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EXTENSION. SUBSTITUTION AND REL~SASE AGREEMENT
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Thls Agreement made and entered inco i~nis i~ day o=
, 19~, by and between MAX AMBACH 6 SONS & CO. ,
hereinafter referred to as "Mortgagor"; and FIRST STATE BANK OF
LANTANA, herei.nafter referred ta as "Mortgagee"; and
61tiL~DL+7?Q 1A~v~{~n~~~Y ~;a evnn»#-~ ~tl1a ~~1 ~~t~r L~ ~.~sr~ ~R~fi A .
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certain mortgage instrument in the amount of ~1,500,000.00
encumbering property more particularly described in Exhibit "A" '
attached hereto and made a part hereof, which mortgage was dated
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on August 8, 1983, and recorded on August 9, 1983, in Official
Record Book 408, Page 621, Public Records of St. Lucie County, -
Florida, and has been extended to mature on February 8, 1987
x
("the Mortgage"); and
WHEREAS, the parties desire to modify the terms of said
original mortgage deed by substituting security relative thereto
and extending the maturity thereof until February 8, 2989;
NOW THEREFORE, in consideration of the sum of $10.00 in hand
,
~ paid by Mortgagor to Mortgagee, and other good and valuable
f ~
~ consideration, the receipt of which is hereby acknowledged, the
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parties hereto agree:
1. That property described in Exhibit "A" attached hereto
is hereby released from the lien of the Mortgage and the property
described in Exhibit "8" attached hereto shall be subject to the
~ lien of the Mortgage as if fully described therein and the lien
provided for in the Mortgage shall attach to said property
described in Exhibit "B".
2. The maturity of the note secured by the Mortgage is
extended to February 8, 1989, with interest payable monthly a~
and on the date provided in the note secured by the Mortgage. Release
~ provisions are hereby amended to provide for ;10,000.00 per unit.
~ 3. Except as herein modified, the Mortgage and alI other
' documents executed and delivered to the Mortgagee in connection
with the Mortgage, including but not limited to, the ProMissory
Note, the Construction Mortgage Deed and Security Agreement, the ~
Construction Loan Agreement, the Loan Purpose Affidavit and the
~"""1°" Oens ~ ~ This inst~~ft~~ent was prepared by.
v. o. eosc ato • .
aoyotoe~ eaeoh„ 1~ ~ . ~i;~r i~ 3i, ~3:u`2~,
Rec. , ~ .
^ ~ . .
- A~~y, t•~~a, r~;,»s, :.i;~dsay & ~haunc.ey.
F~,. - •
S.~•r.z - " ' 321 E;::;~:~f i'o+zciana Plai.~t
~n;rng. - ~ P. 0. Y.~OX 431 -
~ 1N~~~~ Paim 8each~ Fiorida 334~3Q .
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