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~~7~8~ ltORTGAGE IXTENSION AGRFQ(F.NT
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`:i THIS MORTGAGE EXTENSION AGREE?IENT dated this Sr day of January, 1981
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;~ by and between FLORIDA ?iATIONAL BA?7K OF MARTIN COUDITY, successor in interest
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;~to STUART NATIONAL &1NK, a national banking association, with its principal
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;place of business in Martin County, Florida, hereinafter referred to as the
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~'."Mortgagee" and~OCEAN GATE BUILDERS, INC., a Florida Corporation, and ANDREW
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``A. IiENRY and ALBERTA D. HENRY, d/b/a TARPON BAY VILLAS, a Florida partnership, .
:!hereinafter referred to as the "~tort~agor".
WITNESSETH, the Mortgagee is the owner and- holder of a certain note
:`dated July 6, 1979, secured by a mortgage executed by -'tortgagor in favor of
Mortgagee dated July 6, 1979, and recorded July 11, 1979 in Official Records
:~Book 312, Page 1311, St. Lucie County, Florida, public records i.n the original
;;principal sum of $500,000.00, encumbering the lands described therein.
WHEREAS said Mortgage and Note were wodified by that certain Mortgage
'•rtodification, Extension,. and Additional Advance Agreement dated the 16th
.day of Tuly 1980, and recorded in Official Records Book 335, Page 1469,
:St. Lucie County, Florida, public records.
i+TH~I'.EFORE, the Mortgagor now requests the Nortgagee to extend the due '
date on said Mortgage and Note.
NOW, THEREFORE, in consideration of the sinn of Ten Dollars ($10.00)
'this day in hand paid by the Mortgagors to the Mortgagee, ti~e receipt whereof
is hereby acknowledged, and in consideration of the mutual promises the parties '
~ do agree as follows:
1. This inst~nt agreement is hereby made a part of the aforesaid Promissory
Note as completely as if incorporated verbatim therein, and said Mortgage
Note is hereby referred to and made a part thereof.
2. It is agreed that the principal unpaid balance of the aforesaid
indebtedness is, as of January 6, 1981, the sum of FOUP. HUNDRED NIN~'TY FOUR
1'~IOUSAND, ONE HUIdDF.ID THIRTY NINE and 60/100 DOLLARS ($494,139.60) .
~The available balance is SIX HUNDRID TWENTY FIVE THOUSA:ID and 00/100 DOLLARS
+($625,000.00) all of which the undersigned promise to pay with interest at the
rate of fifteen percent (15.001~) per annum until maturity.
3. The maturity date shall be extended to May 6, 1981 at which time the
entire balance of principal plus accrued interest shall be due and payable in
''full. In the interim, regular monthly payments of interest only shall continue
to be made.
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