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MORTGAGE MODIFICATION AGREEMENT i
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This agreement made tt?is day of August , A. D., 19 ~ ,
by and between SOUTHEAST N.A. ~ F~ORT PIEFtCE DC~WNT0~4V;~] BANKING CENTER, Ft. Pierceflorida,
~ • A/FILMT[ NAM[ ANO CITV
a banking aswciation, Party of the Fint Part, and W' W• ~~LD and EUNICE AI~II~ ARNOLD~ his wife,
, Part ies af the Seoond Part.
WITNESSETH:
WHEREAS, the party of the fint part is the owner and holder of that certain mortgage from the part~Sof the second part
dated T~nP 9. 1975 , and recorded in Official Reoord Book~4Z, Page1.~, of the Public Reoords of
(Note dated 12/10/74)
st. T•»rie~'~wt~{ Sdb4~f~ Florida,; cc:rrectec-: mo:-tg.:g~ =ecorded in O.R. Hook 249,
Page 1373~ of the public records of St. Lucie Go»r.*_~, F?~rida;
~ ANO WHEREAS, the party of the fint part is now the owr~er and holder of that certain promiuory note for which said mort-
~ gage was given as security, said note being in the original principal amount of ~,.$175,(~_(~O) -
' ~PIE HLINi)RF.t) SF.VEN`i'Y-FIVE 'iflOiISAND ?~NL r!OJ? .
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k AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and mortgage,
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s NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
(1) Upon the executior~ of this agreement, the total outstanding unp~id principal uncier said note and mortgage is the
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; amount of 5122~239.96 .
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' The part+es hereto acknowledge that upon execution of this agreement the interest on said obligation shall have
i been paid through ~tober' 1, 1984 `
i (2) Said note and mortgage is hereby amended and modified to be payable as follows:
~ In 59 equal, successive monthly installments of principal and :,`~rest in
e the sum of $1,607.44, plus insurance and tax escroW, and one final balloon
i payment in the sum of $104,942.48~ on July 1, 1989, the first monthly
installment due and payable Septerc~er 1, 1984.
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(3) From and after ~urn,ct 1, t As~a' , interest rate on said note and mortgage shall be ~ rz.een
; and 75/100-------- percent (13.75%) per annum, interest to be computed on the
unpaid principal balance.
(4) This modification is made on the express agreement and understanding that alf other provisions of said originai note
and mortgage shatl 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 indebtedness to immediate collection
and forectosure. " '
(OVER?
•MTG-31 (11/75) M 06a54055 TF+~~ ~~5~ ~ nY
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