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MODIFICATION OF MORT(3A(3B
THIS MODIFICATION OF MOA1YiA(38 INCRBA3B3 THB 1NDEBTEDNfiSS SSCURED
BY THB MOItT(3A(3B FAOM THB PRINCIPAL 3UM OF t4,800,000.00 TO TH8 SUM OF ,~,e~
=?,050,000.00 PUft3UANT TO THE FUTURB ADVANCB CLAUSB SET FORTH IN THE 33
MORTGAGB IN PARAGRAPH 16 THBREOF.
THIS AGRBEMENT made thls 12th day of February, 1981, by
HUTCHINSON ISLAND L1MIT8D, INC., a Delaware corporation authorized to tcansaet
business in the State of Florida, hereinafter referred to as "Mortgegor", and
hereinafter so designated, and THE FIRST NATIONAL BANK OF CHICAGO, a national
benking association ocganized and existing under the laws of the United States of
America, hereinafter referred to as "Mortgagee", and hereinafter so designated;
WITNESSETH:
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WHEREAS, on June 9, 1980, Mortgagor granted unto Mortgagee a Florida
Mortgage recorded in Official Records Book 332, at Page 2790, of the Public Records
of St. Lucie County, Florida, encumbering the pcoperty therein described and which is
also described on Exhibit A and A-1 hereto, (the "Mortgage") to secure a loan in the
principal sum of Four Million Eight Hundred 'R~ousand Dollars (~4,800,000.00), as
evidenced by a cectain Promissory Note of even date therewith from Mortgagor to
Mortgagee; and
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WHEREAS, Mortgagor and Mortgagee have agreed to make certain changes
in the terms of said Mortgage, and to advance an additional ;2,250,000 to be secured
by the 1liortgage in accadanee with the terms thereof, and desire to refleet the fact
such changes have been made in an instrument of cecord.
NOW, THEftEFORE, for and in consideration of the~~premises and other
good and valuable considerations in hand paid, Mortgagee and Mortgagor agree that
said Mortgage is hereby modified as follows:
1. This date, the Mortgagor has executed and delivered to the
Mortgagee a Promissory Note in the principal sum of Two Million Two Hundred Fifty
Thousand Dollacs (;2,250,000.00), together with interest thereon, said Promissory Note
evidencing the indebtedness in the principal sum of Two Million Two Hundred Fifty
Thousand Dollars (;2,250,000.00). Said Pcomissory Note is secured by the Mortgage
pursuant to the terms and conditions of the "Future Advanee Clause" as set forth in
paragraph 16 of the Mortgage. Thecefore, the aggregate prineipal sum secured by the
,
Mortgage is Seven Million Fifty Thousand Dollars (;7,050,000.00) (pursuant to the
terms of paragraph 16 of the Mortgage).
RECE111ED = ~I SQ~-00 ~N ~AY~1£!fT OF TAxE:
DYE 0!1 Gtli:= ~• It{TAh6'8lE PLRSO:I:.L -AOpEpiY~
PURStI~,NT TO CMIIPTE~i 71-::.4. ACTi OF N]t.
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CLF~ OlCMf CORi~ iT. LrC~ 0~. !~. ~.
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r,.1~K 348 P~~ 2(l~4 ~: ~-~~~
'~i~;s inslcvn:c~~si pre~red by:
KENNETH J. WEIL
FIAYD PEARSON STEWART RICHMAI~j
GREER & WEIL, P.A.
~venty-Fifth Floor
One Biacayne To~
Miami Florida 33132
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