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' ~ 66~a'70 ~b.
~ ~ • MORTGAGE MODIFICATION AGREEMENT
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This Aareement, rnade and entered into this day of ~y, 1984, by ~
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and between R(IBEP.T J. FASH and IRENE A. FASH, his wife, party of the
first part, and PAUL PAPPAS, GEOR('~E :RAPP.A~ and FRANK• PAPPAS, party of the ~
second part.
WITPIFSSETfI: '
WHEREAS, the party of the first part is the holder of the followin~? note
and mortgaqe, to wit:
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A certain promissory note executed by P~?~1L ~APPAS, in favor of }
the party of the first part, an~ being dated Auqust 14, 1981 in
the initial ~rinciqal amount of EiQhty Thousand Dollars (580,0~0.00)
which note is secured b.y a?rbrtqaqe with even date therewith,
executed by PAUL PAPPAS, in {avor of the party ~f the first qart,
as recorded in O.R. Book~L, beqinninq on Paqe of the
Public Records of St. Lucie County, Florida, which said rnortqaqe
is now a valid first mortqaqe on that certain real pronerty lyinq
and beinq in the County af St. Lucie, State of Florida, beinq more
particularly described as:
Unit No. 710 of SAND L~!1LLAR VILLAS CONDOMINIUt1, accordinq
to the Declaration thereof as recorded in O.R. Rook 332,
Page 1436, Public Records of St. Lucie County, Florida.
WHEREAS, the party of the first oart and party of the second part have
agr•eed to the followinq chanqe in the ab~ve-described mortqaqe: As of
August 14, 1984, and assuminq that all monthly payments are current, the
unpaid principal balance will be Thirty Nine Thousand Seven Nundred Dollars
($39,700.00), the interest rate shall adjust to Four~~en Percent ner annum
effective August 14, 1984; that the entire unpaid qrincipal balance and any
and all accrued interest shall be ~ayable in equal monthlY installments of
Nine Hundred Thirty Three Dollars and 76/100 (~933.761 with the first install-
ment due on the 14th day of Septer~ber, 1984 and c~ntinuinn on the same day
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of each and every month there~fter «ntil Aunust 14, 19R9, on which said date
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` the entire unpaid principal balance and anv and ~11 accrued interest becomes
~ due and payable; each such monthly ~a_yment shall be a~plied first to the ~
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~ payrr~nt of interest on the unpaid balance then to the ~ayment of principal; ~
~ no prepayment ma~,~ be made on this-mortaa~e until after Auaust 14, ~987;
~ that_the grace period before acceleration of ~he.en'tire un~aid principal n~
, c-Jc. ~
~ ba~ance shall remain at thirty (30) days. 3his mortqaqe is~assumable and ~
~ , transferable.
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~ All the remaining terms and conditions of said mort~aQe more particularly
~ described above shall remain i?~ full force and effect.
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~ This Agreement sha~l be binding uvon and shall inure to the benefit of the
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~ heirs, executors, administrators, and assiqns or their successors and assiqns
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€ of the parties of the first and second oart.
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IN WITNESS WHEP,EOF, the party of the first part and oarty of the second part
f
~ have hereunto set their hands and seals the dav and year first above written.
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******Notwithstanding anything to the contrary, par
~ ' t~ oof the second
p a r t m a y p r e p a y a n y o r a l l o f t h e principa l a t any time a t a pena l t
~ of two percent (2$) of the princi al a y.~
p p yment made. ~
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~39 PAGE 91~ `
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