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THIS DOCUMENT PREPARED BY

AND RETURN TO:

Lisa R. Pearson

Chief Assistant City Attorney

City of Orlando

400 S. Orange Avenue

Orlando, Florida 32801

(407) 246-2295

FIRST NOTE AND MORTGAGE MODIFICATION AGREEMENT

THIS FIRST NOTE AND MORTGAGE MODIFICATION AGREEMENT (“First Amendment”) dated this ____ day of ______________, 2008, by and between The Association to Preserve African American Society, History and Tradition, Inc., a Florida non-profit corporation, with a principal address of 511 West South St., Suite 100, Orlando, Florida 32805 (hereinafter referred to as “Borrower”) and City of Orlando, a Florida municipal corporation with a principal address of 400 South Orange Avenue, Florida, 32801 (hereinafter referred to as “Lender”).  

W I T N E S S E T H:

WHEREAS, Borrower executed and delivered that certain promissory note dated March 16, 2007, in the original principal amount of Two Hundred Sixty Thousand Five Hundred Ninety Four Dollars and No/100 ($260,594.00) and a Renewal Note of even date herewith (hereinafter collectively referred to as the “Note”), which Note is secured by that certain Mortgage and Security Agreement dated March 16, 2007, and recorded March 29, 2007, in Official Records Book 9185, Page 4915 in the Public Records of Orange County, Florida (hereinafter referred to as the “Mortgage”) for the purpose of creating a lien on the real property more particularly described in Exhibit “A” attached hereto, (hereinafter referred to as the “Property”);

WHEREAS, the Mortgage secured payment of the Note and certain other obligations more particularly described in the Mortgage; and

WHEREAS, Borrower and Lender desire to extend the maturity date of the Note and to amend certain other provisions of the Note and Mortgage.

NOW THEREFORE, in consideration of the covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the Borrower and Lender agree as follows:

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Recitals.  The above recitals are true and correct, are incorporated herein by reference and are made a part hereof for all purposes.

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