HomeMy WebLinkAbout0060 2., A certain note, axecuted by t?ze parties og the first part, of even date
hereaith 3n the principa~ ~uint of ~3~,b26.53 , p~qable on demand, Nhich nate ie
eeaured by a mortg~ge a].so of even dat~ hereiaith ~nd delivered simultaneoualy he~e~
aith and to be reoo~ded in th+s ot'~i.ce o! the Cl~erk of the Circuit ~ourt o~ St. ~tic3e
Countp, Florida which eaid mortgage i~ 81efl a prea~nt velid lien upon the prsmiaes
hereinbefoi°e describsd, ~ub~eat onl,y to the lien of the mortgage afaresaid; ea~d
y,~~~ ~~~gNTIpL ~NSUNANCE CO[~ANY OF AMER.YCA, the party oi ~he second
part, upon reyueet of t~e undersignerl, has agresd t-r4 gnt??qnlid~tign ~.nd ~ooardi-
nation of s~id mortgagea ao as to fotsa a aingla valid fir~t lien on tt~ pren?ises
therein deaaribed, and to the exten~ion of t~ time oP p~rment of aaid notes and td
the modifioation of the term~ th~reof.
NUW, T~iER~FORE, 2HIS INDENTURE WITNESSETH: That the undersigned, for and in
aonsideratian of the agreement of PRU~ISN'ITIAL INSURANCE CONSPANY ~F AM~RI~A~ the
partq oS the ~eaond part, to c onsolf.date snd ooordinate aeid mortgages ~ aforesaid
and to mod3l~r ~nd extend the tern~s of said notee as aforeasid, and in ~rther con-
aideration of the aum of TEN DOLLARS and other ?alu~blm oonaid~ratione to each of
the underai~ed pai~i by the aaid party of the second part at or befora tha ensealing
and delivery nf these pres~nts, ~he receipt Whereof ie herebq aakno~rledged, do
hereby covenant and agree t~o and with eaid ps~rty of t~e eecoc~d part ae follo~rs:
FIRST: Th~ a~ore$aid tFro mortgages are hereb~r made coordinate and equal and
are t~ere ~ombi.n~d and coneolid~t~d, so that together th~y conatitute in l.aw and
in equity but one mortgage~ a aingle valid firat lien upon the premises herein~~f~re
deacribed, with t2ie aa~ae effxt ae though they Kere ane mortgage; and that th~
hareinbefore deecribed pre~i~es are aub,~ect to the paramount lien of such consol-
- idated mortgages and are to etand ea eecwTity for the p~nent thereof.
SEaOND: The afore~eid ~r~ncipal balances of sai.d txo notea, aggregating the
princ p~
sum of ~ 90,000.04 , with lnterest thsreon from January 21 ,
19 66 , at the rate ol~Six (6)-----------------per cent. per annum, arall be paid
upon the d+~tee snei in the modified and aombined amounta as followe:
Interest ona,y is due and pq}?abl,e the 21~t day of July~ 1966~ thereat'ter the sum
of $7,847.10~ principal and interest~ n due and payable the 21st day of Ju~y,
1907 ~ and a like awn on the 21et d&Y o~ ~1,Y of each and every year ~ to and
including tYie 21st day of J
i~y, 1985~ and the balance of said principal and
~ interest is due
~ payable the 21st ~Y of 3anuary~ 1986. The aYoresaid
annual paymenta are to be applte~i~rst to interest at the abov+e rate ~ue annua~Y
ugcm the principa]. sv~n or so much thereoi as ahall fr~m ~ime to time remain unpaid~
ax~d the bal.auce u~ each annual paymen~ sh~ll be applied on the account of principa],.
bot~ principal ~d interest being payable at the office of the payee in
the City of Newark ~ ia New Jersey ' or et euch ott~~'r place as the
holdar of said notes may designate in ~rriting, in l~r~,il money of the Onited Statea
o.f Am~rica.
THIRD: The preps~ymemt privileg~aa no~ in effec~ ahall be modiffed and that here-
after,
e~active a~ o~ and irom tba date of this agreement, ~the folloxing prep~nent
privilege, agplicable to the present pM~ncipal am~ount o! tha indebtsdness aPoresaid,
e1~s11 be en~orcesble s
Prior to ten years ~from date~ privile8e is 61ven to make additional paymex~ts
on the princigal of this indebtednese in sums at $~100 or multipl~ea thereof
on ar~y date ~ea fntere~t becoanes due and payabl~; provided~ hox~ever~ th~?t
the ~aunt so pe~id durin6 ~Y Year ~nding at an anniversary oY the date frcm
xhich int.ereet accrues hereundQr~ added to obl3gatory princ3pal paYments~ if
ar~y~ f'~11ing due ~rl.thin such one year period~ shall not exceed $18~0~0.
Frovided flzrther that a~tter five years and prior to ten year+~ fram da#.e ~ PaYment
in R~ll of th3s indebtedness tne,y be made on ~r interest due date if there is alao :
paid a pr~ep~yment cansideratioas of 2~ of that ~rt of such payment fn ft~ll ~hich ;
exceeds t~e ~nnamt that mqy be paid~ at the time of auch payment~ xithaut pre-
payment cv~eideration. ,
A~`ter ten years frcm date~ privi]sge is giver~ to make ~dditional payments on the
principal o~' this ~idebtedness in swas ot $1.00 or multiples thereoP o~ at~y date -
Wh~n int,erest bec~es due and p~yab].~e. ~
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~-g c 2} goox 137 60 -
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