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THIS INSTRUMENT PREPARED BY; 4'71318 1
Citizens federal Savings b Loan Association
of St. Lucie County
1600 S. Federal Highway, Ft. Pierce, FL 33450 _
C. R. McDonald, Jr., General Counsel
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
LOAN / 22030959 NAME Beatrice G. Hasty
This Agreement is made this _27th day of December 19J~, by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and ~ATRICF HASTY
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original promissory note and ~
mortgage executed on-the 15th day of February 1979, evidencing a principal ~
indebtedness on said date of $60 000.00 ,which mortgage is recorded in Official
Records Book ~0~• Page 2482 o the Public Records of St. Lucie County,
Florida, and
WHEREAS said mortgage provides that the Association may declare all sums ~
secured by said mortgage to be immediately due and payable upon the sale, transfer
or conveyance of said property or any part thereof without the written consent of the
Association, and
WHEREAS title to said property is being transferred and conveyed to the
Owner(s) who wishes to obtain the Association's consent to said transfer and agreement
that the credit of~the Owner(s) is satisfactory Lo the Association and that the
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by the Association.
NOW THEREFORE, in consideration of the covenants and promises contained herein
and for other good and valuable consideration. it is hereby agreed that the aforesaid
documents be modified as follows:
1. The undersigned~Owner(s) hereby expressly assumes and agrees.to pay the
indebtedness represented by and due on the aforesaid promissory note and mortgage and
any modification or correction thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indebtedness - -
as of Februar 1 1979. is FIFTY NINE THOUSAND SEVEN HUNDRED THIRTY SIX and 99/
- -EARS #
(559.736.99 and that the interest rate on said indebtedness shall be 12.75 per f
annum, beginning on February 1 1979, and that commencing on February-
19 79, the Owner(s) shall pay said principal and interest-in consecutive monthly install-
ments of DRED FIFTY and 64/100 DOLLARS - ~
(S 650.64 and a -like sum on the 1st day o each month thereafter, until the entire i
indebtedness evidenced by the aforesaid note and mortgage as mad ified herein is fully ~
paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya-
ble on the 1st day of March 2009.
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according to the terms and conditions of the~afore-
said note and mortgage and any modification thereof without defense or offset and
further agree 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 perform and to fully abide by all the terms and conditions set forth in said
note and mortgage and this agreement.
- ~ ~
3. The Association recognizes the New Obligor(s) as the Obligor(s) on the
subject loan, approves the credit of same, and hereby releases the Original Obligor(s) ,
from further obligation or liability under the mortgage or note referred to above. ~
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which are specifically reaffirmed by the new Obligor(s).
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