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ST-41.993
rJ~.~ This instrument v~~g Pr~'p~~oX ba~~
': llary Francos Deaell, P• ~•
Columbia. South Carolina 29202
MODIFICATION OF MORTGAGE WITH RESPECT
TO FUTURB ADVANCE CLAUSE
THE FEDERAL LAND BANK OF COLUMBIA ("the First Mortgagee"), is
the owner and holder of the mortgage and the note which it secures from
Swain Groves, Inc., to The Federal Land Bank of Columbia, dated August
7, 1974, and recorded in Official Record Book 230, at page 2101 of the
public records of St. Lucie County, Florida, given to secure a pro-
missory note in the original principal sum of $2,343,000.00, together
with future advances as stated therein. SWAIN GROVES, INC. ("Owner") is
the present owner of the property encumbered by said mortgage ("the
Premises").
It is understood that the First National Bank of Tampa ("Second
Mortgagee") is making a second mortgage loan on the Premises to the
Owner, in the principal sum of $1,500,000.00, and has requested this
modification of the future advance clause of the First Mortgage as a
condition to making the loan to Owner.
Ffrst Mortgagee and Owner hereby agree that the future advance
clause of the First Mortgage is modified as follows:
No further future advances (except as to necessary advances
for the protection of the security or title thereto, such as, but not
limited to, advances for r~al estate taxes, property insurance premiums,
reasonable attorney's fees and essential repairs) shall be made under
the First Mortgage without the prior written consent of the Second
Mortgagee, so long as the second mortgage remains unsatisfied. Owner -
and First Mortgagee stipulate that the principal balance due under the
First Mortgage, including any future advances which may have been made,
is presently the sum of $2,339,551.76, together with approximately
$222,029.04 for interest tv :.uvember 1, 1980, and $-0- for advances to
' protect security. The First Mortgage is not in default, except annual
payment due November 1, 1980, has not been made. The making of the
second mortgage loan is hereby consented to by the First Mortgagee,
notwithstanding any contrary provisions of the Pirst Mortgage and the
note which it secures. Prior to taking any legal action, First Mortgagee
agrees to give Second Mortgagee ~rritten notice of any default in the
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