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MORTGAGE MODIFICATION AGREErffNT
TNIS AGREF.AiENT made this 2nd day of March, 1981, by and between
ARTHUR F. WOOD and LEONARD I. COTTOM, JR., President and Secretary respectively
of WESTGLEN CORP(1RATION, a Florida corporation,hereinafter referred to as
Mortgagor and CITI?.F.NS FEDF.RAL SA~'INGS AND LOAN ASSOCIATION OF ST. LUCIE COUNTY,
hereinafter referred to as Abrtg~gee.
NOW, WHF.REAS, rbrtgagee is the owner and holder of a certain Promissory
Note dated the 27th day of June, 1975, in the principal amount of $725,000.00
given by the ~brtgagor and secured by a rbrtgage recorded in Official Records
Book 241, Pabe 324, Public Records of St. Lucie C~unty, Ftorida, and
tJHEREAS, the parties hereto desire to modify said Note and Mortgage, and
[dHEREAS, the WESTGLF.N CORPORATION, a Florida corporatior., is in the
process of liquidation and the individual officers for the corporation are
desirous of assuming the personal liability of said indebtedness of such
liquidated corporation, and
t,'HEREAS, the priority of said Mortgage and r?ote will not be affected by
said liquidation, and
k'HEREAS, certain real property, hereinafter more fully set out and
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described, has been released from a previous ~fortgage and Note, and "tcrtgagee
wishes to subject the property to the lien and operation of the "lortgage and
~'ote described hereinabove.
NO~•7, THEREFORE, in consideration of the promises hereinafter contained,
the parties hereto agree said "lortgage and Note is modified by adding thereto
the folloGing provisions to-wit:
(a) The 'tortgagvrs ARTHUR F. Id00B and LEONARD I. COTTOri, JR. , jointly
and individually~hereby assume and agree to pay the obligation to CITIZENS
FEDERAL SAVINGS AND LGAN ASSOCIATION OF ST. LUCIF. COUNTY, `fortgagee, and
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~ackr.owledge that they will make the prescribed payments thercon to said
I~Sortgagee, and perform all other requirements in accordance with the terms of
said Mortgage Deed and Note thereof recorded in Official Records Book 241,
.~wa~KE i pane 324, Public Records of St. Luci~e County, Florida.
D~vID CONLON i '
-• ~s~ piF1CE sOR lqf ~
~?~)'. W.~RDAVENUE (b) The ~tortgagors by these presents do hereby bargain, release, convey,
: ~.':`OeEE. F101t10A 37472
?°~ccr~OMEIl1]I1t3551~5 sell si n transfer mort a e led e set over and confirm unto Mort a ee
. S. ~ g g.~ P K~ g g ~
and to Tbrtgagee's successors forever, the following described property, to-wit:
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