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RECEIPT FOR FL'TURE ADVANICE AND
t~40xTGAGE AND PRUMISSORY NOTE MODIFICATION AGREEMENT
THIS AGREEMENT made on this / D day af ~p ~v k~ wy
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1990, is by and between BENJAMIN L. BRYaN, JR. and MARY ANh K. BR , his wife
(hereinaf[er referred to as "rtortgagor~'), ana K1V~:KS111~ NA'l~lUNAL ~AivK ur~
FLORIDA, a corporation organized and existir.g under the laws of the United
States of America, (hereinafter referred to as "Mortgagee"),
WITNESSETH:
WHEREAS, BENJAMIN L. BRYAN, JR., executed and delivered a Promissory Note
in favor of Mortgagee dated April 1, 1985, in the original principal amount of
$100,000.00 (hereinafter referred to as the "Note"), which Note is secured by
a Mortgage also dated April 1, 1985, recorded in Official Record Book 461, at
page 728, of the public records of St. Lucie County, Florida encumbering real
property situate in St. Lucie County, Florida, more particularly described
therein; and,
WHEREAS, Mortgagor has requested Mortgagee to make an additional advance
under the Mortgage, and to modify the terms of repayment and extend the final
maturity of the Note and Mortgage, all of which are agreeable to Mortgagee;
and
WHEREAS, the parties hereby agree that as of the date hereof the
principal balance remaining due and unpaid on the indebtedness secured by the
mortgage is ~64,808.?2.
NOk', THEREFORE, in consideration of the premises and of the sum of Ten
Dollars ($10.00) and other valuable considerations, each to the other in hand
paid, it is mutually understood and agreed as follows:
1. The Mortgagor hereby acknowledges receipt of the principal sum of
$85,191.78 from Mortgagee as a future advance made under the provisions for
future advances, Paragraph 16 of the Mortgage, which advance, together with
with the unpaid principal balance of the Note in the amount of ~64,808.22,
aggregate a total in~ebtedness owed Mortgagee of ~150,000.00, which Mortgagor,
jointly and severally, covenant and promise to pay to Mortgagee in accordance
with the terms and provisions contained in the Renewed and Restated Ad~ustable
Rate Promissary Note appended hereto as Exhibit "A" and by this reference
incorporated herein.
2. The provision contained in the Mortgage relating to the balloon
nature thereof is hereby amended to read as follow:
"THIS IS A BALLOON MORTGAGE SECURING A VARIABLE (ADJUSTABLE;
RENEGOTIABLE) RATE OBLIGATION. ASSUMING THAT THE INITIAL
RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF THE
MORTGAGE, THE FINAL PAYMENT OR THE BALANCE DUE AT MATURITY
WOULD BE APPROXIMATELY ~/yG p~o ~ , TOGETHER WITH
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Int Tai t / By -
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