HomeMy WebLinkAbout0988 . r
MORTGAGE MODIFICATION AGREEMENT ~
THIS AGREEbtENT, made this~ih_day of - t~tA~ , 19_$,fzby and between
Henrv A. Salzler and Linda J. Salzler
hereinafter called hZ~RTGAGOR and FIRST NATIONAL BANK AND TRUST COMPANY OF STLJART,
Stuart, Florida hereinafter called "b10RTGAGEE".
RECITALS: .
A. :~tORTGAGEE is che owner and holder of that certain mortgage (MORTGAGE) dated A'larch 22, 1985
made by the ~IORTGAGOR to riOItTGAGEE recorded in 0•R- Book 460 ~ paRe 416 ~
Public Records of St. Lucie Countv, Fla.; securing a debt evidenced by a promissory note (NOTE)
dated P'Iarch 22, 1985 , in the original amount of, = 59, 000. 00
which AIORTGAGE encumbers property more particularly described in said MORTGAGE.
B. ~10RTGAGOR, the owner in fee simple of all of the property subject to hiORTGAGE, has requested
\10RTGAGEE to modify NOTE and MORTGAGE and the parties have mutually agreed to modify the terms
thereof on the manner hereinafter appearing. ~
\O~`f!, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration
ot the: sum of TEN DOLI.ARS (S10.OQ), each to the other in hand paid, and other valuable consideration, the
re:ceipt and sufficiencv of which is hereby acknowledRed, the parties hereto mutually covenant and agree as
follows:
1. The unpaid principal balance of ~10TE is 558, 837. 05
:ind that interest has been paid to May 14. 1986
2. The terms and provisions of the NOTE are amended and modified in accordance with the terms and
: prcn~isions of EYhibit "A" attached hereto and incorporated herein by reference, entitled
~ NOTE
3. The terms and provisions of the MORTGAGE are amended and modified in accordance with the terms
and prot•isions of Exhibit "B," attached hereto and incorporated herein by reference, entitled
~
MORTGAGE I
4. The ~10RTGAGOR hereby reaffirms all of its obligations set forth in NOTE and MORTGAGE and ,
i agrees to perform each and all of the covenants, agreements and obIigations in MORTGAGE and NOTE and '
~ to be bound by each and all of the terms and provisions of NOTE and MORTGAGE as herein modified.
F
5. Thac all of the property described in hiOR1'GAGE, less any part thereof that may have heretofore been
released, shall in all respects be subject to the lien, charge and encumbrance of MORTGAGE and nothing
herein contained or done shall affect the lien, charge or encumbrance affected by MORTGAGE, or the priority
thereof over other liens, charges, encumbrances or conveyances.
G. Nothing herein invalidates or shall irnpair or release any cov~nants, conditions, agreement or stipu-
~ lation in NOTE and'_4iORTGAGE and the same, except as herein modified, shall continue in full force and
~ effect and the undersigned further covenant and agree to perform and comply with and abide by each of the
~ covenants, agreements, conditions and stipulations of NOTE and MORTGAGE which are not inconsistent
herewith.
7. In case any installment of interest or principal of NOTE be not promptly paid as they become due and
payable according to the terms and te`nor thereof, or if each and every of the stipulations, agreements, cov~
~ nants and conditions of NOTE and MORTGAGE, as herein modified, and of these presents, any or either, are
not duly performed complied with, and abided by, then and in either of such events, the balance then unpaid
of the principal sum of NOTE as herein modified, with accrued interest, and all other sums provided for in and
by NOTE and MORTGAGE, shall be immediately due and payable and suit may be brought on NOTE and/or ~
MORTGAGE may be foreclosed in the manner and as fully and completely and with the same effect as if the
said indebtedness of NOTE were originally stipulated to be paid on that date or had otherwise matured, any-
thing in NOTE and MORTGAGE, or herein, to the contrary notwithstanding.
° oK 501 ~A~E 986
60
FNB - RE - lOS (FNMA APPROVED)
ii 8 S 102
- - - - . - , _ . . . _ .
~ . ~ ~