I started with Premiere Pro CS4 & Earlier Forum. I did a search for .MOD to .AVI conversion which seems to take me to PREMIER ELEMENTS. I will start a QUESTION in CS4&Earlier forum.
You probably ran across the "MOD & TOD Files" article, which is in the Premiere Elements Tips & Tricks sub-forum, but offers some tips by others on handling the files in either version of Premiere. There ARE differences between the two programs, but there are also some common elements too.
In the PrPro Forum, Ann Bens has used MOD files, so besides the info in that article, should be able to offer some suggestions, directly for PrPro.
Good luck, and see in the PrPro forums,