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520945
MORTGAGE MODIFICATION AGREDr1F.~iT
AGREEMEMf ~nade this 18th day of July, 1978, by Peter I.. and
Edith Paganucci, hereinafter called the Mortgagor, and Florida
Bank at Fort Pierce, a banking corpora on existing under the
laws of the State of Florida~ hereina r called the Mortgagee,
for and in consideration of the sum of ~10.00 and other good and
valuable considerations, and also in consideration of the promises
and covenants contained herein, and
WHEREAS, the Mortgagor did on the 25th day of May, 1973,
execute and give to the Mortgagee a certain pranissory note
and thereby pranise to pay to the Mortgagee ~17,000.00 with
interest at the rate of 7 3/4% per anrnam, due and payable in
fift~~-eight (58) monthiy installments as foilows:
~160.02 per month starting on the 5th day~of
July, 1973, and thence on the 5th day of each
successive month for fifty-eight(58) months,
each payment to be applied first towards interest
and the remainder towards defraying the principal
balance due; together with a BALLOON PAYME[~Tf of
$13,4D6.75, plus interest, to be due on the 5th ~
day of July, 1978. No penalty for pre-payment.
and
WHEREAS, the Mortgagor did on the 25th day of May, 1973,
to secure the payment of the aforesaid promissory note, execute
and deliver unto the Mortg,agee a Mortgage Deed on certain lands
situated in St. Lucie County, Florida described as follows:
The N~ of the SW ~ of the NE ~ of the
SE ~ of ~ection 1G, iownship :i5 5outh,
Range 39 East, St. Lucie County,•Florida.
which Mortg,age Deed xas recorded on the29th day of May, 1973,
in the Public Records of St. Lucie County, Florida a t O.R. Book
214, Page 1835; and ~
WHEREAS, the party desires to cr,ake certain modifications
and changes in the payment of saia promissory note and in the
mortgage securing the payment of said note;
NOW, ?NEREFORE, it is hereby agreed by the party hereto
that the promissory note fran mortg,agor to mortgagee, secured
by mortgage dated May 25th~ 1973 and recorded in O.R. Book 214,
Page 1835 of the Public Records of St. Lucie County, Florida,
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is modified as follows:
(1) Where said promissory note provides "a BALLOON PAYMENT
~ of $13,G06 75 plus interest to be due on the 5th day of July,
1978", the same is hereby amended to read: "Due to a principal
reduction and interest payment to the 18th day of July, 1978,
, canmencing on the 18th day of August, 1978, with a principal
balance of $10~560.75, the sum of $172.60, and a like sum on the
corresponding day of each like succeeding period thereafter for
84 months".
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(2)It is further agreed that said note shall further provide
that on ar.d after the 18th day of July, 1978, iY, shall bear interest
at the rate of nine and one half percent (9~%) per annu~r on the
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