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• JOHN /1. DARLSON, F.SQ. j
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MORTGAGE MODIFICATION AGREEMENT
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THIS AGREEMENT, made and entered into this 1st day of August,
1980, by and between AMERICAN 6ANK OF MARTIN COUNTY, a Florida banking
corporation, 4313 U. S. Highway 1 South, Stuart, Florida 33494, herein- j
after referred to as "Bank" and THE PINES OF FT. PIERCE DEVELOPMENT F
CORPORATION, a Florida corporation, whose address is c/o Sotolongo
Development Corporation, Bessemer Building, Suite 201, Jensen Beach,
Florida 33457, hereinafter referred to as "Mortgagor"
WITNESSETH
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WHEREAS, Mortgagor executed and delivered a note in the original
principal sum of $112,500.00 to Bank, which note was secured by a certain
mortgage to Bank dated July 31, 1979 and recorded in Official Records Book
313, page 2459, Public Records of St. Lucie County, Florida, encumbering
the following described real property, to wit:
SEE EXHIBIT "A" ATTACHED HERETO AND '4ADE A PART HEREOF.
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and
WHEREAS, the Mortgagor hac rpntiectprl Bank to eYte~rl and mnrli fy the
-terms and conditions of the above-described note and mortgage; and
WHEREAS, Bank has agreed to extend and modify the terms and conditions
~ of the said note and mortgage pursuant to this Modification Agreement.
NOW, THEREFORE, in consideration of the sum of TEN DOLLARS .($10.00)
and other good and valuable consideration in hand paid to Bank by Mortgagor, }
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receipt of which is acknowledged, the parties hereby agree to modify and
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amend the above-described mortgage as follows: '
1. The due date of the above-described mortgage is hereby modified
and .extended to the 31st day of October, 1980.
~ 2. As of August 1, 1980, the interest rate applicable to the above-
described note and the mortgage securing same is increased from 11-3/4 percent
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~ to 12-1/2 percent per annum, said interest together with the principal sum of
" $112,500.00 being due and payable. October 31, 1980. t
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. 3. It is further understood and agreed by the parties hereto that
no part of the above-described mortgage and note it secures, except as herein-
above set forth, is in any way altered, amended or changed, and the parties
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JJ~ P1GE
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