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MODIFICATION AGRBBMBI~TI ~ 'O
TRIS MODIFICATION ACRRBM$I~, made this ~
2i day of Jay ,
19=, between INDIAN RIQB4.F8DESAL SAVINGS AND LOAN ASSOCIATION, a corporation
organised and existing under tha lays of the United States of America, hereinafter •
referred to as "Mortgagee,'! and Richard C. Stansfield and Louise 0. Stansfield
his wife,?•hereinafxer referred to as "Mortgagors,"
WITNBSSBTR:
_ ~ =~,r
WHSRBAS, tfie ~tiortgagora on July 11 , 19
80 ,duly executdd and
delivered a note and mortgage to the Mortgagee, said note being in the original
.principal amount of $ 48,400.00 ,with interest at the rate of 0. x per _
amm~o~, principal and interest payable in consecutive_~thl installments of
$ 447.47 beginning December 1 , 19
7~; ~d"tddE~ until the entire
indebtedness is fully paid, except that any remaining inss ~ sooner
paid, shall be due and payable on November 1, 2007 ~ as sai~mortgage
securing said note being recorded in Official Record Book page 2481+,,
public records of St. Lucie County, Florida, and covering the property
therein described;. and
WHBRSAS, there now remains unpaid on said note and mortgage the balance of "
$ 48,171.36 ;and .
iiHBRBAS, the Mortgagors desire to borrow from the Mortgagee the further
sum of $ 7,328.64 and have executed and delivered to Mortgagee a se<eond note
for said amount, with interest payable.at the rate of l_
0,_50
x per.antaum, principal
and interest payable in consecutive monthly inet~allaents o~ :$jo-.46. • • ~ ginning
August 1, 1980 , and continuing unti'!~'thb'enEire indebtedness is fully
d paid, except that any remaining indebtedness, if not sooner paid, shall be due and
payable on July 1,2008 ;and
lil~REAS, Mortgagee declines to loan said further sum until the Mortgagors
;,r , agree that the interest rate on the original note and awrtgage and said second note
shall be increased from 10.50 per annum to u•0 X per annum and the combined
monthly installments on said original note and mortgage and the second note are
' ~ 533.62
' • ' •~=t" ; increased to $ ,and further that iit the event any installment is not
paid prior to the 20th day of the month when due, .then such notes shall bear interest
at the rate of u•0 x per anmim from the date any such installment became due and
throughout the period-of such delinquency, and further that said second note shall
be secured by the lien of the above mentioned mortgage; and
~ y= WHBRBAS, the Mortgagors warrant that they are now the owners of the property
I _ ~ covered by said mortgage and that the remaining unpaid balance in the sum of
E ~ $ 48,171.36 is a valid first lien an the property described in said mortgage and
~ ~ ~ that they have no defense, set-off or claim whatsoever against same;
MOH, THERBFORB, in cacsideratioa of granting said further sum and the mutual
covenants between the said parties hereto, said parties agree that said note and
mortgage and said second note are hereby incorporated herein and made a part hereof ~
the same as if set forth herein in full and that said note and mortgage and said
second note are hereby consolidated, verged and coordinated so~that the same con-
stitute one single note sad mortgage, and said Mortgagors agree to pay the combined
unpa{d balance on said note and mortgage and said second note totaling ~ -
$ 55,500.00 ,with interest thereon at the rate of 11.0 x pe=-annum principal
and interest payable through consecutive monthly installments of $ 533.2 -
beginning August 1, 1980 , ~d continuing until the entire indebtedness is
fully paid, except that any remaining indebtedness, if not sooner paid, shall be
~ due and payable on July 1, 2008 ~ and said Mortgagors further agree that
in the event auy payment thereon is not paid prior. to the 20th day of the month
when due, then said note shall bear interest at the rate of 15.0 x per annul from.
the date suy such installment became due and throughout the period of any such
delinquency, and said Mortgagors further agree that said combined unpaid balance
sad interest shall be secured by the lien of said mortgage; and
The parties hereto further agree that all of the terms and provisions of
said note and mortgage and said second note shall remain in full force and effect,
• except as herein codified, and that nothing herein contained shall in anywise
impair or di~iaish the lien or security thereof and that the parties hereto shall
fully comply with all of the terse and provisions of said note and mortgage, said
second note, and this Agreement.
r ~
~ BQOK~S PA6E~,peJ