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'~%;'';++;ww;~+;TT~` MORTGAGE MODIFICATION AGREEMENT •
This aEreement made this 12th , day of September , A. D., 1~_, ~
by and between SOUTHEAST First Nati al Ban of Fort Pi erce ~ Fort Pierce, Fes,
ArR161AT[ NAMt ANO CIT11
a bankinE association, Party of the Firat Part, snd David Stuart and Gloria Stuarts his wife
. Part i eS of the Second Part.
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WITNESSETH:
WHEREAS, the psrty of the first part is the owner snd holder of that certain mortEaEe from the part~ESof the second part j
March 12, 1980 ~ ,and r~rded in Officisl Record i3ook3.~, PaEa_Z?sZJOf the Public Records of
St. Lucie County, Florida, - •
ANO WHEREAS, the party of the fiat part is now the owner and holder of that certain promissory note for whidi said mort- _
EaEe was Ewen as security, said note being in the original principal arrwunt of TWentTF~~.~r ,jhnucanrl Ilnl l arc
and No~On----------------------(S24s000.001---------------------------------------------,
AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and ntortgaEe,
NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as fellows:
(11 Upon the execution of this agreement, the total outstanding unpaid principal under said nose and mortgage is the
amount of Twenty Four Thousand Dollars and No/100 ---(E24,000.00)------------
-The parties hereto adcnowledEe that upon execution of this agreement the interest on said obliEation shall have r
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been paid throuEh ~"September 11., 1980
~ (21 Said note and mortgage is hereby amended and modified to be payable as follows:
In eight quarterly payments of_E~.,000.00 plus interest beginning on December 12th,
1980 and on the 12th of each and every quarter thereafter with final payment due _
Beeenrtner 12th, 1982.
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13? From and aher September 12, 1980 ,interest rate on said not9a and mortgage shall be Thirteen
and One-Half Percent cent ( 13.50 xl p~ annum, interest to be computed on the j
unpaid principal balance.
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(41 This modification is made on the express aEreement and understandinE that all other provisions of said original note=
and mortgage shall remain in full force and effect save and except m modified by this aEreement, and in the event of
default same shall st the election of the mortgagee operate to mature the full indebtedness to immediate collection
' and foreclosure.
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