HomeMy WebLinkAbout0960 . . . -
, ~ ~
~ ~ N~+D~1~
~ ~ $t~~l04~
MORTGAGE MODIFICATION AND EXTENSION AGREEMENT
This Mortgage Madlflcation and Extension Agreement made thIs ~'J day
of Dece ber , 19~_, by and between FIRST NATIONAL BANK AND TRUST
COMPANY of Stuart , a National Banking Association existing
under the laws of the United States of America~ hereinafter called the "Mortgagee" and
Sunward Develoament, Inc., a Florida Corporationof thP County o~ Martin ,
State of ~ Florida , hereinafter referred to as the "Mortgagor",
, ,
WITNESSETH.
~
~ W~iEREAS, on the~t.tLiiay of SeRtember , 19$~, the
~ Mortgagors executed and delivered to the Mortgagee that certain Promissory Note in the
~ amount of ~250~D0o.o0 , which is secured by a Mortgage of even date therewith
~ executed by the Mortgagor in favor of the Mortgagee, which Mortgage is recorded in Official
~ Record Book 51~ , Page 545 , st. Lucie County, Florida,
public records, encumbering the property set forth in said Mortgage, and
WHEREAS, the Mortgagors have requested thar the Mortgagee extend ilie
.r., time of paymeat of the balance due and owing under said Promissory Note and mortgage,
the l~iortgagee being willing to do so under the terms and conditions hereinafter set forth,
~ ~ NOW, THEREFORE, in consideration of the sum of One (#1.00) Dollar and
other good and valuable consideration, receipt of which is hereby acknowledged, including
~ th~ mutual promises and covenants made herein, the parties hereto do agree as follows:
~ 1. The Mortgagee does hereby extend the time of payment of the balance
~ due and owing under said Promissory Note and Mortgage, to wi~ the principal sum of
, ~ 250, 000. 00 hereby making the same due and payable in accordance with the Adjustabte
Rate Note which has been executed by the Mortgagor simultaneousiy herewith as a modifica-
~ tion of the original promissory note, providing for rnanthly installments of principal and
~ interest, with the balance of indebtedness, if not sooner paid, due and payable on 1~ j~20Q~
~ 2. The original Mor~gage is hereby modified by the addition thereto of the
~ Adjustable Rate Rider executed by the Mortgagor which is attached hereto and made a part
hereof as Exhibit "A".
3. The Mortgagor does hereby acknowledge the above indebtedness and
Mortgage and does hereby ratify and affirm all of the terms and conditions of the original
- Mortgage and does further acknowledge liability under the terms of said Mortgage and
Promissory Note, as herein modified
4. This Modification and Extension Agreement shall not be deemed a waiver
of any rights of the Mortgagee under the terms of the original Promissory Note and Mortgage
except as said terms are modified herein -
~ 5. Except as herein modified, the parties hereto reconfirm and ratify all of
the terms, conditions, provisions and covenants of said Promissory Note and Mortgage.
IN WITNESS WHEREOF, the parties hereto have caused this Mortgage
~ Motification and Extension Agreement to be duly executed the day and year first set forth
~ hereinabove.
~ , • ' MORTGAGEE:
;
~ ~ ~ ~ FIRST NATIONAL BANK AND TRUST
~'~~~`SZ`: ~'••'J COMPANY of Stuart
. ,
f : . j''`° , ~f . r ` .
Gi ~ G'`° 7 '~y-_'~-Z`
~ - Vice ~'resident ~ C er ~ ts: Vice President
, .
" ~f ~o
~ . ~ 1''r - ~~d+~•
;I ,
(1~~iAL., V W
. Y J
. . VJ
~f~At• + ~
~ ~ ~ ~ - •
,roac"°-~..y , ~
MORTGAGOR ~
• ~ a-
Sunward ve pmen •
' a FIo da orpo ~ ~ - ~ ~
~ BY: ' : _ N
~ U~
r e r
~ - _ ~ ~
. p
4..'.
~ `_-%~/7'~ ~i_I a.s~o > . oa~
~ ~tonald M. Teal, Secretary/Treasurer
~ R8S14 `
f
' ~ - - ~ ~ -------r-`°`~atacaea~ -