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FIRST FEDERAL 5r,~ ~~~GS AN~'~ LOa~V ASSO~~~+. ION qF FORT PIERCE _
MORTGAGE MODIFICATION, RELEASE '
AND ASSUMPTION AGREEMENT 4'9432 5 b 5
Loan No. 23033689 _ Name: PAUL .11NDREi-! RUCH(511~.CK._.---
. - a+y.1• `
• . - .11 N NN B I .HKOVI ~H ; H~ c~„wi f~
THIS AGREEMENT is made this 7th Clay of MARCH - •
1~3~, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT
.PIgER~CE~,yIhHereinafter called the "Association", and
he ere Wafter called "Owner s) " . _ - • s wife
W 2 T H E S S E T A
. ~ i
WHEREAS,~~the Association owns and holds the original pro-
missory note and mortgage executed on J 1 2 8 .
evidencing a principal indebtedness on sai date of 35,6()()_0(1
which. mortgage is recorded-in Official Record Book X90 , page
- 8 5 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
n ! 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
i 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 Ptarch 7th 19 80
is THIRTY FIVE THOUSAND SEVENTY DOLLARS ANB 57/1
($_35.070.57-------) and that the interest rate on said indebted-
ness shall be 13.75 per cent per annum, beginning on
March 7th 1g 0 and that commencing on tlarch 10th ,
1980 the Owner s)-shall pay said principal and interest
n consecut
vei monthly. installments of_FOUR HUNDRED EIGHTEEN AND 50/100-
418.50 ) and a like sum on the
nth ay o each wont .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, f
if no_ t sooner paid, shall bQ due and payable _on AUGUST 10th
a~X X003 _ - _ _ . .
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
_ ~ thereon._ . In_ edd3tion,~ thg_ Owner (s) agrees to personally per-
`j~fors and.to fully-abide by all the terms and conditions set -
foitb'in~~said cote and mortgage and this agreement. -
i _
-3. The Association recognizes the Owner(s) as•the new
Obligor(s) on the subject loan, approves the credit of same and
- B00 e71G~ ~ PIGE~~:vV `