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South~east Banks . `
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MORTGAGE MODIFICATION AGREEMENT
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This agreement made this lst d~y of l`I4v~r , A. O., 19 84
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by and batween SOUTHEAST_$31~5~~~~~k~a ~~tl~~Gi- FirGt Natlplial Barilt of Fbrt Pier~,;d,,
A'FILIATt NAMt AND CITY Fort Pierce
a banking association, Party of the First Part, and _~S3d7.e M. JOlles. Jr. aI2d
E. Wavne Ra~ers
, p~n ies of the Seoond Part.
WITNESSETH:
WHEREAS, the party of the first part is the owner a~d holder of tt?at oertain mortgage from the psrtleS of the seoond psrt
dated .TimP 1 19A1 , and recorded in Officisl Reoord Book3iZ_, Page ~1 dl of the PuMic Fieoords of
S T~~iP County, Florida,
AND WHEREAS, the party of ihe first part is now the owner and holder of that certain promissory note fw whidt said mort-
gage was given as security, said note being in the original prinapal amount of Fiftv-five Thot~sand Doll ars and
no/I00 1555,000.00) ,
AND WHEREAS, the parties hereto have mutually agreed to modify tfie terms of said note and mortpage,
NOW, THEREFORE, in consideration of the mu;ual agreements of the parties hereto, it is syreed as follows:
(1) Upon the execution of this agreement, the total outstanding unpaid princi~l' ilrlder s~id note ~rti}! mortgage is the
! amount of Fi fts -tsar~ 'i'Fxx~~anc3 Si x Tfi~rultvx3 S rAn =r-frvir iY~l l ar~ anr9 44~~ nn-.-----
; (552,674.44)
f The parties heroto scknowledge that upon execution of this agreement the interest on said obligation shall have
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~ been paid th?ough (Y-1-r~hPr ~1' 1984 ,
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' (2) Said note and mortgage is hereby amended and modified to be payable as follows:
~ Said note and mortgage shall be extended for 60 days. Principal and interest
~ shall be due and payable in m~nthly installments of $724.23 beginning
~ Uecember 1, 1984 and m~nthly thereafter until December 31, 1984 at which time
g the entire balance of principal plus accrued interest shall be due and
payable.
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(3) From and after Nc7ves!~b~r l. 1984 , interest rate on said note and mortga~e shali be Fifteen
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~ percent (~.2~_%1 per annum, interest to be computed on the
$
~ unpaid principal balance.
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x
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_ (4) This mociification is made on the express a~reement and understanding that all other provisions of said original note
s
and mortgage shall remain in full force and effect save and except as modified by this agreement, and in the event of
default same shall at the election of the mortgagee operate to mature the full indebtedneu to immeciiate collection
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~ and foreclosure.
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(OVER)
~ •MT~3-31 (ll/75) M'06054055 ^ 5 rr A
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• . 90.~K y-
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