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MortRaRe and Security ARreement shall remain and Larry G. Catron and Patricia
E. Catron at the time of purchase of the mortpaRed premises shall agree and
assume to pay the Note and Mort~age owin~ to Prudential.
4. Secondarv Financinp,.
No secondary financing or encumbrances of the mortgaRed premises without
the express prior written consent of Prudential shall remain in full force
and effect except that Prudential does hereby consent to a second mortgage
to Andrew W. Williams and Rabin W. Williams for a sum not to exceed~$130,000.00
with a term of 60 months and an interest rate not to exceed I1X per annum
(at closing). ~ ~
5. Title Insurance, Fees and Costs.
As a condition of this Modification, lailliams shall be responsible for
obtainin~, without cost to Prudential, an updated Mort~aRee Title Tnsurance
Policy showin~ that Prudential's Mortgage remains a first lein followin~
recordin~ of this ?rbdification, the payment of all costs incurred in the
preparation of this Modification, includinp, any fees of Prudential's outside
counsel, and for the payment of a Two Hundred Fifty Dollars ($250.) transfer
fee to Prudential.
6. All interest accrued on the Prudential Loan shall be paid at time
of the execution of this ARreement.
7. On June 30, 1986, and on each fifth subsequent regularly scheduled
due date for the payment of principal and interest on the Note, Prudential
shall have the option to ir.crease the interest rate on the Note to the
prevailing market level for mortRage loans on similar citrus properties.
8. There shall be no ri~ht of prepayment, except that if the interest
rate is adjusted on June 30, 1986, or any fifth subsequent reRularly scheduled
payment date as stipulated in ParaRraph 7 above, there shall be an open
ri~ht of prepayment for the five years succeeding such an interest rate change.
IN WITNESS 47HEREOF, the parties have hereunto set their hands and sea~g;;,;.,.,
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the date first above-written. ~'-~ ••~ ` '
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Witnesses:
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~ As ~`~PTUt~~~ial"
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As to "Williams"
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As to "Wizl~'ams"
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_ ~ THB -~RIIDENTIAL IliSURANCE CO ~~R~~-
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_ "^~Y : : . f ~fC If~G~Lr~ ~ _ , r• .l , _: ~ , .~ , . s
~` ~s_its Vice_ President ; 's'7'-_ 1`~~ }, .; '.
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C:U~~G~
ANDREW W. WILLIAMS
.
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RnBIN W. 47ILLIA.*1S
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