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L SA1r~~JGS AND LOAN ASSOGIA~~ ~~N of FORT PIERCE ~
FIRST FEDERA
ASORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23063603 Name: Wesley deN Stick, a single adult
THIS AGREEMENT is n;ade this 3rd day of __March _ , '
19-~_, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
WESLEY deH STICK, A SINGLE ADULT
hereinafter called "Owner(s)".
W I T N E S S E T H
h'HEREAS, the Association owns and holds the original pro-
missory'note and mortgage executed on November 5th 79 ,
evidencing a principal indebtedness on said date of $ 00.00 ,
which mortgage is recorded in Official Record Book 320 , page
225 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 mortgayc tL 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
4?'HEREAS, title to said property is being trans erred and
conveyed•to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and ~areement 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 P.ssociation;
NON', THEREFORE, iri corsider~tion of the covenants and -
promises contained herein and for other good and val•.;able con-
siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
~ 1. The undersigned Owner(s) hereby expressly assumes
j 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 n_rincioal
balance of said indebtedness as of March 3rd 19 80 ,
is FORTY F011 THOUSAND FOUR HUNDRED FIFTY SIX AND 08/100------------------
` 44,456.08--------) and that the interest rate on said indebted-
. r.~ss shall be 13.75 per cent per annum, beginning on
- ~ March 3rd _ 19 80 , and that comr.:encing on March 10th
19 $0 the Owner(s) shall pay said principal and interest
' in consecutive monthly installments of FIVE HUNDRED NINETEEN AND 47~100-
7' $ 519.47-----------) and a l Ike sum on the
- ~Qtb- day of each ~r~onth thereafter until the entire indebted-
T Hess evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that atiy rerf,ainilig ind~btedr,ess,
• ~ i f not sooner paid , sha 11 be due and payable on November 10th
~S~X 2008
s -
' 2. The undersigned Ownar•(s~ •hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
~r
~ M 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 '
thereon. In addition, the Owner(s) agrees to personally per-
form 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 Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
• B t,~K,O ~aGE ti