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TNIS IS A BALLOON MORTGAGE SECURING A VARIABLE ADlUSTABLE RATE OBL/GATION.
ASSUMING ?'HAT THE INITIfiL RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF
THE MORTGAGE, THE FlNAL PRINCIPAL FAYMENT OR TNE PRINCIPAL BALANCE DUE UPON
MATURITY WDULD BE APPROXIMATELY x186,842.93, TOGETNER WITH ACCRUED lNTEREST, IF
ANY, AND ALL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER TKE TERMS OF TNlS
MORTGAGE. THE ACTUAL BALANCE AUE UPON MATURITY 1liAY VARY DEPENDING UPON
CHANGES IN TNE RATE OF INTEREST.
MORTGAGE MODIFICATION
AND
EXTENSION AGREEMENT
THIS AGRE~NT made and entered into this 28th day of December, 1989,
by and between CHT~1 PROPERTIBS, INC., d/b/a INDIAN PINBS GOLF CLUB,
hereinafter referred to as ^.~to~tgagor", and FLORIDiA NATIOIdAL BANK, a National
Banking Association, its successors and/or assigns, hereinafter referred to
as "Bank".
i~lITNBSS$TH, Bank is the owner and holder of a Promissory Note from
Mortgagor to Bank dated September 2, 1986 in the original principal amount
of THREE HUNDRED TWENTY THOUSAND and NO/CENTS ($320,000.00) DOLLARS, wh~ch
is secured by a Mortgage upon the property hereinhelow described which
Mortgage is recorded in O.R. Book 514, Page 2638 of the Public Records of St.
Lucie County, Florida; and
WI~R$AS, said Mortgage is a valid second lien upon all of that certain
lot, parcel or sectian of land, lying in St. Lucie County, Florida described
as follows:
i
; See Attached Exhibit A
E
~ WHEREAS, Bank, upon the request of the Mortgagor, has agreed to a
i
~ modification and extension of the terms and maturity of the aforesaid
~
~ Promissory Note and Mortgage.
; NOi~1, THBRSFORB, for and in consideration of the agreement of Bank ta
~
~ modify and extend the terms of the aforesaid Promissory Note, and in further
Q
~ consideration of the sum of Tien and NolCents ($10.00) Dollars and other good
~
~ and valuable.considerations to each of the undersigned paid by the other,
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a receipt and suff~ciency whereof is hereby acknowledged, do hereby convey and
~ a~ree a~ follows:
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~ FIRST: That the above described Mortqaqe shall continue to be a valid
second Mortgage lien upon the property herein described and said Mortgage
shall stand as security for the payment of the sums described hereinafter and
in said Mortgage.
~ SECCIND: The current principal balance as of December 28, 1989 is
Y
k
$250,656.58. ~
~ Rec Fee = -~.~9_° DOU~LAS DIXON
~ n.~~? Fee =
St Lud~ Conaty _ P~~ I_
' sx i Clerk o! Ci
l.: i'rsx ~ By
T~.,s ~r°~ E~~~675 PM~~2361
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