HomeMy WebLinkAbout0966 P ti~~-t ~~~c~~ t'~+s inst?ument ~+repared by: ml~
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MORTGAGE MODI~ICATION AGREEMENT
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This ag~eement made this 26 day of JANUARY , A. D., 19 88
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by and between RIVERSIDE NATIONAL $ANK OF FLORIDA
Florida,
, Bant t~sme. C~ty an`f S~a~e
a banking association, Pa?ty of the First Part, and T. WAYNE SKINNER AND 8. JEAN KIRBY, as ,joint ~
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tenants with righ[s of survivorship. _
, Part ies of the Second Part.
WITNESSETN:
t'JHEREAS, the party of the first part is the owner and holder of th~t certain mortga irom the parties of the second part
dated July 20, 1987, and recorded in O.R. Book 557, page 1~02 and
dated November 20, 1987 , and recorded in Official Record Book 565 , Pa~ 1385 Qf the Public Reoords of
St . LuCie County, Florida,
AtVD WHEREAS, the party of the first part is now the owner and holder of that certain promissory note ior which said mort-
gage was given as security, said note being in the origina! principal amount of SIXTY-FIVE THOUSAND FOUR HONDRED
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FOUR DOLLARS AND 82 100-------------(~65,404.56)------------------------------------
AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and mortgage,
NOW, TNEREFOHE, in consideration of the mutual agreements of the parties hereto, +t is agreed as follows:
(1 i Upon the execution of this agreement, the total ouutanding unpa~d pnncipai unoer said note a~~d nw~ iyay~ ~s t~~~ i
amountof_SIXTY-FIVE THOUSAND FOUR HUNDRED FOUR DOLLARS & 56/100 ~
Tt~e parties hereto acknowledge that upon execution of this agreement tF?e interest on said obligation shall have
" been paid through _ JANUARY 20, 1988 , ~
~ (21 Sard note and mortgage is hereby amenaed and mpdified to be payable as follows: ~
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INTEREST QUARTERLY, BEGINNING APRIL 20, 1988, WITH ONE FINAL PAYMENT OF ALL
, PRINCIPAL AND ACCRUED INTEREST DUE ON JULY 20, 1988.
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I (3) From and after JANUARY Z0, I988 , interest rate on said note and mortgage shall be TEN AND ~
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ONF.-HALP 10.50
percent ( per anr.um, interest to be computed on the
unpaid ~;:incipat baiance.
(4? This moditication is made on the express agreement and understanding that all other provisions of said origina! note '
and mortgage shatl remain in (ull force and effect save and except as modified by this agreement, and in the event of
' default same shall at the election oi the mortgagee operate to mature the full indebtedness to immediate coltect+on
~ and foreclosure.
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. . . . (OVER) 3l~UX c~ D1l;t
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