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PIERCE •
FIRST FEDERAL 5~r "CGS AND LOAN ASSO~,A, ,ON QF FORT _ : ' , ,
MORTGAGE MODIFICATION , RELEASE . .a
AND ASSUMPTION AGREEMENT
Loan No . 23037276 Name : ENDEAN , RAYMOND J . AND I RENE , ~ p
. HIS' WIFE ~
THIS AGREEMENT is made th'~is •~a of FEBRUARY •
r ~ . ~''~_~Oth y
1'9 $a, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF~FORT PIERCE, hereinafter called the "Association", and
RAYM(1ND .I ENDEAN AND I RENE_ENIlEAtL. H I S W I FE ~
hereinafter called "Owner(s)".
- k' I T N E S S E T H
WHEREAS,-=the Association owns and holds the original ppro-
missory note and mortgage executed on September 8th ~ ~g 78 ,
evidencing a principal indebtedness on said date of $ 37,500.00 ,
which. mortgage is recorded in Official Record Book 295 page
588 of the public records of ST. LUCIE County,
F1
roFl
ida; 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 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, THEREFORE, in consideration of the covenants and
- ~_i promises contained herein and for other good-and valuable con-
siderations, 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 modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of F r 20th 19 80
is Il~ENTY Tt•10 THOUS{U~D THREE HUNDRED T?d0 FIND N
~ 22,302.00-------~ and. that the interest rate on said indebted-
ness shall be ~~_D per cent per annum, beginning on .
Februar 20th ~ 9 and that commencing on Mar^h 10th
lg~An r ,the Owner s) shall pay said principal and interest
in consecutive monthly installments of Two hundred forty ei ~ht and
_ 55/ 100--------------- ( S 248.5:,- ) and a like sum on the
10th ay o each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
if n_ot, sooner paid, shall be due and payable on September 10th
~ ~X 2007 - • - - ~ - -
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 any modification therteof 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
• r thereon.__ In_addition,_th~_Owner(s) agrees to personally per-
form and_to fully abide by all the terms and conditions set -
forth~in•said note and n?ortgage and this agreement.
3. The Association recognizes the Owner(s) as•the new
Obligor(s) on the subject loan, approves the credit of same and
aa~3~'6 p~~E 'l'14