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MORTGAGE MOOIFICATION AGREEMENT
This Mortgage Modification Agreement entered into by and between KENT
DEVELOPNIENT, LTU., a Florida Limited Partnership, hereinafter Mortgagor,
and GENERAL DEVELOPMENT CORPORATION, a Oelaware Corporation authoriZed to do
business in the State of Florida, hereinafter referred to as Mortgagee;
NITNESSETN:
WHEREAS, the hbrtgagor executed and delivered to the Mortgagee a Promissory
Note dated March 13, 1980, in the originat princtpal sum of THIRTY-SEVEN THOUSAND
FIFTEEN AND 18/100 DOLLARS (s37,015.18), Nhich Promissory Note matures December
13, 1988; and
WHEREAS, the Promissory Note above described is secured by Purchase Money
First Mortgage of even date therewith and recorded in Of#ictal Records Book
327, Page 1893 of the Public Records of St. Lucie County, florida, and which
Mortgage encumbers the real property described as follows, to-wit:
Lot 5 in Block 2, PQRT ST. LUCIE INDUSTRIAl. PARK
UNIT ONE, according to the Plat thereof as recorded
in Plat Book 16, Pages 27, 27-A - 27-F of the
Public Records of St. Lucie County, Fl orida.~
and
4MEREAS, the Mortgagor has requested the Mortgagee to extend the maturity
date, and
.
WHEREAS, the Mortgagee has agreed to extend the maturity date as set forth
in the above Promisso ry Note in accordance with the tern~s hereinafter provided.
NOW, THEREFORE, in consideration of the mutual covenants and cond~tions
herein contained as well as other good and valuable considerations, the Mortgagor
and Mortgagee agree as follows:
1. The above recitals are true.
2. The Mortgagor has paid and delivered to the Mortgagee simultaneously
with the execution hereof a principal installment of FIYE 7k0USAND ANO no/100
(~5,000.00), the receipt of which is acknowledged by the Mortgagee.
REC!~ SD & ~~:fi:it.t{ i~:
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