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SECOND MODIFICATION AND EXTENSION AGREEMENT
THIS AGREEMENT, made as of the 22nd day of September, 1980,
between 'OCEAN HARBOUR OF NORTH BEACH DEVELOPMENT CORPORATION,
f/k/a OCEAN HARBOUR DEVELOPMENT CORPORATION, a Florida corpora-
tion, having an office at 5151 State Road A-1-A, Fort Pierce, St.
Lucie County, Florida ("Mortgagor"), and INLAND MORTGAGE AND
INVESTMENT CORPORATION, a Florida corporation, having an office
at 466 N.E. 5th Avenue, Delray Beach, Florida 33444 ("Mortgagee").
W I T N E S SETH
WHEREAS-, Mortgagee is the holder of the following mortgage
and the note secured thereby (hereinafter collectively referred
to as the "Original Mortgage"), which Mortgage .covers premises _
therein more particularly bounded and described, but briefly
described as situate in St. Lucie County, Florida:
- - Mortgage in the original principal amount of
- $3,300,000.00 and interest from the Mortgagor
to Mortgagee, dated December 22, 1978, and
recorded on December 29, 1978, in the Office
of the Clerk of the Circuit Court of St.
Lucie County, Florida, in Official Records
Book 300, at Page 2029, which Mortgage was
modified by Mortgage Modification Agreement
" (unrecorded) between Mortgagor and Mortgagee,
dated March 5, 1979; and
WHEREAS, the Original Mortgage was modified and extended by
that certain Modification and Extension Agreement ("Modification
Agreement"), dated as bf June 16,,1980 (the Original Mortgage as
modified by the Modification Agreement shall be collectively
referred to herein-as the "Mortgage").
-
WHEREAS, there is now outstanding on the Mortgage. the prin-
cipal sum of $2,770,194 and interest; and
i
` WHEREAS, the original maturity date of the Mortgage is
~ September 22, 1980 and Mortgagor has requested Mortgagee to ~
extend the time of payment until November 3, 1980, and Mortgagee
t is willing to extend the maturity date until November 3, 1980
upon the terms and conditions hereinafter set forth; and
WHEREAS, the parties hereto have mutually agreed to modify
and extend -the terms of payment of the Mortgage in the manner
-hereinafter set-forth;' #
NOW, THEREFORE, in pursuance of said agreement and in con- }
sideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, each to the other in hand paid, receipt
of which is hereby acknowledged, the parties hereto mutually
covenant and agree as follows: -
1. Each and-all of the foregoing recitations are true and
` correct and are incorporated herein by reference, and made a part
hereof.
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2. The time of payment of said principal sum of $2,770,194
is hereby modified and extended so that the said principal sum
and all other sums due and owing to Mortgagee shall be due and
payable on November 3, 1980 ("Extended Maturity Date"). ~
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