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MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
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THIS AGREEMENT, made this ~,RCE day of March, 1980, by and
between FLORIDA BANK AT FORT PI hereinafter called the
"Bank", and MICHAEL D. GARVEY and J0 ANN E. GARVEY, hereinafter
called "Owner".
WITNESSETH:
WHEREAS, the Bank owns and holds the original promissory
note and mortgage executed on April 30, 1979, evidencing a prin-
cipal indebtedness on said date of $23,000.00, which mortgage is
recorded in Official Record Book 307, page 2759, of the Public
Records of St. Lucie County, Florida; and
WHEREAS, said mortgage provides that the Bank may declare
all of the sums secured by said mortgage to be immediately due
-and payable if all or any part of the property or any interest
therein is sold or transferred without Bank's written consent;
and
WHEREAS, title to said property is being transferred and
conveyed to the Owner who wishes to obtain Bank's consent to
said transfer and agreement that the credit of the Owner is
satisfactory to the Bank and that the interest rate payable on
the sums secured by said mortgage shall be at a rate requested
by the Bank:
NOW, THEREFORE, in consideration of the covenants and pro-
mises contained herein and for other good and valuable consider-
ations, it is. hereby agreed that the aforesaid documents be
modified as follows:
1. The undersigned Owner hereby expressly assumes and agrees
to pay the indebtedness represented by and due on the aforesaid
promissory note and mortgage and any modification 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 17, 1980, is Twenty-Two Thousand One
Hundred Ninety and 28/100 Dollars ($22,190.28) and that the
interest rate on said indebtedness shall be fourteen per cent
(14%) per annum, beginning on March 17, 1980, and that commencing
on April 17, 1980, the Owner shall pay said principal and interest
in consecutive monthly installments of Three Hundred and 19/100
Dollars ($300.19), and a like sum on the 17th day of each nonth
thereafter until the entire indebtedness evidenced by the afore-
said note and mortgage, as modified herein, is fully paid; except c
that any remaining indebtedness, if not sooner paid, shall be ~
due and payable on June 17, 1994. '~i
2. The undersigned Owner hereby agrees that the aforesaid
indebtedness stated in~Paragraph 1 above is due according to
the terms and conditions of the aforesaid note and mortgage and
any modificatio,}1 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 was the original maker thereon.
In addition, the Owner agrees to personally perform and to fully
abide by all the terms and conditions set forth in said note and
mortgage and this agreement.
3. The Bank recognizes the Owner as the new Obligor on the
subject loan, approves the credit of same and hereby releases
the original Obligor from further obligations or liability under
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