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1~ LOYD PE:4R~N 3I'EWAR 1' ltlLtj~[~
GREER & W~IL, p.A,
Z~venty-~tth Flooc
One Biscqyne Toa,et
MODIFICATION OF MORTGAGE F~~
Pha~ae: 8'1'J-0211
THI3 AGREEMBNT, made this day oi December, 1981, by and
between HUTCHINSON I3LAND LIMITfiD~ INC., a Delaware corporation authocized to
trareact business in the State of Flocida, hereinafter referred to as "Mortgagoc"; and
THE FlRST NATIONAL BANK OF CHICAGO, a National Banking Assoeiation,
hereinafter referred to as "Mortgagee";
WITNESSETH:
WHEREAS, on December 4, 1978, a Construction Loan and Project
Agreement was made and executed by and between Mortgagor and HUTCHIN30N
ISLAND LIMITED PARTNERSHIP for the construction of 126 eondominium residentisl
units to be known as "Seaseape I", heceinafter referred to as the "Loan Agreement",
and in comQliance with the terms thereof HUTCHINSON LSLAND LIMITED
PARTNERSHIP did execute and deliver to the Mortgagee a Ptomissory Note dated
Decembec 4, 1978, in the principal amount of Twelve Million Dollars (;12,000,000.40),
secured by a Mortgage dated Deeember 4, 1978, filed of record and recorded in
Offieial Recocds Book 299, at Pege 991, of the Public Records of St. Lucie County,
Florida, hereinafter referred to as "Mortgage", whieh Mortgage is now a valid first Iien
on real praperty located in St. Lucie County, Florida, and moce specifically set forth
in "Exhibit A" attached hereto and made a part hereof, hereinafter referred to as the
"Property"; and
WHEREAS, Matgagor and HUTCHINSON LSLAND LIMITED
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` PARTNERSHIP entered into an Agreement effeetive the 4th day of June, 1980, and i
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~ ~ursuant to the tecros thereof Mortgagar acquired fee-simple title to the Propecty, and
;
assumed the indebtedness evidenced by the Promissory Note and secured by the
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; iViortgage, and Mortgagee cor~ented thereto pursuant to the terms and conditions of a
t
~ Modification of Mortgege dated June 2, 1980, and recorded in Official Records Book
~
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~ 332 at Page 1738 of the Public Records of St. Lueie County; and
~ WHEREAS, Mortgagee agceed to increase the Loan from the sum of Twelve
~ !Viillion Dollars {;12,000,000.00) to the sum of Thirteen Million Dollars
~ (;13,000,000.00), pursuant to paragraph 15 of the aforesaid Mortgage, as evidenced by
a Second Promissocy Note dated June 2, 198U in the Qrincipal sum of ;1,OOO,U00.~0 ~nd
:
' documented by the aforesaid Modification of 1~iortgage; and
WHEREAS, the indebtedness evideneed by the Promissory Note dated
December 4, 1978 as amended by Allonge dated June 2, 1980 and the Second
€
~ Promissory Note dated June 2, 1980 secured by the :Viortgage became and are due and
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d~1K ~J P~GE 7~
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