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HomeMy WebLinkAbout0039 ~ i TH I S I NSTRUMENT PREPARED BY; 4'7~'74O ~ ~ 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 22032328 NAME- James H . E 1 am r s an av s am This Agreement is made this 17th day of January 19 80 by and between Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called "Association" and JAMES H. ELAM and CHRISTIAN DAVIS ELAM, his wife , 1 hereinafter-called "Owner(s)." WHEREAS the Association owns and holds the original promissory note and mortgage executed on the 28th day of March 19 7~ evidencing a principal indebtedness on said date of $ 42,000.00 ,which mortgage is recorded in Official Records Book 0~ 6 Page 068 of 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 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 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 a reed that the unpaid principal balance of said indebtedPPe s - as of February 1 190, is FORTY ONE THOUSAND EIGHT HUNDRED FIFTY FOUR AND 67~100ths - ~ 41, 5 7 and that the interest rate on said indebtedness shall be 12-00 per LARS annum, beginning on March~l , 19 8Q and that commencing on March 1 , 1980, the Owner(s) shall pay said principal and interest in consecutive monthly install- ments of FOUR HUNDRED THIRTY ONE and 49/100ths - Dollars 431.49 and a like sum on the lstday of each month thereafter, until the entire indebtedness 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 paya- ble on the 1st day of May 2otti9• - rt 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. a 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). i Boac~ t16E .