HomeMy WebLinkAbout2503 •
•
FIRST FEDERAL S.,ti ~~1GS AND LOAN ASSO~~~, ION QF FART Pik
MORTGAGE MODIFICATION, RELEASE ' Q.`~a~s ~
AND ASSUMPTION AGREEMENT
0
Loan No. 23031683 Name: EMILIO J. MOLA AND 3~.~ •
~ ~ ~ QIANN~r:C.- MOLA;. HIS WIFE
_ .,r - -
TAIS AGREEMENT is made this- 3rd ~ -day of MARCH
1'9 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF FORT PIERCE, hereinafter called the "Association", and i
- EI~ILIO -J. MOLA AND DIANNE C. MOLA, HIS WIFE
hereinafter ca led "Owner(s)". _
W i T N E S S E T A
WHEREAS,-'the Association owns and holds the original pro-
missory note and mortgage executed on June 2nd _ ~g 78 ,
evidencing a principal indebtedness on said date of $ 26,500.00
which. mortgage is recorded - in Official Record Book 288 - , page
1362 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 Association.'s con-
- . sent to said ,transfer-.and agreement that the credit of the
,tiT Owner (s). is' satisfactory to the Association and that the interest
rate payable on the'~ums secured by said mortgage shall be at
. _ a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
T 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
o the aforesaid promissory note and mortgage and any modifica-
e:: 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 March 3rd 19 80 ,
is _TkJENTY SIX THOUSAND THREE HUNDRED AND T6j1
26,300.50-------3 and that the interest rate on said indebted-
ness shall be 12.75• =per cent per annum, beginning on
March 3r 1g 0 and that commencing- on March 10th
]g~80 , the Owner s)-shall pay said principal and interest
in consecutive monthly installments of TWO HUNDRED EIGHTY SEVEN AND
69/100---------------~5 287.69-----------) and a dike sum on the
10th day o each month therea ter 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, sha'].1 be due and payable • on /lugust 10th .
k~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 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
~1 f thereon. In addition,,, th~_Owner (s) agrees to_ personally per-
form and.to fully-abide by all the terms and conditions set. -
fo=th}in~said.note and mortgage and this agreement.-~
3. The J~?ssociation recognizes the Owner (s) as .the new
Obligor(s) on the subject loan, approves the credit of same and -