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FEDERAL ~-~li~v~S AND LOAN A~~~:YA N Q~~~t'_ ~ ~
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MORTGAGE l~lODIlIGTIOI~1, RELEASE '
AND' AssyI~IPTION AGR$~T 4~~i6.3"~' ~ e~
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Loan No. 23032012 - ' " ~ Name: Leiroy W. Collins and Mildred H~'
+Y
THIS AGRRSMSNT i~~~d~d~~his' ~tthhe a" <iay+ of ~ ~ ~ - `8
1'9 80 Eby and between FIRST. F$DERAL,~G8 AIdD ~L~ A TION .
- OF~RT PIBRCE, hereinafter called .'the "Association' and
' - '~rt.EROY W:'-COLCINS ANO ~~MILDRED -L. C~CI~IS ~NtSr WIFE ,
hereina ter ca Owner s _
_ N I T N E S S E T H-
;WHEREAS,=the Association owbs and holds the original pro-.
a,..
missory. note and- mortgage -executed on x-`1'9 78 ,
evidencing a principal indebtedness on
said ate o ~ ,
which--mortgage is recorded -in Official =Record Hook 28 , page _
of .the_ public records of ST, i.UCIE County,
F on a; and .
t~REAS, 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 Association'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 shall be at
a rate requested by the Association; _
NOW, TI~REFORE, in consideration of the covenants-and _
promises contained herein and for other-good and valuable con- -
siderations:, it is he;eby agreed that._the aforesaid docuiaents
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 modifica-
~v~~tion or correction. thereof in accordance. with the terms thereof
m and as modified: herein. --:It is agreed-that the unpaid~rincipai
_ ~D. -
v balance of said indebtedness as of February 14th 19 8v
T =r~m-~f is ~T OUSAND FIVE HUNDRED THI
" = z(n' (S an t t t e interest rate on said rode t
0 1 -
.W ~ Hess s a e 12.75 per cent per annum,- beginning on
~ "1 80 ,and that commencing on _barch 10,- ,
. - ~ ~ ~ , the Owner- s) ~ -shall pay said pri~czeipal and interest
~ ~i in consecut ve monthly installments of Three hundred eight dol 1 ors and
_
' 13/100----y
_^r -{S 308.13----------) an a e sum on e
~ irC~ 1 t~, a o eac wont t erect ter until the entire indebted-
' r' 3~~ Hess evidenced by:the aforesaid note. and mortgage, as modified
~ ~ herein, is folly paid; _ except that any remaining indebtedness,
' ~ if not, sooner d shs~.l
i y pad ,4_ - .be.. due and payable _on _ June 10th ~ - _
~ ~ X200
_
• • - _ 2. The undersigned Owner (!s) hereb-y agrees that the afore-
said"'indebtedness stated in Paragraph 1 above is doe according
to the terios ~ and -conditions of the .aforesaid .note and mortgage
and any sodification thereof `+ithont defense or offset and
further agrees to be liable for said indebtedness as folly and '
- to tbe~ same extent as~:if _ the Owner {s) -was the original maker
_ ~ thereon. I~_ Rdd~t~o~p,- t#~+pwpe.~ {s) agrees to personally per- - - .
forte and , to fully -abide by all the ~tersis and conditions set - -
fortb' ~n'`said .,note .and s~ortgage and -this agreesent. - . " ~ - .
3: Tbs,Association recognizes the Owners) as the new .
Obligor{s) on the subject loan, approves the credit of same and -
'(M
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. ~ X325 ~~2875 t ~ ~