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MORTGAGE MODIFICATION AGREEMENT
THIS AGREEMENT made this 27th day of February, 1981, by
and between ARTHUR F. WOOD and LEONARD I. COTTOM, JR.,
President and Secretary respectively of WESTGLEN CORPORATION,
,
a Florida corporation, hereinafter referred to as Mortgagor,
and ELLEN NORKIN, hereinafter referred to as Mortgagee.
NOW, WHEREAS, Mortgagee is the owner and holder of a
certain Promissory Note dated the 9th day of
the principal amount of $35,000.00, given by
secured by a mortgage recorded in O. R. Book
Public Records of St. Lucie County, Florida,
was modified on the 19th day of November, 19
O. R. Book 320, Page 2201, Public Records of
Florida, and . ,
April, i979, in
the Mortgagor and
306, Page 2201,
and said mortgage
79, recorded in
St. Lucie County,
WHEREAS, the Parties hereto desire to modify said note and
mortgage, , and
WHEREAS, the ~IESTGI.EN CORPORATION, a Florida corporation,
is in the process of liquidation and the individual officers
for the corporation are desirous ~f assuming the personal
liability of said indebtedness of such liquidated corporation,
and
WHEREAS, the priority of said mortgage and note will not be
affected by sa~cl liquidation.
NOW, THEREFORE, in consideration of the promises hereinafter
contained, the Parties hereto agree said mortgage and note is
.
modified by adding thereto the following provisions, to-wit:
(a) The Mortgagors, ARTHUR F. WOOD and LEONARD I. COTTOM, JR.,
jointly and individually, hereby assume and agree to pay the
obligation to ELLEN NORKIN, Mortgagee, and acknowledge that they
will make the prescribed payments thereon to said ELLEN NORKIN,
and perform all other requirements in accordance with the terms
of said Mortgage Deed and Note thereof recorded in Official Records
E3ook 306, Page 2201, and O. R. I3ook 320, Page 1934 through 1936,
Public Records of St. Lucie County, Florida.
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