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FIRST FEDERAL SAVINGS AND LOAN ASSOCI`~~~ 0~ T PIERCE
MORTGAGE MODIFICATION,~RELEASE
AND ASSUMPTION AGREEMENT 4 ~ V95~
Loan No .Ol 23058348 Name : John D. Browning
Virginia Browning ~O~S'0
THIS AGREEMENT is made this 17th day of December
19 79, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
twhw A Q.n..... i..n ~w.l Uiv.nir~i~ Qv.e~..ninA hiw Slw ,
vv~~~t v. uttisnntt4~-ut~v •.~~is~s.at v~ .¦yi , iriic -
hereinafter calle "Owner(s)".
W I T N E S S E T H
,i.:
WHEREAS, the Assoc',L~tiAn'awns and holds the original pro-
missory note and mortgage executed on JuIY 30th 19 79
evidencing a principal indebtedness on said date of $47,000.00
which mortgage is recorded in Official Record Book 313 page
2553 of the public records of St. Lucie County,
Florida; and ~
WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
ately due and payable if all or any part of the property or any -
interest therein is sold or transferred without Association's
written consent; and
WHEREAS, title to said property is being transferred and
conveyed.to the Owner(s) who wishes to obtain P.ssociation's con-
sent to said transfer and agreement that the credit of the
Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by said mortgage steal 1 be at
a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and valuable con-
siderations, it is hereby agreed that the aforesaid documents
i be modified as follows:
- 1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented.-" and due on
the aforesaid promissory note and mortgage and any modifica-
=i~ tion or correction thereof in accordance with the terms thereof
~-r and as modified herein. It is agreed that the unpaid principal
I balance of said indebtedness as of December 18 1979 ,
- is Forty six thousand nine hundred six dollars and 4~~100
1 ) and that the interest rate on said indebted-
Hess s all be 13,0 per cent per annum, beginning on
~ : 'l~~P~wnher 1R 19 ~c~, and that commencing on ",],~uar~~0 ,
~ the Owner(s) shall pay said principal and interest
in consecutive monthly installments of Five hundred twPpty dnjlarc
and 94/1 590 94 ) and a like sum on
the
s - ay of each__ month thereafter until the entire indebted- j
~ Hess evidenced by the aforesaid note and mortgage, as modified ~
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on August 10
N _ 2008
2. The undersigned Owner(s) hereby agrees that the afore- -
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and mortgage
~ and an}~ modification thereof without defense or offset and
further agrees to be liable for said indebtedness as fully and
{ to the same extent as if the Owner(s) was the original maker "
' thereon. In addition, the Owner(s) agrees to-personally per-
form and to fully abide by all the terms and conditions set ;
forth -in said note and mortgage and this agreement.
3
3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and