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~YE~SIDE~NATIONAL BANK FIORIQA . ~
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MORTGAa~ MObiFICATION AGREEMENT $5;~1~{-' ~ ~
This agreeme~t made this 29th day of SgFtember , A. D., 18 ~
by arid between ...~.,..o.RIVERSIDB NATIONAL BANK OF FLORYDA, Fort Pierce . Florida,
B~nkNa~t.GityaM&a11
a banking association, Pa?ty of the First Ps~t, and GILBBRT LLOYD YOUNG AND JOAN ELIZABETH YOUNG,
his wife
, Pan ~~8 of•the Sb~nd Pert.
WITNESSETH:
WHEREAS, the party of the tirst part is the owner and holder of that oertain mortgage i~om the part.~@ of the second part
dated December 26. 1986 , and recorded in Official Record Book~~., Page 1~27 of tha Public Reoords of
~ Mortgage Modification Agreement dated July 6, 1987
St. Lucie County, Florida, and recorded in O.R. Book 549, Page 2959.
AND WHEREAS, the pahy of the first pa?t is now the owner and holder of that oertain promissory note for which said mort-
gage was given as security, said note being in the originat principal amount of FIFTY-FIVE THOUSAND AND NO/100---
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AND WNEREAS, the parties hereto have mutually sgreed to modify the terms of said note and mortgage, .
Nl~W, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
(11 Upon the execution of this agreement, the total ouutanding unpaid prlncipal under said note and murtgage is the
FIFTY-FIVE THOUSAND AND NO/100--------------------------------------
amount of •
The partias hereto acknowledge that upon execution of this agreement tfie interest on said obligation shall have
been paid thfough September 30, 1987 .
(2) Said note and mortgage is he~eby amended ~nd modified to be payabte as foltows:
I80 monthly principal and interest payments in the initial amount of $586.83
beginning November 1, 1987 with final payment due October 1, 2002.
To modify from fixed rate mortgage to ad~ustable rate. See attached
Adjustable Rate Rider for terms and conditions.
To Correct Property Address To:
8630 Hidden~Pinea Road, Fort Pierce, FL 34951
(3) From and after September 29, 1987 , interest rate on said note and mortgage shall be Nine and
seven eightUs - percent 1 9•
875
96) per annum, interest to be computed on the
unpaid principal balance.
(4) This modification is made on the express a~eement and unckrstanding that all other provisions of said original note
.
~ ~d mortgage shalt remain in fuN force and eftect save sr~d except as modified by this agreement, and in the event of
~ default same shail at the election of the mortgagee operate to mature the fuli indebtedness to immediate coflection
and foreclosure.
~ °ooK 5fi0 ~~E 959
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