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MORTGl1GE MODIFICATION AGREEMENT
THIS AGRF.F.biF.N1', made thi~ ~Ch day of .January___ , 19 88 by and between
_ Timath~r D. Ludlum, a sin$1e adult _and Tonya L. Mills, a single adult
herrinafter called I~tORTGAGOR and FIRST NATIONAL BANK AND TRUST COMPANY OF THE
TREASURE COAST,'~tuart, Florida hercinaftcr callcd "MORTGAGEE".
*fka First Natipnal Ban}c anc~ Trust Com~anY of Stuart
RECITALS:
A. biORTGAGEI: is the owner and holder of that certain mortgaqe (h10RTGAGE) dated 6 29 8~
made bv the MORTGAGC)R to hiOR'CGAGEE recorded in _ R• I3ook 548 , Page 1375 ,
Public Records of Saint Lueie Count~ ; securinR a debt evidenced by a promissory note (NOTE)
ci~ited June .~L~.Q$Z , in the original amount of, s 47 , 900. 00
which MORTGAGE encumbers property mare particularly described in said MORTGAGE. ~
B. 1410RTGAGOR, the owner in fee simple of all of the property subject to MORTGAGE, has requested
MORTGAGEE to modify NOTE and 1~'IORTGAGE and the parties have mutually agreed to modify the terms
thereof on the manner hereinafter appearinR.
NOW, 'I`HEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration
of the suin of TEN DOLLARS (s 10.00), each to the other in hand paid, and other valuable consideration, the
receipt and suCficiency of a~hich is hereby acknowledged the parties ereto mutually covenant and agree as
ro~~~,~~: ~~o - ~~a - a ~~9_ oa~ b
1. "I'he unpaid principal balance of NOTE is $47 , 900. 00 _
aiid_that interest has been paid to January 7, 1988 _
2. The terms and provisions of the NOTE are amended and modified in accordance with the terms and
provisions of Exhibit "A" attached hereto and incorporated herein by reference, entitled
"NOTE" ~
i. The terms and provisians af the t~10RTGAGE are amended and modified ir. accordance with the terms
I and provisions of Exhibit "B," attached hereto and incorporated herein by reference, entitled
"MORTGAGE"
4. 1'he 1140RTGA.GOR hereby reaffirms all of its obligations set forth in NOTE and MORTGAGE and
a~;rees to perform each and ail of the covenants, agreements and obligations in MORTGAGE and NOTE and
to be bound by each and all of the terms and provisions of NOTE and MORTGAGE as herein m~dified.
5. That all of the property described in MORTGAGE, less any part thereof that may have heretofore been
released, shali in all respects be subject to the lien, charge and encumbrance of biORTGAGE and nothing
herein contained or done shall affect the lien, charge or encumbrance affected by MORTGAGE, or the priority
. thereof over other liens, charges, encumbrances or conveyances.
G. Nothing herein invalidates or shall impair or release any covenants, conditions, agreeinent or stipu-
l:ition in NOTE and 1140RTGAGE and the same, except as herein modified, shall continue in full force and
c~ffect and th~ undersi~ned further cmenant and aAree to perform and comply with and abide by each of the
covenants, aRreements, conditions and stipulations of NOTE and MORTGAGE which are not inconsistent
herewith.
7. In case any installment of interest or principal of NOTE be not promptly paid as they become due and
payable accordin~ to the terms and tenor thereof, or if each and every of the stipulations, agreements, cov~
nants and conditions of NOTE and MORTGAGE, as herein modified, and of these presents, any or either, are
not duly performed complied with, and abided by, then and in either of such events, the balance then unpaid
of the principal sum of NOTE as herein modified, with accrued interest, and all other sums provided for in and
by NOTE and h10RTGAGE, shall be immediately due and payable and suit may be brought on NOTF, and/or
hinRTGAGE may be foreclosed in the manner and as fully and completely and with the same effect as if the
said indehtedness of NOTE were oriAinally stipulated to be paid on that date or had otherwise matured, any-
thinR in N~TE and MnRTGAGE, or herein, to the c~ntrary notwithstanding.
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60~JK
FNB - KE - ]OS (F~IMA APPROVED)
Ras~o2
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