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MORTGAGE MODIFICATION AGREEMENT
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This sgreement made this First dy of Austust ~ . A. D., 1g 80
by and between SOt1THEAST First National Bank of Fort Pierce, Fort Pierce Fbrida,
AIrIL1AT[ NAMt ANO CITY
a bsnkirlg sssoldation, party of the First part, snd Lost Tree Village Corporation
, Part..~_of the Second Part.
WITNESSETH:
WHEREAS, the party of the first part is the owner snd holder of that certain mortgage from ~artY._ of the second part
-April 3, 1979 snd in Official Record Book 583 , p~32 of the Public Records of
Indian River County. Fkxida,
AND WHEREAS, the party of the fiat part is now the owner snd holder of that certain promissory noLs for which said mort-
gage was given as security, said note being in the original principal amount of Ninety-Seven Thousand Five
Hundred Dollars atul NO/100 ($97,500.00)--------------------------------------------
AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said rwte and mortgage,
NOW, THEREFORE, in consideration of the mutual sgreements of the parties hereto, it is agreed as follows:
111 Upon the execution of this agreement, the total outstanding unpaid prinapal under said note and mortgage is the
amount of Ninety-Five Thousand Three Hundred and NO/100.($95,300.00) .
The parties hereto sdcnowiedge that upon execution of this agreement the interest on said obligation shall have
P~ through August 1st, 1980
~ 121 Said note and Is her
mortgage ' eby amended and modified to be payable as follows:
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59 payments of $1,061.01 (including interest) and a balloon
payment due September 1, 1985 of $86,412.56. First payment
being due September 1, 1980 and on the 1st of each and
" every month thereafter.
13) From and sfter August 1. 1980 ,interest rate on said note and mortgage shall be Tirelve
percent 1 12 • ~ 96) per annum, interest to be computed on the
unpaid prinapal balance.
14? This modification a made on the express agreement and understanding that all other provisions of said original note
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~ snd rrwrtgage shsll remain in full force and effect save and except as modif 111is ment, and in the event of ~
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default same shall at the election of the rrwrtgagee operate w mature the full indebtedness to immediate collection
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snd foreclosure.
` IOVERI
srrts.~i lii/~st M oso-ss~oss
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