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MORTGAGE MODIFICATION AGREEI~NT
LOAN N0: 23145962 N~ Rober~t F. & Kathleen A. Day
THIS AGREEMENT is made this ~ S t day of ~U 1 y , 2985 , by and
be*_ween HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION formerlS• First Federal Savings and
Loan Asaor_iat~on of Fort Pierce) hereinafter called the "Association", and
Robert F. Oay and Kat~ileen A. I~ay, his wife
herein called Owner(s)".
W I T N E S S E T H:
WHEREAS, the Association owns and holds the original Fromissory note and mortgage
executed on ~~ovember 1St , 1983 , evidencing a principal indebtedness on said date of
~ 54,000.00------------ , which mortgage is recorded in Official Record Book 416 ,
Page ~ ,of the public records of St. Lucie. , County, Florida; vhich
constitutes a valid and existing lien on the property described therein.
WHEREAS, the undersigned, owner of said premises, has found it necessary and does
hereby request a modification of the terms of said loan for the following reasons:
Conversion of a fixed rate loan to a one-year adjustable loan.
NOW, THEREFORE, in consideration of the convenants and promises contained herefn, the
premises above set forth, and for other good and valuable considerations, it is hereby
agreed that the aforesaid promissory note and mortgage securing paym~nt of the same be
modified ::s follows: ~
la. The undersigned Owner(s) hereby expressly agrees to pay the indebtedness repre-
sented by and due on the aforesaid adjustable rate promissory note and mortgage and any
modification of correction thereof in accordance with the terms thereof and as modified ~
herein. It is agreed that the unpsid principal balance of said indebtednese as of
July 1st , 1985 ,is Fifty three thousand sever~ hundred seventeen and 781100----- ,
~ •--------j and that the initial interest rate on said indebtedness shall be
9-7 per cent per annum, beginning on ~Uly 1St , 1~5 , and that com- ,
mencing on AUguSt 1St . 1985 . Owner s shal~ pay said principal and interest in '
; consecutive monthly installments of Four hundred sixty four and sevent two/100-------------
464.72--------- ) and a like sum on the S day of esch month thereafter until the
entire indebtedness evidence~ by the aforesaid note and mortgage, as modified herein, is
fully paid; except that any remaining indebtedness, if not sooner as modified herein, is
I;' payable on May lst , X~ 2014.
i
` (b) Change Dates .
E The interest rate I will pay ~ay change on the first day of JUIy
~ 1986, and on that day of the month every 12 months thereafter. Each date
~ on which my interest rate could change is called a"Change Date".
(c) The Index
Beginning with the first Change Date, my interest rate will be based ~n an
~ "Index". The Index is the weekly average yield on United States Treasury securi-
ties ad3usted to a constant maturity of One years, as made available by the
Federal Reserve Board. The most recent figure available as of 45 days before
each Change Date is called the "Current Index".
If tihe Index is no longer available, the Note Holder will choose a neW index
which is based upon comparable information. Tha Note Holder will give me notice
~ of its choice.
t;
~ (d) Calculation of Changes
Before eacr~ Change Date, the Note Holder will calculate my new interest rate by
~ adding Tw0 and 75/100 percentage points ( ?_.75 to the Current
~ Index. The sum will be my nes~ interest rate.
~
~ The Note Hoider will then deterciine the amount of the monthly payment that
~ should be sufficient to repay in full the p:incipal I am expected to owe on the
Change Da;-.e in substanti311y equal payments by the ma*_urity date at mjr new
interest rate. The result of this calculation vill be the new amount of my
monthly payment.
03/20/85 (adjustable) MS~BE ~~~jK4~ p~E ~ Page 1 of 2
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