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. DiORTGAGE MODIFICATION AGREEMENT av~'
. THIS MORTGAGE MODIFICATION AGREEMENT made on this 8th day
of October, 1986, is by and betw@en RICKEY L. FARRELL, as Trustee
under Florida statute 6$9.071~with full power and authority as
s~t £orth in Exhibit "A" attached hereto and made a part hereof,
PRESTON HIX, L. WILLIAM PULLEIV, and UMBERTO DeLUCA, hereinafter
c.alled "Mortgagor", and FIRST AtdERICAN BANK OF ST. LUCIE COUNTY,
hereinafter called "Mortgage~";
WITNESSETH:
WHEREAS, Mortgagur and Mortgagee entered into a Loan
Agreement dated March 7, 1986, which was modified by a ~
Modif ication Agreement dated October 8th , 1986, both of which
are on file and available for inspection at the offices of
Mortgagee; and ~~T
. WHEREAS, Mortgagee is the owner and holder of that certain
riortgage executed by Mortgagor, dated March 7, 1986, recorded in
OR Sook 493 at page 1117 of the public-records of St. Lucie
County, Florida, which Mortgage encumbers certain real property
described therein, and which Mortgage was modif ied by the
following Mortgage Modif ication Agreements, executed by Mortgagor
and Mortgag~e, to include additional real property described in
~ said Mortgage Modification Agreements, to wit: `
Mortc~age Modification Agreement dated
April 1 , 1986, recorded in OR
Book 495 at page 212~ of the public
records of St. Lucie County, Florida,
Mortgage Modification Agreement dated
June 6 , 198b, recorded in OR
Book 503 at page 330 of the public
i records of St. Lucie County, Florida,
~ said Mortgaye and Mortgage Modification Agreements hereinafter
! collective?y referred to as the "Mortgage"; and
~
! ~
~ . WHEREAS, Mortgage~ is the owner and holder of that certain
€ promissory note executed by Mortgagor dated March 7, 1986~
~ secured by the Mortgage; and
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; WHEREAS, Mortgagor is now desirous of modifying the Mortgage
; by increasing the principal amount of the indebtedness to be
~ secured by the Mortgage by $75,000.00, or from $565,000.00 to
~ $640,000.00, as provided fo~:~ hereinbelow, said increase to be
evidenced by a certain promissory note of even date herewith made
s by the Mortgagor and payable to the Mortgagee in the principal
~ sum of $75,000.00, which is agreeable to th~ Mortgagee.
~ NOW, THEREFORE, in considerata.on of the premises, which are
represented to be true and correct, the sum of $1.0.00 and other
valuable considerations, the receipt and sufficiency of which are
` hereby acknowledgsd, it is mutually understood and agreed as
~ follows: ~
1. Paragraph 21 of the Mortgage is hereby modified so
that said para~raph 21 now reads as follows:
21. Upon request by Mortgagor, Mortgagee,
at Mortgagee's option, within one year from
the date of this Mortgage, may loan or advance
any sum or sums to Mortgagor, and any sum or
sums which may be so loaned or advanced by
Mortgagee to Mortgagor, together with interest
thereon at the rate agreed upon at the time of
such loan or advance, shall be secured by this ~
Martgage when evidenced by promissory notes
stating that said notes are secured hereby,
. ~
~an~c 517 eAGE 9~~