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THIS MORTGAGE MODIFICATION AGREEMENT MODIFIES THE MORTGAGE R~CITEQ HFREIN
SO AS TO MAK~ SAID MORTGAGE A BALLOON MORTGAGE AND THE FINAL PAYMENT OR
THE APPROXIMATE BALANCE DUE UPON MATURITY OF SAID MORTGAGE IS $54,600.00
TOGETHER WITH ACCRUED INTEREST, IF ANY. AND ALL ADVANCEMENTS MADE BY THE
MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE. ~
MORTGAGE MODIFICATION AGREEMENT $~~963~
THIS AGREFMENT made this 2nd day of March, 1981, by and between
ARTHUR F. WOOD, a single adult, hereinafter referred to as Mortqagor, and
.
CITIZENS FEDERAL SAVINGS AND LOAN ASSOCIATION OF ST. LUCIE COUNTY,
hereinafter referred to as Mortqagee.
NOW, WHEREAS, Mortqagee is the owner and holder ~f a certain
Promissory Note dated the 24th day of December, 1974, in the.principal
amount of $80,000.00 qiven by the Mortqagor and secured by a Mortgage
recorded in Official Records Book 234, Page 2632, Public Records of St.
Gucie County, Florida, and
WHEREAS, a third party, LF.ONARD I. COTTOM, JR., has this date made
application for assumption of said Note and Mortgage, which application
has been accepted by the said CITIZENS F'EDERAL SAVINGS AND LOAN
ASSOCIATION OF ST. LUCIE COUNTY, and
WHEREAS, the parties herein desire to modify said Note and Mortgage.
NOW THEREFORE, in consideration of the promises hereinafter
contained, the parties agree said Mortqaqe and Note is modified by adding
thereto the following provisions, to-wit:
,
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COTTOM, JR., as a Mortgagor. Said Mortgaqors jointly and individually
hereby assume and agree to pay the above-described obligation to the
CITIZENS FEDERAL SAVINGS AND LOAN ASSOCIATION OF ST. LUCIE COUNTY,
Mortgagee, and acknowledqe that they will make the prescribed payments
thereon to the said Mortgaqee, and perform all other requirements in
accordance with the terms of said Mortyage Deed and Note thereof recorded
in Official Records Book 234, Paqe 2632, Public Records of St. Lucie
County, Florida.
(b) The prescribed terms as set out in said Note shall be and are
hereby amended to increase the interest
addition to the interest rate increase,
hereby amended to provide for twenty-th
$730.51 the first of which shall be due
payment of the entire remaining balance
1983.
rate to 15 per cent per annum.
the terms shall also be and are
ree (23) monthly payments of
March 10, t 981 , and a bal loon ~
due on or before February 27,
In
THAT all other terms and conditions of said Mortqage and Nate shall
continue in full force and effect.
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