HomeMy WebLinkAbout0995 THIRD: The Promissory Note secured by said Mortgage
states: =
"The principal hereof shall bear interest from
December 14, 1983, at a rate of interest which
is 1.5~ above the "FNB" Prime Rate, which is a ~
rate of interest which is set from time to ti.me ;
by the Senior Credit Committee of Florida National ~
Banks of Jacksonville, Inc,, Jacksonville, Florida, t
which rate sha11 be adjusted hereon as of the busi- {
ness day of any change in the "FNB" Prime Rate as ~
herein defined and stated. ~
Payments of interest only shall be made upon
~he 14th day of each month, commencing upon the -
14th day of January, 1984, through and including
~he 14th day of November, 1984, followed by a
payment of all outstanding principal and accrued ~
interest upon the 14th day of December, 1984." -
t
It is hereby deleted and the following shall be substituted in ~
its place:
"The said principal and interest shall be due
and payable as hereinafter set forth: ;
~
The principal hereof shall bear interest at a ~
rate which shall be adjusted from time to time
such that at all times it sha~l be 2$ above
the Prime Rate established by the Senior Loan
Committee of Florida National Bank of Jacksonville,
Inc., Jacksonville, Florida, which rate shall be
known as the Index. The rate of interest here~n =
shall be adjusted upwardly or downwardly effective
as of the morning of the business day upon which
there shall be any change in the Index. As of the
date hereof the Index is 10.5 so that the
initial rate hereon sha11 be 12.5
Payments of principal and interest shall be made
in 35 monthly payments of $231.67 principal plus
accrued interest commencing upon the 17th day
of February, 1985, through and ir.cluding the 17th
day of December, 1987, together with a final pay-
ment upon the 17th day of January, 1988 of
$33,591.55 principal plus accrued interest."
FOURTH: A~1 of the terms and conditions contained in
the said Promissory Note and Mortgage, except as expressly
modified hereby, shall continue with full force and effect
and are hereby incorporated herein by reference.
FIFTH: This Agreement shall be binding upon and shall
inure to the benefit of the heirs, executors, administrators,
successors, and assigns of the parties hereto.
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