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Dollars ($10.~0) and other valuable considerations to each of the
undersigned paid by the other, receipt and sufficiency whereof is
hereby acknowledged, do hereby covenant and agree as follows:
FIRST: That the above described Nortgages shall continue to
be a valid First and Second Mortgage lien upon the property
herein described and said Mortgages shall stand as security for
the payment of the sums described hereinaf ter and in said
Mortgages; and
SECOND: The current principal balance as of September 5,
1987, is $2,913,000.00
THIRD: The Promissory Note dated September 5, 1986 called
for a maturity date of March 5, 1987 and which was extended to
September 5, 1987 by Mortgage Modification and Extension
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Agreement dated Mey 1987 and recorded in 0. R. Book 541, Page
1314 of the Public Records of St. Lucie County, Florida. The
Promissory Note dated May 7, 1987 called for a maturity date of
September 5, 1987. The date of maturity of said Promissory Notes
is hereby amended and extended to December S, 1987, a~t which time
alI unpaid principal and accrued unpaid interest shall be due and
~ payable. The rate of interest upon said Promissory No~es; as
extended and modified is hereby amended and changed to be equal
to a floating rate which shall at all times be 2~ above the Prime
Rate set and established by the~ Senior Credit Committee of
Florida National Bank of~Jacksonville, Florida.
FOURTH: All of the terms and conditions contained in said
Promissory Notes and Mortgages are hereby incorporated herein by
reference and made a part of this Agreement and shall remain in
~ full force and effect, said Promissory Notes and Mortgages being
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modified only as expressly provided herein.
FIFTH: This Agreement shall be binding upon and shall inure
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~ to the benefit of the heirs, executors, personal representatives,
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successors and assigns of the parties hereto.
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. -l- 997
goox 55~ PacE
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