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~ MORTGAGE EXTENSION AGt~EEMENT ~
Sr:: . . .
THIS AGREEMENT, made effective as of the 18th day of
January, 1990, by and between WILLIAM I~~4GEL and TERESA NAGEL, his
wife (the "Mortgagor"), and HARNETT BANK OF MARTIN COUNTY, N.A.
(the "Mortgagee").
C I T A_Ia ~
A. The Mortgagor is indebted to the Mortgagee under that
certain promissory note dated July 26, 1989, ezecuted by the
Mortgagor in favor of.the Mortgagee in the original principal
amount of ~269,000.00 (the "Note," which term includes any
modifications, renewals, eatensions or alterations thereof), which
is secured by a mortgage and security agrsement dated July 26,
1989, from the Mortgagor to the Mortgagee, recorded August 2,
1989, in Official Records Book 647, page 2722, St. Lucie County,
Florida, public records (the "Mortgage," which term includes any
modifications, renewals, eatensions or alterations thereof), ~
encumbering the real and personal property described therein,
which description by this reference is incorporated herein.
B. The Mortgagor and the Mortgagee wish to eztend the
Maturity Date of the Note and the Mortgage from January 26, 1990,
to February 1, 2015, under the same terms and conditions set forth
therein, except as expressly modified in this agreement.
THEREFORE, in consideration of the mutual covenants
contained herein, the Mortgagor and the Mortgagee agree as follows:
1. The unpaid principal balance of the Note is TWG HUNDRED
SIXTY FOUR TNOUSAND AND NO/100 DOLLARS ($264,000.00), free of any
and all defenses, set-offs or counterclaims.
~
~ 2. The Maturity Date (the term "Maturity Date" means the
E date on which the total obligation is due and payable) of the Note
~ and the Mortgage is hereby extended from January 26, 1990, to
~ February 1, 2015.
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3. Notwithstanding anything to the contrary herein or in
~ the Note or the Mortgage, the lien and operation of the Mortgage
~ shall continue in full force and effect, except as previously and
~ hereby modified.
~ 4. The Mortgagor covenants and agrees to perform, comply
~ with and abide by, each and every one of the provisions of this
~ agreement and of the Note and the Mortgage, as modified hereby.
~ 5. This Agreement shall be binding upon and inure to the
~ benefit of the successors and assigns of the Mortgagor and the
~ Mortgagee.
~ The following paragraph is hereby added to the Mortgage as
~ paragraph 23:
Option to Call. Beginning on ~'ebruary i, 1995, the
Mortgagee shall have the option to require payment in full
of the entire princigal amount outstanding and any accrue~3
interest hereon. If the Mortgagee elects to exercise this
call option, notice of such election shall be given to
~ Borrower who shall pay such principal and interest in full
~ to tihe Mortgagee on the payment date specified in the
~ notice, which date shall be at least 6Q days from the date
of mailing.
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