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NORTGAGE !lODIFICATION AND ERTSNSION AGREE!lBNT
TNIS AGREEMENT made and entered into this 28th day of
September, 1987, by and b~tween OLD PARK IN~ESTMENTS, INC., a
Michigan corporation, authorized to do business in the State of
Florida, hereinafter referred to as Mortgagor, and FGORIDA
NATIONAL BANK, a Florida Banking Corporation, hereinafter
referred to as Bank.
, WITNESSETH, Bank is the owner and holder of a Promissory
~Note from Mortgagor to Bank da~ted September 5, 1986 in the
original principal amount of TWO MILLION SEVEN HUNDRED SEVENTY
ONE THOUSAND DOLLARS ($2,771,000.00), which is secured by a
Corrective Commercial Mortgage upon the property hereinbelow
described which Mortgage is recorded in O.R. Book 524, Page 133,
which corrects the description of a Mortg~ge in O.R. Book 513,
Page 686, of the Public Records of St. Lucie, County, Florida and
which Mortgages are modified by a Mortgage Modification and
Extension Agreement dated May 7, 1987, recorded in O.R. Book 541,
Page 1314 of the Public ReGOrds of St. Lucie County, Florida; and ~
Bank is ~the owner and holder of a Promissory Note from
Mortgagor to Bank dated May 7, 1987 in the original principal
' amount of ONE HUNDRED FORTY TWO THOUSAND DOLLARS ($142,000.00),
which is secured by a Mortgage upon the property hereinbelow
described which Mortgage is recorded in O.R, Book 541, Page 1319,
of the Public Records of St. Lucie County, Florida; and
WHEREAS, said Mortgages are a valid first and second
mortgage lien upon all of that certain lot, parcel or section of
land, lying in St. Lucie County, Florida, described as follows:
~
SEE EXHIBIT A ATTACHED HERETO
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' WHEREAS, Bank, upon the request of Mortgagor, has agreed to
a modification and extension of the terms and maturity of the
aforesaid Promissory Notes and Mortgages; and
NOW, THEREFORE, for and in consideration of the agreement
' of Bank to modify and extend the terms of the aforesaid
~ Promissory Notes, and in further consideration of the sum of Ten
BOOK 5~~ PACf 9~1
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