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~utfieast E~~nk, N.A. _
IVIqRTGAGE MQDI~ICATION A~R~EMENT ~
This agreen~ent made this ~-8th day p} August , A. D., 19 86 ,
by and between SOUTHEAST Bank N.A. Florida,
` ~ AFFILtATE NAME AND CITY
a banking association, Party of the First Part, and Martin G. Gauld and Susan Gould, his wife
, Part.~~_of the Second Part.
WITNESSETH: ~
WHEREAS, the party of the first part is the owner and holder of that certain mortgage from the part ofi the sscond pari
Jul 29, 1980 0605 1136
dated Y , and recorded in Ofiiciat Record Book.r. , Page of the Public Reoords of
Inda.an Riv_er County, Florida, -
AfVD WHEREAS, the party of the first part is now tlie owner and holder of that certain promissory note for which said mort-
~ gage was given as security, said note being in the original principal amount of OnQ Hundred
Fifty Thousand Dollars and no/Z00---------~---($150,000.00)------
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~ AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and mortgage,
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i IJOW, TFIEREFORE, in consideration of the mutuai agreements of the pariies hereto, it is agreed as follows:
(1) Upon the execution of this agreemenY, the total outstanding unpaid principal under said note and mortgage is the
~ amountof_ One hundxed fi.£tv thousand dol~ars and no/100---lS150.Q00.00)----- ,
i'he parties hereto acknowledge that upon execution of this agreement the interest on said obligation shall have
been paid through _ Auqust 17 , 1986 .
(2) Safid note and mortgage is hereby amended and modified to be payable as follows:
Interest monthly, beginning September 18, 1986;
" Principal payable in one semi-unnual payment of
$13,000.00, with remaining balance of $247,000.00
principal plus interest due on Auqust 18, 1987.
(3) From and after August 18, 1986 , interest rate on said note and mortgage sha01 be
Nine Percent Fixed percent 1 9•~~ per annum, interest to be computed on the
unpaid principal balance.
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(4) This modification is made on the express agreement and understanding that atl other provisions of said original r~ote
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and mort~age shaN remain in full force and effeci save and except as modifi~d~by this.agreemant, and in th$ event of
default same shall at the election of the mortgagee operate to mature the full indebtedness to immediate cotlection
and foreclosure.
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S•MTG•31 (11/75) M Ob454-055 • • -
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