HomeMy WebLinkAbout0926 t ~ ~ /
p~ce}ved • J~~ in Payment Ot Taxea I
Due On Cl;+ss "C" intangiblc °^rsonal Prope?ry,
Pursuant Tu Chop:er 7t. 134, Acts Ot : ~7 . . ~
ROGER POITAAS ~'g ~ 6~~q~~
Clerk Clrcuit CourL St Lucte. Co.. F~a / ~
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MOR'1'GAGE MODIFICATION, FUTURE ADVANCE AND ~.3 ~
EXTENSION AGREEMENT a f
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THIS AGREEMENT, made this ~ day of , ~
1983, by and between DARWIN P. KELLY, JR. and M T. KELLY,
his wife, hereinafter called "MORTGAGOR" and FIR5T UNION
SAVINGS AND LOAN ASSOCIATION, a Florida banking corporation,
hereinafter called "MORTGAGEE".
RECITALS:
A. MOR`PGAGEE is the owner and holder of that certain
cn ~ mortgage (MORTGAGE) dated October 1, 1981, made by the
Z~ MORTGAGOR to FIRST FIDELITY SAVINGS AND LOAN ASSOCIATION,
M recorded October 1, 1981, in O. R. Book 364, page 523,
v o~ Public Records of St. Lucie County, Florida; subsequently
v o M~ assigned by Assignment of Mortgage recorded February 24,
~ X ~ 1982, in O. R. Book 371, page 1913, Public Records of St.
m a~ Lucie County, Florida, to FIRST UNION SAViVGS AND LOAN
0~ ASSOCIATION; securing a debt evidenced by a Promissory Note
~ (NOT~) dated October 1, 1981, in the original principal
amount of SEVENTY THOUSAND NINE HUNDREU AND NO/100
($70,900.00) DOLLARS, which MORTGAGE encumbers property more
paricularly described in said MORTGAGE and that said
Mortgage has an outstanding principal balance as of this
date in the amount of SEVEI~TY THOUSAND FOUR HUNDRED
EIGHTY-FNE AND 66/!00"($70,485.66) DOLLARS.
B. MORTGAGE has requested MORTGAGEE to advance the
additional sum of SIXTEEN THOUSAND EIGHT HUNDRED FOURTEEN
AND 34/100 ($16,814.34) DOLLARS, anci to extend the due date
of said NOTE and MORTGAGE, and the MORTGAGOR has requested
the MORTGAGEE to modify the NOTE and MORTGAGE and the
parties have mutually agreed to modify the terms thereof in
the manner hereinafter appearing.
NOW, THEREFORE, ~in consideration of the mutual
; convenants hereinafter set forth and in consideration of the
sum of-TEN ($10.00) DOLLARS, each to the other in hand paid,
i and other valuable considerations, the receipt and
i sufficiency of wnich is hereby ~cknowledged, the parties
hereto mutually convenant and agree as follows: "
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~ 1. This Agreement evidences an additional advance
~ made, at the option of the MORTGAGEE, pursuant to the terms
f of the MORTGAGE, evidenced by promissory note of even date
s"}~ herewith in the amount of SIXTEEN THOUSAND EIGHT HUNDRED
~ ~'OURTEEN AND 34/100 ($16,814.34) DOLLARS, hereinafter called
c-,,'~,~ "Future Advance Note". It is agreed that the said amount,
~ the receipt of which is hereby acknowledged, shall be added
~ to the unpaid principal balance of the indebtedness secured
by the MORTGAGE and that the total amount of indebtedness
° :I:~ secured by the F10RTGAGE, including the additional advance,
~ Y~ as of this date is the.sum oi EIGHTY-SEVEN THOUSAND THREE
~ HUNDRED AND NO/100 ($87,300.00) DOLLARS.
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4 X~ 2. Commencing October 1, 1983, the NOTE shall draw
interest at the initial rate of nine (9$) percent per
annum.
3. The principal balance together with interest sha-il
be paid in ttie following manner:
`1'he Borrowers agree to repay the loan in the amount of
EIGHTY-SEVEN THOUSAND THREE HUNDRED AND I~O/100
- ~ ($87,300.00) DOLLARS based on a 30 year amortization at
$
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