEGER, P.A. ~
At`cr-eys a; L~~~v 8Q~~5 Pd~~~
Suits 310, S • " ~
Stuart',•FL 33494