HomeMy WebLinkAbout0563 X9525.3 ~
t Banks ~
MORTGAGE MODIFICATION AGREEMENT
'hii+~~
i
This agreement made this Thirtieth ~y of Ju 1 y , A. D., 19 80
by and between SOUTHEAST F 1 RST NATIONAL BANK OF FORT PIERCE Fkxids,
A//ILIATt NAMa ANp CIT1/
a banking association. Party of the First Part, end Edgar C. Register and Nel 1 H. Register, h i s
wife
Party of the Second Part.
rnTNESSETH:
WHEREAS, the party of the first part is the owner and holder of thrt certain mortgage from ~elQart~ of ttw second part
ky~ ~r i 1 29, 1980 ,and in Officsl Record Book~~, P.es
1.
~
164 of the Public Records of
St . Lucie County, Florida,
AND WHEREAS, the party of the first part is now the owner and holder of thrt certain promissory note for which said mort-
gage was given as security, said note being in the original princpsl amount of Twenty-Five Thousand Dollars and
no/100-----------------------------------------------($25,000.00)-------------- '
ANO WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and mortgage,
NOW, THEREFORE, in consideration of-the mutual s~reements of the parties hereto, it is agreed as follows:
111 Upon the execution of this agreement, the total outstanding unpaid prinapoKunder said note and mortgage is the
smountof Twent -Four Thousand Nine Hundred Se nt -Seven Dollars and 4 /100- ,
$24,977.45
The parties hereto acknowledge that upon execution of this agrsemeM the interest on said obligation shall have
been paid through J u l y 1, 1980
-
(21 Said note and mortgage is hereby amended and modified to be payable as follows:
57 consecutive monthly payments of $50.00 plus interest, with
a final BALLOON payment of $22,127.45 plus interest. First
i payment being due August 5, 1980, with a final BALLOON payment
~ being due May 5, 1985.
13) From and after July 1, 1980 Th i rteen*
Q ,interest rate on said note and mortgage shall be t
i
percent 1 13* %1 per annum, interest to be computed on the
unpaid principal balance.
4
141 This modification is made on the express agreement and understanding that all other provisions of said original note
'`s
and mortgage shall remain in full force end effect save and except as modified by this agreement, and in the event of
default same shall at the election of the mortgages operrte to mrture the full indebtedness to immediate collection
i
5
and foreclowre. -
*Interest rate shall float with the Prime lending rate of
i Southeast First National Bank of Miami and be set at 2$
abov Prime as established on the first day of each month.
t3a i ~`~ri~eiest rate as established on the first day of each
mon~ shall contl ithroughout the said month and •shall
MTG-31 (11/73) M osos~-osa be re-established on -the first day of each succeeding
month. The Prime rate of Southeast of Miami is presently
11$.
~ ~
. w ti