HomeMy WebLinkAbout1809 Ml,fib ~ j r
10/17/80 ~
SU64'76
1
RESTATED MORTGAGE MODIFICATION AGREEMENT
(F
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THIS RESTATED MORTGAGE MODIFICATION AGREEMENT entered into ~
at Ft. Pierce, Florida , , this ~ day of November , 1980, by and
between:
LUCILLE V. COSTA, GEORGE A. COSTA, LUCILLE V.
COSTA, INC., a Florida corporation, hereinafter jointly
and severally ceferred to as "Mortgagor' ;and
GERALD H. GLINE, as Receiver
in Bankruptcy for GEORGE A. COSTA, LUCILLE V. COSTA,
and LUCILLE V. COSTA, iNC., in the United States District
Court of New Jersey, Case No. 8-76-2704, hereinafter
referred to as "Receiver"; and
SOUTHEAST FIRST NATIONAL BANK OF FORT PI RC
E E,
a National Banking Association, formerly known as THE
FIRST NATIONAL BANK OF FORT PIERCE, a National
Banking Association, hereinafter referred to as "Mortgagee' ;
and t
THE SANDS LAKE VIEW DEVELOPMENT, a Florida Partnership.
hereinafter referred to as "Developer". i
WITNESSETH:
)
A. On November 7, 1975, Mortgagor executed and delivered to
Mortgagee a real estate mortgage (the Real Estate Mortgage), which encumbers
certain parcels of property located in St. Lucie County, Florida, as more
particularly described in said Mortgage, which was recorded on November 7, 1975,
in Official Records Book 245, at Page 1776, of the Public Records of St. Lucie
County, Florida, which secured a promissory note (the Promissory Note) dated
November 4, 1975, in the principal sum of $650,000.00.
B. The Mortgagor and Mortgagee, joined by the Receiver, entered into a
written stipulation in the aforedescribed proceedings which, among other things,
~ modified the aforedescribed Real Estate Mortgage and was thereafter approved by
~ Order of the Court dated June 30, 1978.
C. To implement certain provisions of the said Order, a Mortgage ~
Modification Agreement was executed by Mortgagor, Mortgagee and Receiver and
t
recorded in the Public Records of St. Lucie County, Florida, on September 1, 1978,
in Official Records Book 293, Page 1563 through 1613, which modifies the Real
Estate Mortgage (hereinafter the Real Estate Mortgage as modified by the
Mortgage Modification Agreement shall be referred to as the Mortgage) to
encumber only the real property described on Exhibit "A" attached hereto (the Real
Property) and securing only the payment of a principal sum of $225,000.00
evidenced by a promissory note which is described as Replacement Note No. 1, a
copy of which is attached hereto as Exhibit "B". _
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