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~Sarutheast Bank, N.A. ~9~ ,
MORTGAGE MODIFICATION AGREEMENT ~
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This agreement made this 20~ ~ day of ~~~r , A. 19 85 , '
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by and between SOUTHEAST N.A. , FbYt Pieroe Do~lto~wri Ba~Jcinq C~ter, ~bYt Florida,
AFFILIATE NAME AND CITV ~
a banking association, Party of the First Part, and C. Reed Kriiqht arid Ralph J. Liridsey, as
Trt~.stees
, Part l~ of the Seoor~d Part.
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WITNESSETH:
WHEREAS, the party of the first part is the owner and holder of that certain mortgage from the part ies of the second part
dated ~~-n~r' 20, 1982 , and recorded in Official Record Book~, Page 248 of the PuWic Reoords of
St. Li1Cle ~u~ty, Florida, ~
AND WHEREAS, the pa~ty of the first part is now the owner and holder of that certain promissory note for which said mort-
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gage was given as security, said note being in the original principal amount of Z~ HiIlldrEd `I`hoLlSdrid D0113L'S 3rid
n0/100-- - - ($200,000.00)- - ,
AND WHEREAS, the parties hereto have mutually agreed to modify the terms uf said note and mortgage,
` NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
(1) Upon the execution of this agreement, the total outstanding unpaid principal under said note and mortgage is the
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amount of Htm~rc~3 FY~rtv-tne 29'ic~t~sar~c7 Si x Nimc~rr?c~ Si ~-~i x i7~11 ar~ anc3 55 /1(1.Q ~
($141,666.55) ~
The parties hereto acknflwledge that upon execution of this agreement :tiie interest on sai~ obligation shall have
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been paid throu~ DeoP.r[~r 19, Z985 .
(2) Said note and mortgage is hereby amended and modified to be payable as follows: -
~ Said noY~ and m~rtgage shall be due and payable in 35 ~tisecutive m~nthly
~ installments of $1,666.67 Principal plus aocrued Interest begirming
~ January 20, 1986 and on the 20th day of eadi m~nth thereafter ~til Deoember
~ 20, 1988 at whic~ ti.me the balanoe of Principal in the amoim af 583,333.10
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~ plus aocrued Interest shall be due and payable.
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~ (3) From and after ~~r 20, 1985 , interest rate on said note and mortgage shall be *FlOdtillq 1$
` above Southeast Barilc, N.A. Prime as determined by the Bank fn~n time to
€ t1lile percent ( * per annum, interest to be computed on the
unpaid principal balanc~.
E (4) This modification is made on the express agreement and understa~?d"+ng that all other prov+sions of said original note
and mortgage shail remain in full force and effect save and except as modified by this agreement, and in the event of
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default same shall at the election of the mortgagee operate to mature the full indebtedness to immediate collection
and foreclosure.
PRIME RATE: The interest rate tbut not necessa~ily the
best or lowest rate charged borrowing customers ~f
~ Southeast Bank, NA) published or announced by Sc~t' i
east Bank, NA from time to time as its prime ra~. ;
(aVER) ~
S-MTG-31 (11/75) M 06d54055 ~ ~j ~ ~ ~ Q '
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