HomeMy WebLinkAbout1913 "CNIS IS A BALLOON MORTGAGE SECURING A VARIABLE (ADJUSTABLE: RENEGOTIABLE) RATE OBLIGATION. '
~SSLR~IING THAT THE INITIAL RATE OF INTEREST WERE TO APPLY FOR THE ENTI~tE TERM OF THE MORTGAGE, ~
THE FINAL PAYMENT OR THE BALANCB DUE UPON MATURITY WOULD BE APPROXIMATELY =95,156.98.,
TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER
TNE TERMS OF THIS MORTGAGE. THE ACTUAL BALANCE DUE UPON MATURITY MAY VARY DEPENDING ON
CHANGES IN THE RATE OF INTEREST.
MORTGAGE MOUIFICATION AGREEMENT ~ F~ ~~~,~g DD~Ol1
10 2113 8 Add Fce t..---- s~ ~ds C~ea~'r ~
poc Tax S Clerk of Ci_+c~tt ~;~u*!
Inc Tax S ~y
~ Ucpusy ~:l~i'l
'F.:cat i ~
This agreement made this lst day of January , A. O., 1~0 ~
by and between Riverside National Bank of Florida Florida. ~
Bank NMw~. CNy ~~0 51at~
a banking association, Party of the First Psrt, and Joseph G. Miller
, Part ~L-of the Secand Part. ~
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WITNESSETH:
WHEREAS, the party of the first part is the owner and holder of that certain mortgage from the psrt of the second part
dated December 31, 1986 , end recwded in Officisl Reoord Book42.~., Page~6 of the Public Reoords of
St. Lucie County, Florida,
AND WHEREAS, the party of the first part is now the owner and holder of that artain promisso~y note for which said mort-
gage was given as security, said note being in the o?iginal p~incipal amount of One Hundred Twenty-seven Thousand
Five Hundred and NO/100----------------------(5127,500.00)---------------------------- ,
AND WHEREAS, the parties hereto have mutually agreed to modify the te~ms of said note and mortyage,
NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
(1) Upon the execution of this agreement, the tota) outstanding unpaid principal under said note and mort9a9e is the
f amountof ~e Hundred Ten Thousand Nine Hundred Thirteen and 84/100----(~I10s~'13*84)---
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€ lhe parties hereto acknowledge that upon execution of this agreement the interest on said obligation shall have
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been paid through December 31, 1989 .
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(2) Said note and mortgage is hereby amended snd modified to be payable as follows:
35 Monthly principal and interest payments of 31,400.00 beginning February l, 1990
with one final payment of principal and all accrued interest due January 1, 1993.
131 From and after January 1, ~ 1990 , interest rate on said note and mo~tga~e shsfl be 3/4X above the
Prime Rate as established from time to time by the Trust Company of Georgia, to
~ be adjusted monthly. percent ( 961 per annum, inte~est to be computed on the
FQ.
a
unpaid principal balance.
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~ ~4) This modificatio~ is macie on the express agreement and understanding that all oiher provisions of s~id wipinal note
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~ and mortgage shall remain in full force and effect save and except as modifisd by this a~eement, and in ths evtnt of
~ default same shall at the election of the mortgagee aperate to mature the full ir?debtedness to immediate coltection
and foreclosure.
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