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~ ~ ~ ~ • ~ • _ - _ ~ ~ • - ~ RECEIPT FOR FUTURE ADVANCE AND
MORTGAGE ~TD PROMISSORY NOTE MODIFICATION AGREEMENT
THIS AGREEMENT c~a~ie on this ~ D
~ day of ~w K Q~ ,
1 99(1 _ i c hv anr~ hPt~saPn RF\~JAMTN T.. RRYAN _ TR anrl MARY ANN K RRVAN hi c mi fn
(hereinafter referred to as "Mortgagor"), and RIVERSIDE NATIONAL BANK OF
FLORIDA, a corporation organized and existing under the laws of the United
States of America, (hereinafter referred to as "Mortgagee"),
tr'ITNESSETH:
I
WHEREAS, Mortgagor entered into an Advantage Account Agreement with
riortgagee dated June 7, 1988 (the "Agreement"), in the original principal
amount of $50,000.00 (hereinafter referred to as the "Note"), which Agreement
is secured by a Mortgage aZso dated June 7, 1988, recorded in Official Record
Book 590, at page 1170, of the public records of St. Lucie County, Florida
encumbering real property situate in St. Lucie County, Florida, more
particularly described therein; and,
i WHEREAS, Mortgagor has requested Mortgagee to make an additional advance
k under the Mortgage, and to modify the terms of repayment of the Agreement and
~ Mortgage, all of which are agreeable to Mortgagee; and
F
; 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 ~47,621.46.
" NOW, 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:
a
~ 1. The Mortgagor hereby acknowledges receipt of the principal sum of
s $12,378.54 from Mortgagee as a future advance made under the provisions for
' future advances, Paragraph 16 of the Mortgage, which advance, together with
S
F with the unpaid princigal balance of the Note in the amount of $47,621.46,
aggregate a total indebtedness owed Mortgagee of $60,000.00, which Mortgagor,
~ jointly and severally, covenant and promise to pay to Mortgagee in accordance
~ with the ter~s and provisions contained in the Renewed and Restated Ad~ustable
„ Rate Promissory Note appended hereto as Exhibit "A" and by this reference
s incorporated hereir..
2. The Mortgage is herehy amended and supplemented to add the following
recital at the specific places required by F.S. §b97.05(2)(b):
"THIS IS A BALLOQN MQRTGAGE 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 FAYMENT OR THE B,~~ CE DUE AT MATURITY
` k'OULD BE APPROXIMATELY ~ S~~ 1N`{ f , TOGETHER WITH
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