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THIS IS A BALLOON Ri~RTGAGE SECURING A VARIABLE AUlUSTABLE RATE OBLlGATION.
.9SSUMING THAT THE lNITIAL RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF
THE MORTGAGE~ THE FINAL PRINCIPAL PAYMENT OR THE PRINCIPAL BALANCE DUE UPON
AlATURITY WOULD BE APPROXIMATELY 5835,384.23, TOGETHER WITH ACCRUFD INTEREST, IF
ANY, AND ALI_ ADVANCEMENTS MADE BY THE MORTGAGEE UNDER TNE TERMS OF TNIS
MORTGAGE. THE ACTUAL BALANCE DUE UPON MATURITY MAY VARY DEPENDING UPON i
CHANGES IN THE RATE OF INTEREST. ~
MORTGAGE MODIFICATION ~
AND ~
EXTENSION AGREEMENT ~
,
THIS AGRBSZiBNT made and entered into this 29th day of December, 1989, ~
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:
by and between CHi~I PROPBRTISS, INC., d/b/a INDIAN PINBS GOLF CLIIB, ~
hereinafter referred to as "Morrgagor", and FLORIDA NATIONAI, BANR, a National
Banking Association, its successors and/or assigns, hereinafter referred to
as "Bank".
i~1ZTNBSSSTH, Bank is the owner and holder of a Promissory Note from
Mortgagor to Bank dated December 28, 1984 in the original principal amount ~
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of ONE MILLION FIVE HUNDRED THIRTY NINE THOUSAND and NO/CENTS ($1,539,000.00) ~
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~~LLARS, whi~;~ is secureu ~y a 2~orty-ay~ upon the Y~a~er~r ~ereinbelow ~
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,
~ described which Mortgage is recorded in O.R. Book 452, Page 312 of the Public '
Records of St. Lucie County, Florida; and
~REAS, said Mortgage is a valid first lien upon all of that certain '
i
lot, parcel or section of land, Zying in St. Lucie Caunty, Florida described
i as follows:
'i
; See Attached Exhibit A '
~ WHER$AS, Bank, upon the request of the Mortgagor, has agreed to a
s
,
~ modification and extension of the terms and maturity of the aforesaid
f
~ Promissory Note and Mortgage.
~ NO~i, THEREFORB, for and in consideration of the agreement of Bank to
r
a
~ modify and extend the terms of the aforesaid Promissory Not~e, and in further
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4 consideration of the sum of Ten and No/Cents ($10.00) Dollars and other good
f
and valuable considerations to each of the undersigned paid by the other,
~ receipt and sufficiency whereof is hereby acknowledged, do hereby convey and
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; agree as follows:
:
' FIRST: That the above described Mortgage shall continue to be a valid
first Mortgage lien upon the groperty herein described and said Mortqage
shall stand as security for the payment of the svms described hereinafter and
in said Mortgage.
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SECOND: The current principal balance as of December 28, 1989 is
$
a $1,268,810.75.
~ Rec Fe~ _ DbU~LAB DDC~1
€ Add Fet:
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