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FIRST FEDERAL , ~.GS ANQ t.~ : _ - , G~.~;, ..JN QF FORT PIERCE • _
• MORTGAGE ~MO)l~~F'ICA , RELEASE
AND ASSUMPTION AGREEMENT
t • is ~ . , . i
Loan No. 23051996 1~tiae:`` ~~es~~•~! Bridges anL
_ ~ ` -~~-~M:~~BM~d~s~~`~'his~at~~i~ie
. ~ THIS AGREEMENT is made this~~ • 2~n~d" ~~`•day of February , y
1'9 80 , ~ by and between FIRST ~ FEDERALTSAVINGS AND IRAN ASSOCIATION
OF~RT PIERCE, hereinafter called the "Association', and ~ .
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hereina ter ca Owner s -
~ - - • ~
~WI-TNES SETH•
WHEREAS,~the Association owns and holds the original pro-
missor note and mortgage executed on ,
Y.
evidencing a principal indebtedness on sai ate of 37,000.00 .
which-mortgage is recorded-in Official Record Book 308 page
of the public records of ST. LUCIE County,
F-
o~i~a; and
WIH;REAS, said mortgage provides that the. Association may J
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
j written consent; and _ i
~ ~
o r ~ _ ![~iEREAS, 'title to said property is being transferred and . ~
~ conveyed:~tQ-. the :Owner (s) who wishes to obtain Association's con-
sent td`=~~3.d-,t~ansfer~ ,.~g~eement-that the credit of the
Owner `=is satisfacto to he Association and that the interest
rate payable on the. sums secured by said mortgage shall be at
a rate,re~ested=by the Association; _
NOW, THEREFORE, in consideration of the covenants and - _
promises contained herein and for other. good and valuable con-
siderations:, it is hereby agreed that_.the aforesaid documents.
~ be modified as follows: -
't
~ 1. The undersigned Owner(s) hereby expressly assumes
~ and agrees to pay the indebtedness represented by Ord due on
- '.-J~ the aforesaid. promissory note and mortgage and. any modifica-
~,.tion or correction thereof in accordance with the tenas thereof _
~~,=~-and as modified herein. It is agreed that the unpaid principal `
' - balance of said indebtedness as of February 22nd 19 87
. . is - ~ R D TWENTY THREE AND 42~/100--------------
z. an that the interest rate on said indebt -
Hess s a 1 be 13.0 per cent per annum, beginning on
. 80 and that commencing on M4•~rrh ~ 0th ,
~L80 T, the Owner s); -shall pay said principal and interest
in consecutive monthly installments of FOUR HUNDRED THIRT`; TWO AND 24/1_JO
' ~ - -----r----- (S 432.24-----------) an a ifke sum on the .
lntt, y o etch mont t erea ter until the entire indebted-
_n ~=;-:Hess evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any -remaining indebtedness, '
~ ~ if not .sooner. paid, shaY.l .bs. due and payable on ~~lay -10th _
- j9 g9 _ _ _
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2. The undersigned Owner(s) hereby agrees•that the afore-
said~rindebtedness stated in Paragraph . l above -is clue 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 asp if .the Owner (s) was the original maker -
_ _ thereon. Ip_ ~dd3~tioH•~ thg. QwDer (s) agrees to _ personally per- ' ' - -
` fords and.to fully .abide by all the terms axed 'conditions set -
' , forth'~aysaid .note and _-nwrtgage 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
80(b(`~U- ~~6E~.oi7~
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