HomeMy WebLinkAbout0948 . ' i
L'
~~~4 MORTGAGE MODIFICATION AND
ADDITIONAL ADVANCE AGREEMENT
THIS AGREEMENT made this~3'~`~ day of >n~:.c~ 1983, by and between
FRED R. hIORGAN, AS TRUSTEE AND INDIVIDUALLY, herein referred to as Mortgagor, and
FLORIDA NATIONAL BANK, a National Banking Association, herein referred to as Mortgagee.
WHEREAS, on March 29, 1983, Mortgagor executed a certain Promissory Note in the
original prinicpal amount of TWO HUNDRED SEVENTY FIVE THOUSANO AND N0/100 ($275,000.00)
DOLLARS, secured by a Mortgage as Recorded in Official Records Book 397, Page 1985, of
the Public Records of St. Lucie County, Florida.
WHEREAS, the above mortgage encumbers the following described real property to
WiL:
Lot 4, Block 17, FIRST REPLAT IN PORT ST. LUCIE
INDUSTRIAL PARK UNIT ONE, according to the Plat
thereof as recorded in Plat Book 23, at Pages 6,
6A through.6D inclusive, of the Public Records
of St. Lucie County, Florida.
WHEREAS, the parties hereto have agreed to modify the note and mortgage by advanc-
~ ing the additional sums thereunder.
NOW TNEREFORE, in consideration of the mutual covenants contained herein and other
valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
' 1. ADDITIONAL ADVANCE. The above note and mortgage are hereby modified by advanc-
i
; ing the additional sum of TWENTY FIVE THOUSAND AND NO/100 ($25,000.00) DOLLARS, to
; hlortgagor pursuant to the provisions of ARTICLE SIXTEENTH of the above mortgage, receipt
~
~ of which is hereby acknawledged, creating a total outstanding indebtedness of THREE
~
~
i NUNDRED THOUSAND AND NO/100 ($300,000.00) DOLLARS. All of which Mortgagor promise to
! pay to mortgagee in accordance with the terms of the original note and mortgage in accord-
~
x
~
~ ance with the terms of the original note and mortgage except as modified by this agreement.
s
~
~ 2. MONTHLY PAYMENTS. The payments of principal and interest wi11 be as follows:
` Interest payable monthly on outstanding principal balance
~ - ~ cormienci ng on the 29th day of September 1983, and conti nu- x~~+ne~
~
ing on the 29th day of each succeeding month thereafter 31~f?~ 1N~r-
~ , ~ until the entire indebtedness has been paid. In addition,
` f34356
{ ~ principal shall be paid in consecutive monthly installments
£ ~ comnencing on the 29th day of October 1983, as follows: i~~~~~i~~~~i~tJ1~
5 thirty six (36) monthly installments at $691.80 each; ~~v
' ~ thirty six (36) monthly installments at $999.90 each; " i~~~ ° 3D
thirty six (36) monthly installments at ~1,458.30 each;
o thirty six (36) monthly installments at ~2,116.80 each; y x...(n
, ~ thirty five (35) monthly installments at $3,066.60 each. In ~ m!p
an event, the balance of rinci al, if an , remainin un aid, ~M~ ~
_ y P p Y 9 P
_ ~ together with accrued interest, shall be due and payable ' 1
: ? Y on the 29th day of September 1998. si ~1
4: ~
~ ~ ~ ; ~
_ _ ~ ~ ~ ~O!
This instrument prepared by: w ~z1
. Di
~ Linda Zagorski
Florida National Bank U;
P. 0. Box 2436 0~YZ'!
Stuart, Florida 33495 ~
~~~4~2 p~.~ 94~
- . _ ~
- o-~ _ _ ~ . . _Ty~~ _s _