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execution of this Agreement, the interest on said obligation
shall have been paid through February 15, 1986. ~
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2. Said Note and Mortgage are hereby amended and modified to ~
be payable as foll~ws:
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A. From and after February 15, 1986, "interest only" at the
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rate of ten (10) percent per annum, with said interest payments
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due and payable on an annual basis commencing on the 15th day of
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February, 1987, and continuing with a like sum payable on the
corresponding day of each like succeeding period for the first
four years of the modified loan term. On February 15, 1990, the
entire principal balance af this Note shall be paid in full.
B. The Mortgagees shall grant partial releases of and from
. the lien and operation of this Mortgage upon the following terms
ar,d conditions:
~ (i) This Mortgage and the Note secured by it shall at the
time of request for any such partial release, be in good standing
with no existing default.
(ii) The Mortgagor shall be entitled to obtain partial
releases of and from the lien and operation of the Mortgage
provided that each parcel released ~amprises at least one acre in
size. The per acre release price ~hall be $3,641.80. Partial
releases shall be available whether in consequ~nce of regular
amortization or prepayment or prepayments, and the effect of
` am~rtization for release purposes shall be cumulative, whether or
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~ not a release is requested at the time payment is made. If the
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E division necessary to compute released acreage results in the
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~ existence of fractional acreage, the fraction shall be
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` disregarded and carried forward until subsequent amortization is
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€ effected, whether by prepayment or regular installment, whereupon
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credit shall be given for that fraction. •
C. Mortgagees agree that, upon request, they will join
in the exeuction of any plat or plats covering the property or
any part of it which is encumbered by this Mortgage and further
will join in any dedications or easements for roads to provide
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g N[ILL ORII~IN J[F~RI[8 i LLOYD
cH~wrenco
~ P. O. BOX 1270: FOpT PtERCE, ~LORIDA 73454 - TEIEPNOME (~051 461-e200
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