HomeMy WebLinkAbout0276 10812 ~~~1065
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RE
I. ACKNOWLEDGMENT OF INDEBTEDNESS
FLORISTS CLEARING NETWORK, INC., does hereby acknowledge
that the unpaid principal balance now due the Mortgagee under the
terms of a certain promissory note dated June 28, 1977, (more parti-
cularly described and identified in the "MORTGAGE MODIFICATION AND
EXTENSION AGREEMENT", dated November 1, 1978) is that accrued in-
te~est thereon has been paid to June 25, 1980, and that FLORISTS
CLEARING NETWORK, INC., has no defenses, counterclaims, or rights of
offset concerning its obligation to pay the indebtedness.
II. MODIFICATION OF TIME FOR PAYMENT
The parties hereto do hereby agree tha~the time for payment
of the unpaid principal balance due the Mortgagee in the amount of
$105,000.00 together with interest thereon at the rate of eleven
percent (117•) per annum from June 25, 1980, be and the same is here-
by modified and extended so that the unpaid principal balance together
with interest shall be due and payable in the manner hereinafter set
forth to wit:
. Accrued interest shall be due and payable
on the 25th day of each month, beginning
on the 25th day of July, 1980 and continu-
ing on the 25th day of each and every month
thereafter until the principal balance on the
said promissory note dated June 28, 1977, is
paid in full;
Principal balance, that is, $105,000.00 shall
be due and payable in monthly installments of
$15,000.00 each, beginning on the 25th day of
i December, 1980, and continuing on the 25th
day of each and every month thereafter until
the total principal balance on the said promis-
sory note dated June 28, 1977, is paid in full;
The above indebtedness may be prepaid in whole
~ or in part, at any time, without penalty, but
any such prepayment shall be credited first
against accrued interest, balance to principal;
That all other terms, conditions and covenants contained in said
note dated June 28, 1977, and the security agreement of even date ~
0
therewith, and in the MODIFICATION AND EXTENSION .AGREEMENT dated ~
April 10, 1978 and in the MORTGAGE MODIFICATION AND EXTENSION _
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DUBOW AND THOMAS. ATTORNEYS AT I.AW, 841 EAST DANIA BEACH BLVD., DANIA, FLORIDA 33004 • (306) 926-8228
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