HomeMy WebLinkAbout0916_ ;,,,,,,,,:
~,,,, ", Southeast Banks s~t.~6ss _ '~ -
%;:~~~~,~` MORTGAQE MODIFICATION AOREEMENT
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This agreement made this 21st ~y of T~nuarv . A. D., 19 81 ~
by and between SOUTHEAST Pirst Nationai_ Bank of I'ort Pierce, Fort Pierce F~;~,
AIrIb1ATt NAMt AMD CIT1I
s banking associstion, Puty of the Fint Part, snd K~ nneth I~i _ Float a nd Dia ne H_ Float _
his wife
, Part 1@S_of the Seoond Part.
WITNESSETH:
WHEREAS, the party of the first part is the owner snd holder of that oertsin rtwrt9age from the psrti~S of the seco~~d p~rt
~~~ july 21, 19$0 , and recwded in Officisl Reoord Book.~~.~.,Pspe~ ofthePuWic ikoor~of
St . Lucie
County, Florids,
AND WHEREAS, the party of the fint part is now the owner and holder of tfist aertain promissory nob for which ssid mort-
gage was given as sectJ~ity, said note being in the original principal amount of Thirtv -Two "I'~lousand Dnl~s
~nd No/100 ($32,000.00)--------------------------------------------------- ,
AND WHEREAS, the parties he~eto have mutuslly a~eed to modify the terms of said note and mortpape,
NOW, THEREFORE, in consideration of the mutual sgreements of the puties hereto, it is agreed as follows:
(11 Upon the execution of this agreement, the toUt outstandinp unpsid principsl under ssid note and mortysge is the
amount of i hirtv=l'wo Thausanc; Doll~rs a.xd N~a/100 ~_ 000 _ 0(~-----------
The parties hereto scknowledge that upon execution of this agreement the interest on said obligation shall have
been paid through ;anuary 21, 1981 .
(2) Said note and mortgage is hereby arnended and modified to be payable as follows:
The entire balance of princi~al ~n~i int~;~~t shalL~be c3ue anci
pa,~able July 7, 1981. _
(3) From and after~~nua~y 22~ 1981 , interest rate on said note and mortgape shsll be~iQht~~n*
percent ( Za* 961 psr annum, interest to be oomputed on tfie
*Ir~terest rate shall float v~~ith the Prime Lending Rate of
unpaid principal balance. Southeast First N~tional Bank of ;J!i~mi and be set at 1/2 .
over PRI1~~.E as established on the iirst c~ay of each month.
(d) This modification is made on tfie exprets a~reement and understandirp th~t all other provisions of ssid oriyinsl nots
and mortgage shall remain in full foroe and effect save and except ss modified by this s9resment, and in the event of
defauft same shall at the electiori of the mortga~ee operate to mstu~ the full indebLed~ess to immediate collsction
Safc3 interest rate as established on the first day of each
and foreclosure. month shall continue tilroughout the said month ~nd shall
be re-established on the first day of each succeeding month.
Said interest rate shall r.ot exceed the rate of 18~: . The
Prime Rate af Southeast I'irst N~tional Bank of ~~iami i~
•MT13-31 (ll/75) M oeass-oss IOVERI preser.~ly
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