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MORTGAGE MODIFICATION AGREEMENT ~Z j /p_~a D~puty Clu~
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This agreement made this o~ day of December , q, p,, ~g 89 ~
by and between RIVERSIDE NATIONAL BANK OF FLORIDA, Fort Pierce Florida,
BanM Na~ne. Gty aRd Slau
a banking association, Party of the First Part, and James I. Minix, James Stanley, ~~(?G~~~~
and Marilyn Minix
, Part ~_of the Second Part.
WITNESSETH:
WHEREAS, the party of the tirst part is the owner and holder of that oertain mortgage from the part~_SOf the second part
dated April 17, 1989 , and recorded in Of}i~~'a1 Re rd Boo~ _6~ 2~~~ p 2381 f th p~aic Rscords f
AND Mo~ficat- o~date~~ay-l~, ~989,recorde~ in O.F
St. Lucie Book 643, Page 401, St.Lucie Countp , Fla. and
County, Florida, Partial Release dated Nov. 10, 19.89,recorded in O.F
Book 665, Page 953, St. Lucie County, Fla.
~ ANO WHEREAS, the party of the first part is now the owner and holder of that artain promissory note for which said mort-
gage was given as security, said note being in the original principal amount of Eisthty-f ive Thousand Six Hundred
Fifty-one and 88/100-----------------------------------------(~85,651.88)-------------,
AND WHEREAS, the parties hereto have mutually agreed to modify the terms of said note and mortgage,
~ NOW, THEREFORE, in consideration of the mutual agreements of the parties hereto, it is agreed as follows:
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, (11 Upon the execution of this agreement, the total outstanding unpaid principal under said note and mortgage is the
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~ amountof Twelve Thousand and no/100----=-------------------------
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~ The pa~ ties he~eto acknowledge that upon execution of this agreement the interest on said obligation shall have
~ been paid through December 1, 1989
(2) Said note and mortgage is hereby amended and modified to be payable as follows:
1 interest only payment due March 1, 1990 with all principal and accrued interest
due June 1, 1990.
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(3) From and after December 1, 1989 ,;nterest rate on said nate and mortgage shall be one and one-half
percent over the prime rate as established~frio,m €i~ateo time by the Trust Company of
Georgia adjusted the first business~~cent f~~~~~ 96) per annum, interest to be computed on the
day of each month. Prime rate is currently 10.50x
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unpaid principal balance.
(4? This modification is macie on the express agreement and understanding that all other provisions of said original note
~ and mortgage shall remain in full force and effect save and except as modified by this agreement, and in the event of
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~ default same shall at the eiection of the mortgagee operate to mature the full indebtedness to immedisia collaction
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~ and foreclosure.
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